Why Should Millennials Give Homeownership a Try?
We understand you millennials are busy multitaskers with many responsibilities and expenses. However, these factors should not stop or discourage you from buying a house, and start building equity in your home. Especially right now, which is the best time to purchase a home.
Here are a few reasons why millennials should consider homeownership:
Build wealth and stop paying rising rent rates.
Believe it or not, this is the time for millennials to begin building wealth, while acquiring assets for the long term. Furthermore, property values in certain markets are still affordable, giving millennials the possibility and benefits of homeownership.
What About Huge Down Payment?
They are not that necessary. So here are 2 options: If you want that house you can start off by making a down payment of 5% ($10,000 on the average home), which will enable you to become a homeowner faster, taking some pressure off your monthly payments. The other option is to get a first-time buyer Federal Housing Administration (FHA) loan, which offers loans with down payments as low as 3.5% of the sales or home purchase price. However, you will need mortgage insurance with these types of loans. The more down payment you can offer the better it will be for your monthly bills.
Interest Rates are Low
Low interest rates are beneficial for everyone, including first-time homebuyers. In fact, average weekly interest rates for a 30-year fixed mortgage continue to be under 4.5 percent, making the home buying process easier and more affordable in the long run.
