Learning to buy best

PIERRE — Glaring headlines about a credit crunch and home foreclosures might have some thinking twice about buying a home. But Terry Mills believes now is the perfect time to learn a little more about the home-buying process — particularly because of the mortgage crisis.

“Buying a home is probably the biggest, scariest thing you’ll ever do financially,” Mills said. “Education is a huge part of the process to decide if you’ve got the best loan, if you’ve got the best terms, understanding the process involved.”

Mills is the manager of education and community outreach for Consumer Credit Counseling, a non-profit organization providing free advice about borrowing money. Consumer Credit Counseling is offering a free, two-part home-buyer education class from 5:30 p.m. to 9 p.m., Aug. 12 and 14.

Mills said more than 14,000 people have taken the same class across the nation. Split into nine chapters, it covers everything from predatory lending to negotiating with real estate agents to what new homeowners need to do to make sure they keep their house.

“The more education you have,” Mills said, “the more questions you can ask your realtor.”

The program is supported by the United Way and the South Dakota Housing Development Authority. SDHDA director of home ownership programs Brent Adney said he recommends this type of class.

“Home-buyer education is important because it educates that homeowner throughout the whole home-buying process, from start to finish,” Adney said. “More importantly now, with the mortgage crisis going on, we know what can happen. Borrowers need to be informed on what will happen if they are in trouble making their house payments.”

The class will be held at the SDHDA’s offices at 221 S. Central Ave. in Pierre. All participants will receive a free book about buying a home, Mills said.

Mills said the class is useful for “anyone who’s thinking about home ownership.”

“Home ownership might not be immediate, but maybe six months down the road or a year down the road, this could be helpful information,” said Mills.