We hope that this quick blog will arm you millennials with useful tips and strategies that you can use throughout your house hunting process and what you need to expect along the way!
Don’t Break The Piggy Bank
Chris Wulff says that beyond popular belief, becoming a homeowner nowadays doesn’t have to break the piggy bank. There are several first-time buyer programs available to help get you into your first home! Chris suggests that you speak with a mortgage professional about 5% conventional loans and 3.5% FHA loans if you don’t have the deep savings or family down payment funds.
Stop Stalling & Be Ready To Make Quick Moves!
Most Real Estate Agents say you can take your time with a pre-approval process and shop open houses until your blue in the face, but who wants to waste their time like this? Chris prefers to be very strategic and take the time upfront to qualify you as a buyer and immediately hone in on what you actually need! Once Chris finds the house or condo you want, things will start moving very quickly.
Chris and his team will get you pre-approved for a mortgage with one of our preferred lenders by requesting your most current bank statements showing your proof of down payment, closing costs, and income verification. Will this package we will begin submitting offers on your ideal homes!
On average, you can become a home owner within 30-45 days. How do you like them apples? If you’re bitting your fingernails don’t worry. 30-45 days may seem fast, but it’s plenty of time to inspect the home for any problems, have an appraisal completed and your loan approved.
The Crash is a Hoax
I can’t tell you how many times people ask me “when is the next market crash?” This seems to be a constant fear that the media continues to deploy to the public. Chris has got some news for you, this isn’t happening anytime soon. Fannie Mae & Freddie Mac just recently released a report that foreclosures and mortgage delinquencies are at an all time low at 4%, the lowest they have been in close to 20 years. Inman reports that these rates have been falling since 2018 and will continue to fall. Botton line is that the market is as stable as it’s ever been, so don’t waste your worries over this, focus what you need to do to get into it.
Everybody Has An Opinion
Not all of your friends and family will share your sentiments about buying a home. It’s wise to take everyone’s opinion with a grain of salt. Chris Wulff says that suggestions and hesitations from others may be fear-based or have unseen agendas so be weary. Either way, if you can invest into the real estate market, it’s a wise decision. Over time, home values show that historically they’ll continue to climb and the truth is that nothing can surpass the benefits of home ownership vs. renting. Remember, the longer you wait, the more it will cost!