Home Buyer Education and Financial Counseling Pay Off

August 19, 2016 | by Michael Wilt

Categories: Financial Education, Home Buyer Education, Housing Counseling

Housing professionals have long professed that home buyer education and financial counseling create more responsible and financially empowered homeowners. Now, there's ample evidence to support their claims. Research summarized in two recent reports lists the benefits of completing home buyer education and counseling prior to purchasing a home. 

The first report summarized by Evidence Matters states that home buyer education and counseling helps "participants expand their housing searches and enjoy more options; avoid risky purchases and mortgages; lower their housing costs; improve their credit scores; save more and keep more residual income; and avoid or resolve delinquency, default, and foreclosure."

The report also emphasizes that individuals benefit most from home buyer education and counseling when it is "appropriate for their needs, easily accessible, and offered early in the home buying process."

We agree. That's why we require individuals to complete home buyer education before purchasing a home through our home buyer programs. It's also why our approved home buyer education courses are offered either online or in-person, because we want to give home buyers multiple options for accessing the content. It's easy for home buyers to find a course near them by searching our Texas Financial Toolbox web site.

A second report from National Foundation for Credit Counseling highlights research from The Ohio State University on the critical role financial counseling plays in consumer behaviors. The research revealed that consumers who went through financial counseling displayed "improvement in levels of revolving debt and total debt, better money management and improved financial confidence" when compared to consumers who did not receive counseling.

While home buyers using our home buyer programs are only required to take an approved home buyer education course, prospective home buyers may also want to consider financial and credit counseling to establish or rebuild credit, reduce debt and save for the future.

To find organizations that provide financial counseling, home buyer education, and other tools needed for responsible homeownership and accomplishing financial goals please visit www.texasfinancialtoolbox.com.

On the House blog posts are meant to provide general information on various housing-related issues, research and programs. We are not liable for any errors or inaccuracies in the information provided by blog sources. Furthermore, this blog is not legal advice and should not be used as a substitute for legal advice from a licensed professional attorney.

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