Millennials have changed the perception of how people view things, especially today. And, of course, home buying is no exception to this. Since millennials have seen the struggle of their parents and grandparents during the Great Recession and over the years, they have become more cautious and conservative regarding their finances and overall lives.

Although they have the preconceived notion of renting or living with their parents first before exploring the market, this can be unrealistic in the long run, especially with mortgage rates going up and down. Buying a home is a better long-term investment.

Most Valuable Advice for Millennial Homebuyers

There are a few things that millennials who are looking to buy their first home should keep in mind.

1. The Market is Complex and Constantly Changing. You can sum up the current market conditions with one word: hot. Well, that was until before inflation happened. However, one thing a buyer should be, no matter the market conditions, is decisive. You must also be aware of the current interest rates. Currently, rates are on a slow downturn (after having risen rapidly earlier this year). Overall, it is a volatile period for buyers. Ask a real estate professional for suggestions if you need help determining where to begin. They can make the procedure as simple as possible for you to discover the ideal house.
2. Mortgage Rates Are Starting to Recover After Increasing Much of the Year. Mortgage interest rates have been slowly decreasing over the past few weeks. This indicates that it’s a good time to buy a house now, as more houses are available for every individual. And when mortgage rates drop, you can refinance into lower interest rates. It’s important to remember that interest rates can change quickly, so you’ll want to lock in your rate as soon as possible. Talk to your mortgage broker to find out what interest rate you qualify for and to learn more about the current housing market.
3. There’s No Need to Wait for Marriage. While many millennials believe that they must be married to buy a house, this is not the case. There are many ways for millennials to buy a house without being married. One option for buying a house without marriage is joining forces with a friend or family member. You can buy a property together or take out a joint mortgage. By pooling resources and sharing the burden of mortgage payments and other associated costs, it becomes much easier for millennials to buy a house. Another option for buying a house without marriage is getting a mortgage with a co-signer. If the borrower cannot make loan payments, a co-signer agrees to assume responsibility for them. This can be a great option for millennials who cannot get a mortgage independently.

Final Thoughts

Regardless of age, there are key points to remember when buying a home. Work with a qualified real estate agent, get pre-approval for your loan, and be prepared to make a down payment. These tips will help you navigate home-buying and make the best decision for you and your family.

Contact Your Kansas City Mortgage Specialist Now!

McGowan Mortgages is a reliable loan company in Kansas that aids millennials in obtaining the mortgage they need to buy their dream home. Contact us today at (816) 631-9687 for more information!

Before you take out an FHA or conventional loan for a new home, it’s essential to be aware of the common things that can go wrong. Buying a home is quite a significant investment, so it pays to know what you’re getting yourself into. By knowing what to look out for, you can avoid making a costly mistake. Here are a few common things to consider before buying your dream home:

6 Quick Tips When Buying Your Dream Home

1. Location, Location, Location. When it comes to real estate, it’s all about location. The old adage still holds true today, especially when it comes to purchasing your dream home. You want to make sure that the home is situated in a good neighborhood that’s accessible. It’s also important to consider things like the commute to work, schools in the area, and local amenities.
2. The Neighborhood. The neighborhood is one of the most important factors to consider when purchasing a home. You want to make sure that the neighborhood is safe and desirable. If you have the time, getting to know the people that live in the community can make or break your decision to purchase a house in that area. It’s essential to do your research before buying a home in order to find the perfect neighborhood for your needs.
3. The Size of the Property. The size of a property is an important consideration for many home buyers. After all, you want to make sure that your new home will be big enough to comfortably accommodate your family and all of your belongings. But how do you know what size property is right for you? There are a few things to keep in mind when considering the size of a property. First, think about the size of your current home. If you’re used to living in a small apartment, you might be surprised by how much space you actually need once you move into a larger home. On the other hand, if you’re used to living in a spacious house, you might find that a smaller home is more manageable.
4. The Condition of the Property. When purchasing a home, it’s important to take into account the condition of the property. This includes things like the foundation’s condition, the roof, and the home’s overall structure. It’s important to have a professional inspection done before making an offer on the house to ensure that there are no major problems that need to be addressed. Making sure the condition of the property is up to your standards is critical before making an offer on a home. By checking these key areas, you can be sure you’re making a sound investment.
5. The Age of the Property. The age of a home can be a significant factor to consider when making an offer, especially if the house is older. Older homes may need more repairs and updates, so it’s essential to be aware of this before making a purchase. If you’re considering an older home, be sure to have a thorough inspection done to assess the property’s condition and identify any potential issues.
6. The Price. Of course, the price of the home is always the most important factor when making an offer. You’ll want to be sure that you’re getting a fair price for the home and that you’re not overpaying for it.

