Tips For Millennials Applying for 43% of Mortgages in 2018

Applying for a mortgage is a huge decision and you shouldn’t take it lightly. Make sure you’re prepared for anything that can happen with your mortgage before you make the decision to purchase a home. Consider using these tips to make applying for a mortgage easier.

Start Preparing as Soon as Possible
As soon as you think about getting a mortgage, start doing everything you can to prepare for it. Pay the balances down on your credit cards, pay off any big bills you might have and don’t even think about taking out another loan. Avoid any big purchases in the year leading up to when you want to get your mortgage.

Talk to a Real Estate Agent
Finding a real estate agent isn’t hard. Finding a good real estate agent might be difficult. Think about all your options and shop around for the best real estate agent. A good agent will have a great reputation, different homes to choose from and will be willing to work with you. Even if you haven’t started the mortgage application process yet, start talking to various real estate agents.

Know What You Can Afford
Many people get a higher mortgage amount than what they were expecting. Before you even apply for the mortgage, know what you can afford. If you know what you’re able to afford, it’ll be easier to avoid taking out a mortgage on a home you can’t afford. A clear idea of the mortgage amount you can afford will allow you the chance to feel like you’re doing everything right and you’re making a good decision. If you take out a mortgage amount higher than you can afford, you will end up upside down and might even end up in foreclosure.

Be Sure You’re Happy with Your Decision
Happiness is an important part of buying a home. Before purchasing the home or even getting a mortgage, be sure it’s what you want. Are you prepared to do all the repairs yourself? Do you want to live there for at least five years? A mortgage is a big commitment, but if you’re ready for it, finding the home of your dreams can be very rewarding.

When you make the decision to apply for a mortgage, it changes the rest of your life. Think about what your plans are for the future and think about how hard you’ll have to work. If a mortgage is still the right choice for you, you’ll probably be happy in your new home!

Hannah Whittenly is a freelance writer and mother of two from Sacramento, CA. She enjoys kayaking and reading books by the lake.

About Hannah Whittenly

About the author: Hannah Whittenly is a freelance writer and mother of two from Sacramento, CA. She enjoys kayaking and reading books by the lake.

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