What a first-time homebuyer class covers

Classes differ by provider, but most cover the same ground. Use this list to judge whether a class is complete.

Money and readiness

• Building a budget that includes ownership costs, not only the mortgage payment.
• How credit scores and reports affect loan options, and how to check your reports.
• Saving for a down payment, closing costs and an emergency fund.

Loans

• The kinds of loans available, and the differences between fixed and adjustable rates.
• What lenders look at: income, debts, savings, credit and the property.
• Getting a pre-approval and comparing written loan estimates from more than one lender.

Help with costs

• Down payment and closing cost programs run by states and cities. Eligibility often depends on income, location and completing a class.
• Programs vary a lot by place, so ask the class provider which apply where you live.

The home search and purchase

• Working with a real estate agent, and what you are agreeing to when you sign an agreement with one.
• Making an offer, inspections, appraisals and negotiating repairs.
• Title and insurance, and what happens at closing.

After you move in

• Maintenance costs, property taxes and how a payment can change over time.
• What to do if you have trouble paying, and where to get help early.

Why classes matter

Some loan and assistance programs require a completed class. Even where they do not, a class can show you costs that listing prices hide.