Homeownership is one of the most important decisions you can make to secure the long-term financial wellbeing of your family. It can also be intimidating. There is a lot to know and learn, and homeownership is one of the largest financial commitments most of us will make in our lives.
At Homewise, we are committed to helping potential homeowners learn how to become successful homeowners. We are a nonprofit organization that has been working for over 35 years to help New Mexicans become successful homeowners. We wanted to share some information that can be helpful as you work on your journey to homeownership.
Finances
When most people start thinking about buying a home, they’re often not quite ready financially. Most of the time, some work needs to be done to get financially prepared to qualify for a mortgage. Make sure you understand your finances including your debt, credit, and available funds. Because everyone is different, we often work with clients to create individualized financial plans to prepare for homeownership. We also offer free financial and homebuyer workshops to help you learn how to improve your finances and become ready to buy a home.
The Right Home at the Right Price
Finding the right home at the right price is key to becoming a successful homeowner. You may have an idea of what you qualify for or a price range that you’re looking in, and it’s wise to make sure that the home you purchase is one you can afford. Knowing your budget before starting the home search is helpful, and it’s important to work with a Realtor that will help you stick to your budget. At Homewise, we have a team of licensed Realtors that are focused on helping you find the right home at a price you can afford.
A Mortgage That Meets Your Needs
There are many different options for mortgages these days. It’s important that you can find an affordable, fixed-rate mortgage with stable monthly payments. You may even find that your mortgage is less than you are paying in rent! You can save thousands with lower monthly payments. At Homewise, we also provide mortgage lending for our clients and additional benefits, including assistance to help with the cost of a down payment.
For many of our clients, we recommend our free homebuyer classes. Even if you’re not quite ready for homeownership, our classes are a great first step to get you on the path. They’re free, available online, and offered in English and Spanish. The courses include a worksheet to help reinforce your learning and a learning check at the end as well as a Certificate of Completion when you’ve finished each course. Our education team is also on hand to answer any questions you may have along the way.
Homewise offers three types of classes to get you in tip-top shape for homeownership.
Our classes are available online and self-paced, so you can learn from the comfort of your home and at a time that’s convenient for you.
- Financial Fitness for Life: Take a proactive approach to managing your money and planning for the future. You’ll learn how to create financial goals and make wise financial choices; reduce or eliminate debt; gain confidence around money issues; repair and improve your credit; develop a realistic budget; and build savings for planned and unplanned expenses.
- Homebuyer Education: Buy your home with confidence! Homebuyer Education will help you understand the home buying process and prepare you to make informed decisions. We encourage you to take the class as early as possible in your home buying journey.
- New Home, Now What?: Our newest class is for all homeowners. Whether you just moved into your new home or you’ve owned your home for years, this class is for you. Learn how to thrive as a homeowner, make an impact in your neighborhood, and improve your long-term financial wellbeing and quality of life.
At Homewise, we know homeownership can be transformational to individuals and families. With some preparation and commitment, owning a home of your own can be possible! For more information and to get started today, visit www.homewise.org or call us at 505.243.6566.
