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Information for Homeowners

Buying a home is exciting, whether it’s your first house or your fifth. It’s also a big commitment. After you’ve closed on your new home is when the responsibilities of homeownership reality kicks in. You own a home! We want you to succeed in homeownership and we know that can only occur when all your financial obligations are in order. Our goal is ensure that you are in a healthy financial position for the long term.

Congrats on owning your home!  There are several things you should be familiar with as a homeowner, including costs beyond your mortgage, utility and cable bills.  For example do you have a Homeowners’ Association, and is there a monthly fee?  Are your responsible for your water or trash bills?  Check out the links below to help you with a monthly budget as well as understanding what your true monthly costs are.

Often times knowing and understanding what your monthly costs are, balanced against your monthly income gives you a better sense of your financial well-being.   Here are some tools for creating and maintaining a budget.

Creating and Maintaining your Budget

Successful Homeownership

Armed with your monthly budget, these tools can assist you in being a successful homeowner.

Refinancing Options

We frequently hear that interest rates are low, and that it is a good time to buy or re-finance an existing mortgage.  While this may be a good trend nationwide, is it a good option for me personally?  These tools can assist you in determining whether you are a good candidate for a refi or refinancing.

Reverse Mortgages

How We Can Help

Buying a house is the largest financial investment you will probably make, so you want to make sure you’ve done your homework and are prepared to take that next step. It may be a great option and a good long-term investment, but only if you’re ready for the financial commitment and responsibility of homeownership.

Homeownership has changed and every homebuyer needs to know the new rules. Whether you are looking for a first home or getting back into the market, today’s homebuyers have to be more prepared and armed with information. The Homeownership Preservation Foundation (HPF) is here to help as you navigate through this complex process. Our housing counselors provide pre-purchase counseling and homebuyer education.

PRE-PURCHASE COUNSELING IS AVAILABLE RIGHT NOW! Call 844-995-HOME

Homeownership Preservation Foundation (HPF) can connect you with a HUD approved housing counselor that will conduct an analysis of your financial picture, help you understand the financial requirements and responsibilities of homeownership, and advise you on affordability and mortgage readiness. If you are financially ready to purchase a home, the counselor can guide you toward resources that can help you in the process. If you are not financially ready the counselor can help your prepare for homeownership.

Homebuyer Education

Quality homebuyer’s education is the foundation of successful homeownership. It explains the entire process in easy-to-understand terms and provides you with a basic level of understanding of the home purchase process, the steps involved and the requirements and responsibilities of homeownership. Either in-person or online, taking a homebuyer education workshop helps prepare you for long term homeownership success! People who complete a homebuyer education course are 10 times less likely to go into foreclosure.* They are empowered to ask the right questions, they understand what they can afford, and they recognize their responsibilities.

HPF is happy to partner with the Minnesota Homeownership Center and the Housing Partnership Network to offer you Framework—an online homebuyer education program. This high quality, interactive experience will ensure that you are a smart, confident and successful homeowner. Framework provides the facts you need to become well-informed about every step in the process. It also meets National Industry Standards and all HUD Housing Counseling Program requirements.

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