What Connecticut Millennials Need to Know About Getting a Mortgage

Posted on January 19, 2016 · Posted in Connecticut First Time Mortgage, Connecticut Home Purchase Mortgage

Are you a Millennial??

Quite simply you are a millennial if you are between the age of 25 and 34.  If you are in this age group you have a vast amount of possibilities and choices.  Probably at this point in your life you are beginning to think about starting a family or already have one and need more space.  If you are a renter you may be tiring of paying your landlord month after month and not being able to build equity or have a tax advantage.  Chances are you fit into one of these categories and I’m here to help you sort out the information and help you make the decision to purchase your own home.

Studies show that as a group, millennials are not afraid to purchase a home that needs work or improvements.  This is great as there are many properties available that fit this category and obviously these homes are more economically priced.  Your willingness to do the work will also save money and allow you to design your home as you want.

One way to figure out if you are ready for homeownership is to ask yourself the following questions:  Have you been able to meet your financial goals for the past year and a half?  Have you been able to save money and refrain from impulse buying?  If the answer is yes, then you are ready to start shopping.

You also want to consider the following things.  You want to make sure you save enough to put 20% down on your purchase (although we offer 100% financing solutions and 3% down solutions as well).  This will allow you to get a better rate on your loan.  You also don’t want to under purchase.  Since you are probably at the start of your career, it’s only logical that your income will increase, so you don’t want to buy and quickly outgrow your home.  You cannot forget all the additional expenses you will incur with your home, repairs, renovations as well as the extra time it takes to own your own home, snow removal and general maintenance.

If you are a first time millennial homebuyer, I am here to help you with your mortgage process.  Give me a call and we can discuss the many options we have available to you.

 

 

vanessaVanessa Brown

NMLS# 1328596/Company NMLS# 117273
860-788-7237 Office
860-334-5804

 

 

1% down disclosure

NMLS# 117273, Northeast Financial, 860-788-7237

Borrower contributes 1% down, lender contributes 2% down of the loan up to $5,000.00 for the down payment, and the borrower is responsible for any difference to get the required 3% down.  The principal and interest payment of a 200K 30 year Fixed Rate Loan at 4.375% and 97% loan to value is 998.57 with 0 points due at closing.  The annual percentage rate is 4.633%.  The principal and interest payment does not include property taxes and home insurance premiums, which can result in a higher actual monthly payment.  Rates current as of 06/20/2017

 

 

3% down disclosure

NMLS# 117273, Northeast Financial, 860-788-7237

The principal and interest payment on a 200K 30 year Fixed Rate Loan at 4.375% and 97% loan to value is 998.57 with 0 points due at closing.  The annual percentage rate is 4.433%.  The principal and interest does not include taxes and home insurance premiums, which can result in a higher actual monthly payment.  Rate current as of 06/20/2017