A Growth in ‘Counseling for Home Buyers’

Before becoming home owners, some buyers are undergoing counseling first. A new survey shows a rising number of Americans are taking housing counseling courses, which could be a sign that more educated, prepared first-time buyers are ready to step off the sidelines in the coming months.

More than 73,000 people received housing counseling from the National Foundation for Credit Counseling member agencies during 2014, the highest in past five years.

Housing counseling may help some buyers even save money by learning the process, McClary says. A recent Consumer Financial Protection Bureau survey showed that 47 percent of home buyers do not compare lenders when shopping for a mortgage – which means they may not be getting the best rates. Potential buyers who undergo housing counseling are more likely to review multiple mortgage offers and find possible savings.

Source: “New Trend Shows Positive Signs for Homebuyers,” RISMedia (March 16, 2015)