By Krislyn Thompson, Realtor®
While you’re in the process of looking for a house, your lender or REALTOR® might suggest you take a homebuyer education course. There are a few different kinds of homebuyer education courses offered by the Maryland Mortgage Program and Freddie Mac, among others, and there are even financial literacy tools for children from the Maryland Council on Economic Education.
These free courses fill the gaps of knowledge by offering invaluable education and resources, helping buyers like you understand the process of buying their first home. These programs cover topics from building credit, getting a loan, and maintaining homeownership. You can find these resources on our Buyer Financial Wellness page.
Some of these courses, like the ones offered by the Maryland Mortgage Program and Freddie Mac’s CreditSmart Homebuyer U can also help you qualify for downpayment assistance, get a better interest rate, and more depending on availability and location of where you choose to buy your home. (You can ask your REALTOR® and lender for more information on these programs!) Any courses completed to get the certificate for these downpayment assistance programs must have been within 12 months before your settlement.
From understanding mortgage options to navigating the intricacies of home inspections, these programs empower individuals with the knowledge they need to make informed decisions. Taking the time to understand your budget, how to get approved for a mortgage, and the steps along the way to your first (or next) home is one of the best decisions you can make as a soon-to-be-homeowner.
Maryland Mortgage Program Homebuyer Education
Some of the courses listed with Maryland Mortgage program have registration costs, but more information can be found on their site about the individual programs. Many of their courses are offered in Spanish and are Housing and Urban Development Department (HUD) or Federal National Mortgage Association (FNMA) approved.
Freddie Mac CreditSmart Essentials
While this course does not give you a certificate to qualify for a mortgage, it offers valuable knowledge and tools to help you learn about credit, debt, fraud prevention, and more. If you’re looking to learn more about managing your money, this is a great place to start your education.
Freddie Mac CreditSmart Homebuyer U
This course gives you a certificate (on completion) that qualifies you for a HomeOne® or Home Possible® mortgage while giving you a deep dive into homeownership, from applying for a mortgage to credit, to preserving homeownership. You’ll be prepared and knowledgeable about the mortgage process and managing your money with homeownership in mind.
Your Homebuying Keys Webinar
Maryland Homeownership also offers free monthly webinars on the homebuying process with homebuying experts including REALTORS®, lenders, Freddie Mac, and the Maryland Mortgage Program. You can register for the next webinar here.
