Home Buying Strategy for Millennials

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Whether in College Station, Texas, Bryan, Texas or anywhere else, buying a home relies primarily on finding the right location and saving for a down payment. Buying a home is cheaper than renting - by different margins depending on your location. However, saving for a down payment and finding a house in the right location doesn’t seem achievable for many millennials like yourself who have recently graduated from college and are starting new careers. That’s why I have created this home buying strategy list for you.

Low Interest Rates

Interest rates continue to remain low. So, it just makes sense to take advantage of the home buying opportunity while loan pay-back is more affordable.

Loan Options

Better deals are often available for first time home buyers. Meet with loan officers from a few reputable banks, credit unions or other lenders in your area to find out all the options available to first time home buyers. Some options require little to no down payment at all! However, weigh all options carefully as what you don’t pay down will require additional monthly interest payments. In other words, any down payment you make is interest free, and you will pay interest only on the remaining balance. So, the more you pay down, the less interest you will have to pay. Also, compare lenders’ loan fees and closing costs. 

Credit Scores

Consult with loan officers as soon as possible in case you need to improve your credit rating. If your FICO score is less than satisfactory, follow advice to improve that as quickly as possible.

Meet with Your Realtor

Contact your realtor once you are pre-qualified for a loan. A real estate agent is important to the home buying process for many reasons. She knows the other realtors in the region, understands the buying process and knows how to handle problems that may arise.

Be Patient

When you finally start house hunting, be patient. Finding the right home in the right location may take time. Another issue you may run into during your search is information overload. Don’t be overwhelmed by this. Your realtor can put things into perspective for you, so don’t be afraid to ask questions. 
Buying your first home doesn’t have to be intimidating. The right strategy and a helpful realtor are all part of finding your dream home.  Good luck!

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Mariott Real Estate is dedicated to serving our clients with honesty, integrity, and quality customer service. Our goal is to serve our clients with the utmost respect and professionalism to guarantee their home buying or selling process is a smooth, joyful, and positive experience. Let our knowledge and expertise of Bryan/College Station enrich your real estate needs.