Choosing a mortgage can be a little intimidating for first time homebuyers. One thing to remember is mortgages are not created equal. There is no one mortgage to fit everyone. You have to consider all of your personal and financial needs when choosing to make sure you pick the best option you see fit for your lifestyle. Here is a brief description to give you an introduction to the most common type of loan options:
Fall in Love with Your Home Again with a Renovation Loan
Are you ready for something new but not ready to move? A renovation loan just may be what you're looking for. It allows you to make your current home into your home for the future and offers opportunity to refinance and renovate with the same loan! With no second lien requirement and the benefit of rolling in renovation costs, you'll keep the convenience of making one affordable monthly payment. It may also be possible to lower your interest rate, move to a shorter loan term and possibly lower payments.
Communication is key to capturing the millennial homebuyer. Millennials are not like your buyers from before. Millennials know what they want, and they know how to get it. With a wide network, it is likely they are associated with a real estate agent somehow. A referral isn't enough for millennials. They will do their research to make sure who they are working with is someone they'd like to be associated with. This calls for agents and lenders to be on top of their marketing game and responsive. Don't let lack of communication and dragging of the home buying process let you lose out on this buyer. Capturing a millennial can up your business drastically because of their loyalty to people and products they like and trust, and their network. A millennial will refer you in a heartbeat if you make a memorable impression.