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.
Are you frustrated by the housing market? Feeling overwhelmed by student debt?
No matter your age, you can position yourself to buy a home. Get started!
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 going it alone online. Make a real estate agent a part of your home buying process.
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 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.
Join others on the path to financial independence and freedom by learning more about purchasing your own home.
*2017 Bank of America Homebuyer Insights Report