If you’re a 20-something millennial who is looking to buy a home, these tips will help set you up to get started.
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We’ve really got to hand it to the millennial generation—they’re an educated, tech-savvy bunch who really know what they want. Lately we’ve been finding that many 20-somethings are deciding that they want to buy their first home and leave renting behind. Today I’m here to explain just how a millennial first-time homebuyer can purchase a home with as little stress as possible.
1. Decide if you’re really ready to commit. Buying a home is the largest purchase that you’ll likely ever make in your life. You probably shouldn’t purchase a home if you can’t commit to living there for at least three to five years.
2. Understand your finances. Lenders are going to consider every part of your financial profile, including your salary, your bills, your spending habits, and any debt you’ve incurred. Remember: homeownership doesn’t end with your mortgage payment, so be sure to budget appropriately.
3. Consider credit and savings. The better your credit score, the better the interest rate you’ll be offered. Banks know those who have better credit scores are less risky, so be mindful of paying off your bills and other payments in a timely manner.
4. Look at your savings account. You’ll need some cash to cover some of the fees involved, like attorney fees, mortgage fees, etc.
5. Find a lender and get pre-approved. This is the most important thing you can do before beginning your home search. If you do this, you’ll know what your spending power is and what price range you should stick to. I can recommend a number of mortgage lenders out there who my clients have worked with and trust.
6. Work with an agent you trust. You’ll need professional help, and our team is very good at providing it. We’ll listen to what your needs are and guide you to a successful and sustainable outcome. We are here for you.
If you have any questions about buying your first home, all you need to do is reach out to us. We would be glad to have an open discussion about what you’ll need to do in order to make your homeownership goals a reality.
1. Decide if you’re really ready to commit. Buying a home is the largest purchase that you’ll likely ever make in your life. You probably shouldn’t purchase a home if you can’t commit to living there for at least three to five years.
2. Understand your finances. Lenders are going to consider every part of your financial profile, including your salary, your bills, your spending habits, and any debt you’ve incurred. Remember: homeownership doesn’t end with your mortgage payment, so be sure to budget appropriately.
3. Consider credit and savings. The better your credit score, the better the interest rate you’ll be offered. Banks know those who have better credit scores are less risky, so be mindful of paying off your bills and other payments in a timely manner.
“
We’ll listen to what your needs are and guide you to a successful and sustainable outcome. We are here for you.
”4. Look at your savings account. You’ll need some cash to cover some of the fees involved, like attorney fees, mortgage fees, etc.
5. Find a lender and get pre-approved. This is the most important thing you can do before beginning your home search. If you do this, you’ll know what your spending power is and what price range you should stick to. I can recommend a number of mortgage lenders out there who my clients have worked with and trust.
6. Work with an agent you trust. You’ll need professional help, and our team is very good at providing it. We’ll listen to what your needs are and guide you to a successful and sustainable outcome. We are here for you.
If you have any questions about buying your first home, all you need to do is reach out to us. We would be glad to have an open discussion about what you’ll need to do in order to make your homeownership goals a reality.
