Recent studies indicate that Millennials are currently dominating the real estate market as homebuyers. Now, approximately 45% of mortgages in the U.S. are issued to this generation of young adults. It is predicted that, in 2019, a whole new group of Millennials will venture out as first-time homebuyers. And if you fall into this category, the home-building experts from Newmark Homes have some advice to impart. Yes, the homebuying process may seem intimidating, but it is much easier to navigate if you take the time to prepare. To get you started, here is a simple checklist to review.
IMPORTANT MILESTONES ON THE PATH TO HOME OWNERSHIP
If you feel that the time is right for home ownership, there are two things that you should do immediately. First, pull your credit reports from the three primary reporting agencies, Experian, Equifax, and TransUnion. Then, review these reports to verify that they do not contain errors that are unnecessarily hurting your credit score – a higher credit score ensures a better interest rate on a mortgage. Next, create a plan to pay down existing debt and save up for a down payment.
- Determine how much you can reasonably spend on a home.
- If possible, get pre-approved for your home loan.
- Find a home that best suits your family size, needs, and lifestyle. Or, speak with a friendly and knowledgeable representative from Newmark Homes about building a custom-home in a desirable neighborhood – such as Black Hills Estates, Riviera Ridge, or Maplewood Estates.
- If you opt for a ready-to-move-in home. Schedule a tour of your selected home and speak with a real estate agent.
- If you are unsure about your financing options, consult with a Newmark Homes sales manager. We will answer your questions and provide you with a wide variety of mortgage products to help meet your needs.
If you are tired of renting, you can make home ownership a reality with the right planning and preparation. And if you work with Newmark Homes, you can purchase an existing, new home in your perfect neighborhood or design and build your dream home from the ground up!
Contact Newmark Homes Today
For more information about our design and building process, our prestigious neighborhoods, or to schedule a tour of a home, give us a call at (586) 231-7721. Or, you can reach out to us through the contact form on our website.