Studies indicate that millennials are getting married, having children, and buying homes later in life as compared to their parents and grandparents. However, this group also represents the largest percentage of home buyers, according to the 2015 National Association of Realtors Home Buyer and Seller Generational Trends study.
The study also indicated that more than 80% of millennial and Gen X buyers consider buying a home to be an excellent financial investment, and that their desire to have a home of their own was the primary reason for their decision. However, some experts warn that young adults should only buy a home if they plan to stay put for at least five years. Otherwise, they might just be making an expensive mistake that they will regret later.
Now, if you’ve really decided that you want to buy a house to take advantage of the lower mortgage rates, here are some tips that you may want to consider to make things a lot easier for you.
Improve your credit score. Aside from determining whether you’ll be eligible to get a mortgage, your credit score can also help determine how much interest you are going to pay. So, polish those credit scores to save on monthly payments.
Save, save, save. While you can get a mortgage for as low as 3% down payment, a 20% down payment can help you secure a lower interest rate and save you from paying expensive private mortgage insurance. Just make sure you have enough money left for emergencies after paying the down payment and closing costs. To be safe, make sure you have stashed away at least three months’ worth of mortgage in your account.
Choose the right real estate agent. To get the kind of results you want without spending more than you should, consider hiring the right real estate agent. For best results, choose a licensed realtor who has the right credentials, an extensive experience in the field and knows the neighborhood well. Choose someone like Tammie Carter.
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Whether you are buying or selling a home, you need someone who puts your best interest above everything else. And this is precisely the reason why you should consider working with Tammie Carter, Managing Broker at Crye-Leike Realtors. Trust Tammie to help you find the best property that will suit your family’s needs. Please visit her main website at http://tammiecarter.crye-leike.com or her blog at https://tammiecarter.wordpress.com/ for more valuable tips on selling or buying a home. Request A Complimentary Comparative Market Analysis (CMA) Today!