Millennials are Buying Houses on Their Own, You Can Too!
Buying your first home is a very exciting time. If you’re interested in learning how young people, like yourself, are positioning themselves to buy homes, we encourage you to check out today’s post. Learn how you can get the process started today!
What are Millennials saying about homeownership?
• 80% of millennials say homeownership has positively impacted their long-term finances.
• 86% of millennial buyers consider owning a home more affordable than renting.
• 60% of millennial buyers would encourage their younger selves to start saving for a house soon.
Talk to your lender first.
A mortgage loan officer can help you determine quickly where you stand financially and if homeownership is in the cards for you. If you have a lot of debt from student loans or a car, your lender can help you determine the best way to improve your credit. In fact, a lender may be able to help you find programs that help you finance while you are paying student loans. A local lender who you can meet with in-person will have your best interest at heart. Consider meeting in-person rather than working with an impersonal online lender.
Take a look at your credit.
Your credit impacts your ability to buy a home. If you pay your bills on time, you may be surprised at how high your credit score is. Check your credit score and make sure there are no errors on your report. Even if you don’t choose to buy a home, it’s good to be in the know about your credit.
Check out loan options.
You may be able to buy a home with less than 20% down. FHA loans may only require a 3.5% down payment. And gifts from family members and other assets that you may have might be able to get you closer to homeownership.
Find a real estate agent who specializes in working with young adults.
A good agent will help you find a home in an area that meets your needs and meets your budgets. Your job is to be open and honest about what you want. Their job is to help you find that. They will work with the other members of the team helping you buy a home and make the process as seamless as possible.
Don’t be tempted to make a purchase of this size by doing it alone online. Make a real estate agent a part of your home buying process. Your loan officer can recommend some agents that may be a good fit for you.
No matter where you are on the path to homeownership, a budget is a must.
Make sure you determine all your expenses including needs and wants like mortgage/rent, clothing, food, insurance, transportation, pets, entertainment, etc. You may see that you are more confident in your finances once you have done this and owning your own home is not just a dream.
There you have it. By taking each of these tips into consideration, you will be well on your way to homeownership! Ready to get started? Contact us today.