THE DISPATCH LIFE.STYLE.HOMES PAGE 7 CREDIT EDUCATION A Critical Ingredient For Homeownership There’s a good reason why many people dream of owning a home. Homeownership offers benefits such as stable monthly payments and the opportunity to establish a sense of community. It can also be a way to build equity over time. But don’t dive into the process unprepared. Experts say it’s crucial to become financially literate first. In fact, a recent study found that financial counseling before purchasing a home can reduce the likelihood of going into default. For first-time homebuyers, counseling reduces the likelihood by an average of 29 percent. Luckily, free credit education resources and information are becoming more widely available. For example, Freddie Mac’s CreditSmart program, a comprehensive, multilingual curriculum used by lenders, churches, schools and non-profit organizations, has helped more than three million consumers across the country make more informed financial decisions. Today it’s available in two ways. CreditSmart’s new, selfpaced web version features 12 education modules. You can take the free online course at www.FreddieMac.com/creditsmart. Or, consider attending a class led by a housing counselor certified by the U.S. Department of Housing and Urban Development. A credit education course can prepare you for homeownership by covering the following topics: BUDGETS: A spending plan is necessary for anyone with financial goals. Financial education can help you differentiate your spending needs vs. wants, and set up a realistic budget accordingly, as well as provide guidance for how to stick with the plan. CREDIT: Generally speaking, the better your credit, the lower your interest rates and fees will be when obtaining a loan. If you don’t have credit or you don’t have good credit, it’s essential to establish good credit before trying to get a loan. SAVINGS: To buy a home, you’ll need upfront money for a down payment, which is usually between 5 and 20 percent of the home price, and money for closing costs, moving expenses, and any immediate repairs or renovation costs. The real estate and mortgage world has its own language. And if you aren’t well-versed in it, you can get in over your head quickly. Study up on terms and concepts like loan-tovalue ratio and fixed-rate mortgage so you don’t sign anything you don’t understand. Is homeownership right for you? Don’t just guess. By becoming a savvier consumer, you can make smart financial decisions. (Reprinted with permission from State Point Media) 508 EDGEWATER AVENUE, OCEAN CITY PRICE REDUCED Join ''Millionaires Row''. Desirable Edgewater Avenue location with outstanding bay views and a boardwalk peek. 3 unit owner operated property currently a primary residence with a 12 year rental history for the other 2 units. Visualize your beach dream with a total of 6 bedrooms, 4 baths, huge porch and a 5000 sqft lot. 2013 reservations to be honored. $859,000 CALL PAUL COOK 410-726-2695 111 WEST STREET, BERLIN Cozy 3 bedroom, 1.5 bath home with character, in a great location walking distance to downtown Berlin. Almost half an acre to have a garden or any outside activity. A two car attached garage nicely accents this home. Packed with potential and well maintained with insulated windows and outside vinyl siding. $154,900 CALL CAM BUNTING 410-713-2065 11833 STEAM MILL HILL ROAD, WHALEYVILLE PRICE REDUCED Spacious 3 bedroom 2 bath rancher with large rooms. Tons of improvements over the last few years. Motivated sellers!! Great space for the money. Conveniently located between Ocean City and Salisbury. $115,000 CALL JEANNE HAND 443-235-0652 9407 CROPPER ISLAND ROAD, NEWARK Contemporary 2-story, 4 bedroom, 4 bath home located on a beautifully wooded residential street. Nearly an acre. Only minutes from Berlin, Ocean City, and Assateague. Bonus den/guest room is sure to have plenty of room for friends and family. Within Stephen Decatur School District. $299,999 CALL CAM BUNTING 410-713-2065 53 MYSTIC HARBOUR BOULEVARD, WOC AREA NEW LISTING Lovely 3 bedroom, 2 bath home in Mystic Harbour. Beautiful hardwood floors in living room and dining room and upgraded Berber carpet in bedrooms. Lovingly cared for by original owner. $179,900 CALL LAUREN BUNTING 410-422-9899 Let Bunting Go To Bat For You! 24 Broad Street, Berlin, Md. • 410-641-3313 For Virtual Tours: www.buntingrealty.com