Tag Archives: mortgage planner

Busting Millennial Home-Buying Myths: Do They Still Want a House?

Mortgage Planner in St. GeorgeWith around 86 million Millennials in the United States, the generation offers a great opportunity for mortgage lenders. As part of the age bracket with the biggest purchasing power, Millennials could have a significant impact on the future of lending.

However, a lot of external factors come into play in their money-spending habits. Mortgage lenders don’t appeal to Millennials because of massive student loan debt and their apparent lack of interest in home ownership. However, recent studies have debunked most of the common Millennial home-buying myths.

Myth: Millennials Prefer Renting Over Homeownership

A survey conducted by Fannie Mae reveals that home ownership still trumps renting an apartment. While most young people put off buying a house, it doesn’t necessarily equate to the refusal to buy a home in later years. Most Millennials recognize the value of a home, especially since it affords a sense privacy, security, and better control over living space.

Myth: Student Loans Affect Home-Buying Power

There has been an increase in student debts, but studies show that this does not hurt ability to buy a house. In fact, college students with a diploma often have positive attitudes towards home ownership. Student loans only affected the home-buying power of students without a degree. Therefore, paying for student loans may be a problem, but it isn’t discouraging Millennials to buy a house sooner.

Myth: Millennials Are Aware of Financing Options

There is a common perception among Millennials that buying their own house at an early age is impossible. However, a 2015 Housing Survey reveals that Millennials aren’t even aware of how much a house costs, or the different loan and down-payment options available to them. Young workers would rather rent their own place because it appears to be a more economical option.

The biggest obstacle for Millennials in securing home ownership is a lack of knowledge of the financial options available to them. Young people in St. George may want to seek help from a mortgage planner for financial advice. After all, every buyer should first know how to finance a home before planning on buying it.

Mortgage Planner in Salt Lake City

Now is a Good Time to Become a Salt Lake City Home Owner

Mortgage Planner in Salt Lake CityBoasting of a family-friendly environment, flourishing business sector, and outdoor living, Salt Lake City is an ideal city for a home investment. However, just like any other area in the country, home buying remains to be a complex process, and it is best you work with professionals who can help you secure the best mortgage rates.

When is another question, but fortunately, now is a good time for you to make the transition and hold the title of home ownership. One reason is the availability of experts specializing in finding the best mortgage rate Salt Lake City homebuyers can afford.

With pros on your side, you can gain access to the best rates offered for the following mortgage types:

  1. Fixed-Rate Mortgages

With conventional mortgages, it is up to you to choose the most appropriate term option, which often ranges from 15 to 30 years. This is an ideal option, City Creek Mortgage explains, if you want to stay in the home for a very long time, as the mortgage rate stays the same for the life of the loan.

  1. Adjustable-Rate Mortgages

Adjustable-rate mortgages typically come with lower initial interest rates than those of their fixed-rate counterparts. This period changes, though, depending on the conditions of the market.

  1. Short-Term Mortgages

Short-term mortgages, when used in correct situations, can help homebuyers save thousands of dollars. In many cases, closing costs are no longer something to worry about.

However, as the name suggests, you need to be prepared to pay higher, since your mortgage term is going to run for a much shorter period. Still, this is a good alternative if you want to become debt-free in as little time as possible.

Deciding on which mortgage offer is best for you can be very confusing, especially if you are a first time buyer. So work with mortgage planners who can help you save yourself from devastating mistakes.