Financing

Don’t Give Up on Buying a Home if You’re a Millennial Renter

Almost 25% of Millennials (ages 26-41) claim they plan on renting forever, according to this Apartment List article. That’s nearly double the amount since they started their ongoing survey of 31,000 Millennials in 2018.

In the grand scheme of things, 1 in 4 Millennials swearing off homeownership forever isn’t earth-shattering news. To put things in perspective, the highest rate of homeownership ever was 80% in North Dakota back in 1900. But generally speaking, the homeownership rate has hovered in the 65% range nationally for almost 5 decades. Some people will always be renters; homeownership isn’t for everyone.

There are four main reasons they give for not buying:
• They feel it’s financially risky (19%)
• Don’t want the costs of maintaining a home (30%)
• They like the flexibility renting allows (28%)
• Can’t afford to buy a house (77%)

Call me to discuss your specifics. It may be the right time for you now!

Read the full article

Preapproved vs. Prequalified. Is one more important than the other?

Do you know the difference between being preapproved and prequalified when buying a home? And is one more important than the other in today’s market? If not, you must read on….

First of all, what does Prequalified mean?

Getting prequalified for a mortgage loan requires that you select a mortgage lender (Don’t know who to call? I have a few that I worked with for years and come highly recommended) to work with and obtain your loan. A Mortgage Pre-qualification is a promise from the lender that you’re qualified to borrow up to a certain amount of money at a specific interest rate, subject to a property appraisal and other documentation.

So what does Pre-approved mean?

Being preapproved means that you have gone through the pre-approval process with a lender. It includes filling out an application, providing financial documentation, and a credit check. A mortgage pre-approval letter is a document from a lender that states you are preapproved for a loan for up to a specific dollar amount. Read more

So to answer the question, Is one more important than the other?

Being preapproved can make the difference when you are ready to make that offer in today’s market. And unfortunately, we are starting to see a pattern of deals falling through due to financing. At what seems like the eleventh hour, several buyers are learning that the amount they were prequalified for was overestimated, and they can no longer afford the house they fell in love with and have to walk away. Being preapproved can help alleviate this type of stress.

There are a lot of moving parts to the home buying journey. If you need some help talking through this financial piece, call me at 317-625-0655. I am here!

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What’s In Store For You In 2022?

Whether you enjoy making New Year’s resolutions or scoff at the idea, there’s something inherently motivating about seeing a fresh new page on the calendar. However, if you don’t want to join the masses who hit the gym or vow to go on a digital diet, you may want to resolve to set a goal of buying a new home in 2022.

Below are some tips on how you can get started…..

Working with the right real estate agent who has experience can make all the difference. So give me a call at (317) 625-0655 to get started.