MILLENIALS - Downpayment Not As Much As You Think

By
Real Estate Agent with Re/Max 10 New Lenox Illinois
5 Things Millennial Home Buyers Should Know

Millennials looking to buy a home need to know a few important things beforehand:

The down payment doesn’t have to be as much as they think

 

A Millennial buyer can get away with putting down as little as 3.5% of the home’s cost. It’s important for them to know that a required 20% down payment is only a myth. As long as they’re aware of mortgage insurance, they can put down less.

 

Millennials shouldn’t forget about the added extras like closing costs

 

Many Millennials forget to put aside money for closing costs and fees, which could turn out to be more than they bargained for. They should prepare their budget in advance.

They should do homework before purchasing

Millennials should do research before making any commitments. This means checking their credit and doing some thorough research on the right experts to work with.

 

Millennials should avoid homes with costly repairs

 

It takes a lot of time and money to renovate a home. As a first-time buyer, Millennials should avoid looking at homes that require anything more than a few cosmetic repairs.

 

Millennial buyers can benefit from taking an education course

 

Typically, a home buyer education course is required by many banks. It’s a great idea to take one, even if a bank doesn’t require it because it can educate buyers on the entire home buying process.

When Millennials choose to make the switch from renting to homeownership, it’s important to be as prepared as possible. A mortgage lender like Vincent Redd can help with any questions or concerns about the home buying process.

 

Have a great week when you allow Vincent Redd to get you on the right trek towards your goals.  He can be reached at...

 

Vincent Redd
Senior Mortgage Consultant

Office:(630) 748-7473

Efax: (773) 435-6468

Cell: (773) 255-1698

vincent@neighborhoodloans.com

Individual NMLS#233273

Office NMLS#222982

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Dale Taylor

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