New Housing Counseling Trend Shows Positive Signs for Home Buyers

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More people are expressing interest in housing counseling from NFCC® member sgencies when purchasing their first home

NFCC

National Foundation for Credit Counseling

Those who participate in housing counseling sessions or workshops are more likely to review multiple mortgage offers with an eye toward savings.

Renewed interest in housing counseling is revealing that many are considering home ownership as a possibility for the first time. More than 73,000 people received housing counseling from National Foundation for Credit Counseling (NFCC) member agencies during 2014, making it the highest volume experienced in the past five years.

“Seeing that more people are realizing the value of housing counseling is a sign that the next wave of home buyers will be better prepared to preserve home ownership,” said Bruce McClary, spokesperson for the NFCC.

Owning a home is a serious financial decision, requiring a stable budget and a clear understanding of the responsibility involved. That responsibility begins when searching for an affordable home, and lasts as long as home ownership is maintained. While a recent Consumer Financial Protection Bureau (CFPB) survey revealed that 47% of home buyers are not comparing lenders, those who participate in housing counseling sessions or workshops are more likely to review multiple mortgage offers. Because they compare offers, they are likely to save more than those who only worked with a single lender. The NFCC recommends seeking the advice of a nonprofit housing counselor in order to learn about every aspect of purchasing and maintaining ownership before making any financial commitment.

For help determining if home ownership is right for you, speak to a trained and certified counselor. To locate the NFCC Member Agency closest to you, dial (800) 388-2227, or go online to http://www.nfcc.org. For assistance in Spanish, call (800) 682-9832.

The National Foundation for Credit Counseling (NFCC), founded in 1951, is the nation’s largest and longest serving national nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior and build capacity for its members to deliver the highest quality financial education and counseling services. NFCC Members annually help millions of consumers through more than 600 community-based offices nationwide. For free and affordable confidential advice through a reputable NFCC Member, call (800) 388-2227, (en Español (800) 682-9832) or visit http://www.nfcc.org.

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