Helping Michigan’s homeowners take control of their finances
Homebuyers must assess their own financial situations and the financial options available to them.
October 1, 2017 - Author: Mindy Tape
Homebuyers must assess their own financial situations and the financial options available to them. Research suggests individuals in the pre-buying process may not accurately estimate their own financial status, including debt and creditworthiness, which leads to undesirable financial decisions.
Michigan State University Extension’s homeownership education helps homeowners make informed decisions based on their individual situations. Courses taught by MSU Extension educators discuss advantages of homeownership and steps in the homebuying process, understanding costs of homeownership and maintaining the investment, mortgage loan basics and the importance of good credit, and ways to determine how much house a potential homeowner can afford.
In 2016, MSU Extension reached over 860 adults in over 231 programs. As a result:
- 86% can identify the best type of mortgage for their needs.
- 89% will review the closing disclosure to ensure fees are similar to the loan estimate.
- 88% now understand predatory lending practices.
- 84% are making changes to improve their credit reports and scores.
- 84% can calculate reasonable housing costs based on a budget; 83% save money for home ownership and 81% set aside funds for home maintenance.