Are you a part of the millennial generation who’s ready to buy their first home? Here are the five steps you need to take.
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Third, consider credit and savings. Your first brush with credit may have been when you were inundated with credit card offers on your first day of college. By the latter part of your 20s, hopefully you’ve established some type of credit. Lenders will closely consider your credit score when deciding on approving your mortgage, so remember—the better your credit score, the better the interest rate you’ll be offered.
As far as savings go, you’ll need to have money in-hand up front to cover fees like your down payment and closing costs. Have you saved the money you’ll need to buy a home?
Fourth, find a lender and get pre-approved. Buying a home is largely a financial process, so it makes sense that the mortgage process is a long one. Seek out several lending institutions before you settle on the one you’d like to use. Just like every buyer is different, every lender is different too. Some may be more lenient when it comes to your credit history. Some credit unions or banks you’ve used for years may offer lower rates than other lenders. The federal government also offers FHA and VA loan options that may be perfect for first-time homebuyers such as yourself.
Lastly, work with an agent you trust. This is an area where we would not advise a “do-it-yourself” mentality. Professional agents have the training and know-how to lead any first-time homebuyer to a home that’s right for them. Your agent will make your “needs” and “wants” lists and help you consider your long-term goals for a new home. They’ll also help you search for homes, negotiate for you, and walk you through the entire offer and closing process, right down to the point where the keys are finally in your hands.
So if you’re a twenty-something who’s decided that now’s the right time to buy, give us a call and we’d be glad to represent you and help you through the entire process.
As always, if you have any other questions or real estate needs, feel free to reach out to us any way you can. We look forward to speaking with you.
We have to hand it to the millennial generation—they’re an educated, tech-savvy bunch who typically know what they want. Lately, we’ve found that many twenty-somethings in this group have decided that what they want is to buy their first home.
If you count yourself as one among these twenty-somethings, there are the five steps you need to take to make sure you find the right home.
First, decide that you’re ready to commit. Buying a home may be the largest purchase you’ll make in your entire life, so you have to know you’re ready for that type of commitment. Millennials have been deemed a nomadic bunch, so it’s important to note that most homebuyers stay in their homes for at least three to five years, and that’s just so they can recoup the cost of their purchase.
Buying a home also means you’re ready to get your hands dirty, both literally and figuratively. In order to maintain your home, there’s handiwork that needs to be done that’s typically your responsibility.
Second, understand your finances. When the time comes for you to buy a home, your lender will consider every part of your financial picture, from your current job salary to your bills and spending habits. Since the bank will review your financial information, you’d better do the same. Find out how much money you’ve got coming in and going out and calculate how much you’ll be able to devote to your monthly mortgage payment.
When considering your finances and budget, also consider the fact that homeownership fees don’t end with your monthly mortgage payment. You’re also responsible for insurance, property taxes, and any money that’s needed to cover routine maintenance and unexpected home repairs. After gathering all of this information, ask yourself once more if buying a home is in your future.
If you count yourself as one among these twenty-somethings, there are the five steps you need to take to make sure you find the right home.
First, decide that you’re ready to commit. Buying a home may be the largest purchase you’ll make in your entire life, so you have to know you’re ready for that type of commitment. Millennials have been deemed a nomadic bunch, so it’s important to note that most homebuyers stay in their homes for at least three to five years, and that’s just so they can recoup the cost of their purchase.
Buying a home also means you’re ready to get your hands dirty, both literally and figuratively. In order to maintain your home, there’s handiwork that needs to be done that’s typically your responsibility.
Second, understand your finances. When the time comes for you to buy a home, your lender will consider every part of your financial picture, from your current job salary to your bills and spending habits. Since the bank will review your financial information, you’d better do the same. Find out how much money you’ve got coming in and going out and calculate how much you’ll be able to devote to your monthly mortgage payment.
When considering your finances and budget, also consider the fact that homeownership fees don’t end with your monthly mortgage payment. You’re also responsible for insurance, property taxes, and any money that’s needed to cover routine maintenance and unexpected home repairs. After gathering all of this information, ask yourself once more if buying a home is in your future.
Work with an agent you trust.
Third, consider credit and savings. Your first brush with credit may have been when you were inundated with credit card offers on your first day of college. By the latter part of your 20s, hopefully you’ve established some type of credit. Lenders will closely consider your credit score when deciding on approving your mortgage, so remember—the better your credit score, the better the interest rate you’ll be offered.
As far as savings go, you’ll need to have money in-hand up front to cover fees like your down payment and closing costs. Have you saved the money you’ll need to buy a home?
Fourth, find a lender and get pre-approved. Buying a home is largely a financial process, so it makes sense that the mortgage process is a long one. Seek out several lending institutions before you settle on the one you’d like to use. Just like every buyer is different, every lender is different too. Some may be more lenient when it comes to your credit history. Some credit unions or banks you’ve used for years may offer lower rates than other lenders. The federal government also offers FHA and VA loan options that may be perfect for first-time homebuyers such as yourself.
Lastly, work with an agent you trust. This is an area where we would not advise a “do-it-yourself” mentality. Professional agents have the training and know-how to lead any first-time homebuyer to a home that’s right for them. Your agent will make your “needs” and “wants” lists and help you consider your long-term goals for a new home. They’ll also help you search for homes, negotiate for you, and walk you through the entire offer and closing process, right down to the point where the keys are finally in your hands.
So if you’re a twenty-something who’s decided that now’s the right time to buy, give us a call and we’d be glad to represent you and help you through the entire process.
As always, if you have any other questions or real estate needs, feel free to reach out to us any way you can. We look forward to speaking with you.
