Metropolitan Chicago is leading the nation in high-cost
home loans, according to a recent analysis by the Chicago Reporter
, and the number of families
struggling to make mortgage payments is skyrocketing, particularly in black and
Latino communities.
Evidence shows potential home buyers who take
homeownership education and counseling courses before they buy are at an
advantage. Throughout the region, quality housing organizations such as
Neighborhood Housing Services of Chicago, Rogers Park Community Development
Corp., DuPage Homeownership Center and Housing Opportunity Development Corp. are
providing these essential services to as many households as their capacity
allows. Dozens of employers in Chicagoland are investing in that capacity by
participating in REACH Illinois
. Through REACH,
they're helping their employees avoid homeownership pitfalls, including
predatory loans, by connecting them with homeownership courses offered by
non-profit organizations.
Before they sign away their financial security, would-be home buyers are
learning basic budgeting skills and receiving credit counseling, as well as
advice on choosing a reputable lender and manageable mortgage loan; hiring
attorneys and home inspectors; and interpreting loan documents. The guidelines
set by these programs (including interest-rate caps and preferred lender lists)
help to ensure home buyers take a mortgage loan they can afford. Kudos to
employers investing in their employees' well-being by helping them find
affordable, stable places to call home.
Robin Snyderman