First-Generation Home Buyers – Start Your Home Buying Process Through Education
Your dream for homeownership as a First-Generation Home Buyers in Metro Detroit begins with your Home Buying journey here.
The sense of pride you’ll feel when you purchase a home can’t be overstated. For first-generation homebuyers, that feeling of accomplishment is even more incredible. That’s because the pride of homeownership for first-generation buyers extends far beyond the homebuyer. AJ Barkley, Head of Neighborhood and Community Lending for Bank of America, says:
“Achieving this goal can create a sense of pride and accomplishment that resonates both for the buyer and those closest to them, including their parents and future generations.”
In other words, your dream of homeownership has far-reaching impacts. Here are three helpful tips to make that dream come true as you begin your journey.
1. When Home Buying, Reach Out to a Real Estate Professional
It’s essential to reach out to a trusted advisor early in your homebuying process. Not only can an agent help you find the right home, but they’ll serve as your expert advisor and answer any questions you might have along the way.
The latest Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) surveyed first-time homebuyers to see how their agent helped them with their home purchase (see chart below):
As the graph shows, your agent is an excellent source of information throughout the process. They’ll help you understand what’s happening, assess a home’s condition, and negotiate a contract that has the best possible terms for you. These are just some of the reasons having an expert in your corner is critical as you navigate one of the most significant purchases of your life.
2. When Home Buying Do Your Research and Know What You Can Afford
The second piece of advice for first-generation homebuyers is practical: do your research so you know what you can afford. That means getting your finances in order, reviewing your budget, and getting pre-approved through a lender. It also means learning the ins and outs of what it takes to pay for your home, including what you’ll need for a down payment.
Many home buyers believe the common misconception that you can’t purchase a home without coming up with a 20% down payment. As Freddie Mac says:
“The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.”
On average, first-time buyers only put 7% down on their home purchases. That’s far less than the 20% many people believe is necessary. That means your down payment and your home purchase may be in closer reach than you realize. Keep that in mind as you work with a real estate professional to understand better what you’ll need for your purchase.
3. Don’t Lose Sight of What Home Means to You When Home Buying
Finally, it’s important to keep in mind why you’re searching for a home, to begin with. Overwhelmingly, first-generation homeowners recognize owning a home’s financial and non-financial benefits. In fact, in a recent survey:
- 73% of first-generation homeowners say the safety and security homeownership provides is of increasing importance.
- Nearly two-thirds of first-generation homeowners say the importance of building equity in a home is growing more important as well.
As AJ Barkley explains:
“For many first-generation homeowners and their families, homeownership has a unique importance, given the collective efforts to overcome financial challenges that can often span generations…”
We Can Also Help You Save Thousands
Watch the Video ☝☝☝ and see how you can save thousands on your mortgage. It’s your money, so we need to put it to work for you. We have our favorite and best loan officer to assist you and answer all your questions. Unlike some other lenders, Keller Mortgage isn’t spending millions on marketing and advertising. Therefore, we pass those savings on to you by offering no fees and a low rate. Plus $1,000 Cash Credit at closing for loans $150k or more! Contact my Cell with any questions at 248-343-2459 or 👇👇👇 request help below.
Your 🔑 To Home Selling and Buying Success ~ Safe PDF Guides
👈👈👈 Watch Video for Sneak Peak
Don’t muddle through the Home Buying and Selling Process. Buying a new home is a dream for all of us, and it’s an emotional and stressful process. It also involves the most significant financial transaction you probably will make in your lifetime.
Home Buying Bottom Line
If you’re a first-generation homebuyer, being prepared and working with a trusted expert is key to achieving your dream. Let’s connect today to get started on your path to homeownership.
Simplifying Real Estate Through Education
As we move forward, it’s been challenging as we navigated through all the changes. Putting your dream of a new home on HOLD shouldn’t be one of them. Now more than ever, knowledge will be your power. Know the Market You’re In and your Negotiation Power. Check out Categories for additional updates regarding the Market | Buying | Selling
If you have any questions, contact us: Chatbot 🤖 at the bottom. Contact me by Email 📩 or my Cell 📲 @ 248-343-2459. Would you mind sharing your thoughts below or what future article you would like to see? Your opinion is important to us…. this site is for you.🤩 To Keep up to date, request our 🏡 Chat Newsletter or Follow us on Facebook, Instagram, or YouTube.
Could you help me Find my Perfect Ideal Home!
Please tell me what you’re looking for in your new Ideal Home…I can help you find the newest and best homes on the market.
Let us know what we can do to help you work your way through the Buying & Selling Puzzle.
Website Development, Production, and Content by Pam Sawyer @ Team Tag It Sold © 2017 All Rights Reserved