October 16th, 2014 7:26 AM by Regina Rickles, NMLS# 222362
Generation Y is the generation which follows Generation
If you are under the age of 30, you are most likely
considered a “Millennial”. This means you are part of the generation which has
been given a reputation for technological advances, social media, and pop
Did you know you are also the generation that is
responsible for a huge rise in the purchase of new homes???
It’s true! The Millennial generation is the fastest
growing population buying new homes right now! Since 2011 the housing market
has began recovering from economical difficulty and the majority of economists
and financial experts believe this is a direct result of people age 19 – 28 buying
So, if you are considering buying your first home, you are
not alone! It’s easier than ever to be one of the many young people your age
who are investing in their future and purchasing their own home!
Here is a list of things you should know to be prepared;
KNOW YOUR CREDIT SCORE – Knowing your credit score
is always important. However, when it comes to buying a home it is an absolute
necessity. Your credit score will determine your interest rate, loan type, and
loan program. These 3 items will effect what type of home you are able to
purchase and the amount you are able to spend. You can obtain a free credit
report once a year at www.annualcreditreport.com.
Once you have your credit report, be sure to check it for any errors. When you
call a loan professional for pre-qualification you will be one step ahead by
knowing where you stand with your credit score.
GET PRE-QUALIFIED – Your time is just as valuable
as anyone else. Don’t waste it! Getting pre-qualified for a mortgage is a
simple, 5 minute process and doesn’t cost anything! Take advantage of this and
have a loan professional discuss the options available for you. You may be
happily surprised to know you can expand your buying options, or that you don’t
need a down payment. This can only be determined by getting pre-qualified and
will be well worth your time.
KNOW HOW MUCH YOU CAN SPEND – By getting
pre-qualified you will have the opportunity to discuss your financial situation
with someone who is a professional. This means free advice concerning any other
debt you may have, what options you are available to you and ultimately, how
much home you can afford.
KNOW YOUR OPTIONS FOR FINANCING – There are dozens
of different programs and loan types available. Only a professional loan
originator will be familiar with each one. Instead of filling out a form and
accepting any offer, you should take advantage of the loan originators
knowledge and ensure that you know all your options. There are loan options
available which offer a lower monthly payment by eliminating mortgage
insurance, no down payments, assistance with closing costs, and many many other
benefits. Make sure you are receiving the best options for you and your family!
As always the loan professionals at Primemax Mortgage
Group are ready to help you find the best option for your home purchase.
Apply today online or in person!
And don't forget to connect with us!!!!!