Conclusion

Making an offer on a home can be a tricky process. There are a lot of factors to consider, from the price of the home to the age of the property. It’s important to do your research and work with an experienced real estate agent to make sure you are getting the best deal possible.

Contact Your Trusted Mortgage Specialist in Kansas City, Missouri

Finding the right mortgage for your new home doesn’t have to be difficult, especially with the help of McGowan Mortgages. We are a nationally regarded lender with a small business feel, offering the best deals and mortgage rates in Kansas. Whether you’re looking to refinance your home or you’re applying for a first-time homebuyer mortgage, McGowan Mortgages is here to help. Apply for a loan today at (816) 631-9687 and take advantage of our competitive financing solutions!

Purchasing a home is definitely a huge milestone in life; for many people, it’s the most significant investment they’ll ever make. The home-buying process can be especially daunting for first-time homebuyers because there is so much to learn and consider. From financing to finding the right property, there are a lot of steps involved in buying a home. But hopefully, these tips can make the home-buying process easier to navigate.

3 Home Buying Tips If You’re a First-Time Homebuyers

1. Ask a Trusted Lender about Their Down Payment Assistance Programs. There are many down payment assistance programs available to help homebuyers with the purchase of their new home. A trusted lender can help you understand what programs may be available to you and how to qualify for them. Many down payment assistance programs are offered through state and local governments, as well as non-profit organizations. Some programs may provide a grant that does not need to be repaid, while others may offer a low-interest loan that can be repaid over time. To find out what programs may be available to you, speak with a trusted lender who is familiar with down payment assistance programs in your area. They can help you understand the qualifications and how to apply. Down payment assistance programs can help make the dream of homeownership a reality for many homebuyers. With the help of a trusted lender, you can find the program that best fits your needs and make your dream of owning a home a reality.
2. Make Sure the Lender You Choose Offers Multiple Mortgage Options. When you’re shopping for a mortgage, it’s important to find a lender that offers a variety of loan options. That way, you can choose the loan that best suits your needs. There are many different types of mortgages available, and not all lenders offer all of them. For example, some lenders only offer fixed-rate mortgages, while others also offer adjustable-rate mortgages. Some lenders also offer special programs, such as loans for first-time home buyers or loans with low down payments. If you’re looking for a specific type of loan, make sure the lender you choose offers it.
3. Get a Loan Pre-Approval. As a first-time homebuyer, one of the most important things you can do is get loan pre-approval. A loan pre-approval will give you a clear idea of how much you can realistically afford to spend on a home and help you narrow your search to properties that fit your budget. Getting pre-approved for your loan is a fairly simple process. You’ll need to provide your lender with some basic information about your financial situation, including your income, debts, and assets. They’ll then run a credit check and provide you with a pre-approval letter outlining your loan’s terms. Once you have your loan pre-approval letter, you can start shopping for homes within your price range. When you find a property you want to purchase, you’ll need to submit a loan application to your lender. They’ll then review your application and determine whether or not you’re approved for the loan. If you’re approved, you’ll be able to move forward with the purchase of your new home. If not, you’ll need to look at other financing options or consider a different property.

Final Thoughts

First-time homebuyers may feel overwhelmed with the process of buying a home, but there are many resources available to help. It’s essential to do your research, work with a qualified real estate agent, and be prepared for the challenges that come with buying a home. With a little preparation, you can be a successful first-time homebuyer.

Contact Your Trusted Mortgage Specialist Today!

Finance your first home with the help of McGowan Mortgages. We are one of the best mortgage companies in Kansas City that have helped thousands of families make their dreams come true. We are dedicated to making sure your home purchase or refinance experience is top-notch. Contact us today at (816) 631-9687 to schedule a consultation.