There's a good reason why we dream of owning a home. Homeownership offers benefits such as stable monthly mortgage payments and the opportunity to create a sense of community. It can also be a way to build equity over time.
But don't dive into the homebuying process unprepared. It's crucial to become financially literate first. Why? Because educated borrowers are better prepared for successful, long-term homeownership and overall financial stability.
In fact, a recent study found that financial counseling before purchasing a home can reduce the likelihood of going into default. For first time homebuyers, counseling reduces the likelihood by an average of 29 percent. That's a big reason to become a savvier buyer.
Freddie Mac provides you the tools you need to become an educated and successful home buyer – at no cost – through its CreditSmart® program. CreditSmart is a free, multilingual curriculum used by lenders, churches, schools and non-profit organizations to help borrowers, like you, make more informed decisions. To date, CreditSmart has helped more than 3.5 million consumers across the country make smarter financial decisions about their credit, their money, and their home. It can help you, too.
Today, it's available in two ways:
Is homeownership right for you? Do you know what you need to know about setting budgets, building savings, and the importance of good credit? Check out CreditSmart. It's a smart first step.
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