So much has changed over the last few decades with Millennials renting longer than previous generations. With low interest rates and rent prices rising, If you are a millennial and not sure if you can buy a home, take note of these tips to get you in financial shape and prepared for owning a home.
Build Up Your Credit
The better your credit score, the better your chances to get approved, the better your interest rate and the better your options. Make sure to pay your bills on time and to keep your debt-to-income ratio at an affordable level. It’s okay not to be completely debt free, but if you are able to pay down some of your credit cards and smaller debts, it will benefit you in the pre-approval process.
Get to Know the Local Housing Market
Getting acquainted with your local market will provide you with a realistic idea of what homes are selling for. You’ll also want to consider location and the importance of future resale. Narrow down the areas of town you are most interested in and make a list of your top priorities (i.e. location to work, school district, amenities, etc).
Consider a First-Time Home Buyer Program
As a first-time home buyer, you may have access to different home buying programs to help you with down payment, closing and other costs. When you do find a program that works for your situation, be sure that your lender understands it.
Work with a Professional Realtor
After you’ve prepared yourself and completed your research, contact a professional Realtor. Your real estate agent will be your ally in the home buying process and will provide you with the information needed to make a good decision. Contact one of our TCP Real Estate agents today for expert advice and guidance in the home buying journey.