In an effort to increase knowledge about building, maintaining and using credit, Freddie Mac has launched a Spanish version of its CreditSmart Essentials free financial education curriculum to better meet the needs of monolingual consumers.
Latinos make up the largest share of near-mortgage ready individuals compared to other minority groups with an opportunity to improve their overall mortgage-readiness through financial education and counseling.
The Spanish-language version of CreditSmart Essentials offers tools to prepare future borrowers to rent or purchase a home. It also provides tools for housing industry professionals to share the expanded resources with consumers.
The comprehensive curriculum features a customizable learning path that breaks down content into digestible pieces. Based on a consumer’s financial goals, foundational knowledge and learning style, the tool provides an interactive experience where one can set individualized targets, create a vision board and monitor progress.
Among the range of topics addressed: building good credit, money management, being a savvy borrower and managing debt. Other subjects include emergency preparedness, disaster resilience, financing an automobile, decisions around student loans and financial planning. Companion products expand information on renting a home, steps to homeownership and much more
Freddie Mac is also partnering with a wide variety of Latino advocacy and industry groups to raise awareness of this new tool and the benefits of homeownership.
“Latinos are the fastest growing group of new homeowners in the United States and our research projects they will account for seven out of every ten new homeowners over the next two decades,” says Gary Acosta, CEO and co-founder, National Association of Hispanic Real Estate Professionals. “The importance of having access to high-quality credit education resources like CreditSmart Essentials in Spanish cannot be overstated because an educated homebuyer lays the foundation for a successful homeownership experience.”