According to the latest mortgage bankers association data, there was a strong rise in mortgage applications in the week ending march 31st.
As mortgage rates fell for the fourth week in a row, there was a tremendous surge in overall application activity, and rates for some loan types reached their lowest levels since january 2018.
If you've been thinking about buying a home, now is the time to get prequalified!
We have several ways you can go about getting the prequal application to us.
Text, online, or face to face.
We want to make sure the process is simple, efficient, and fits your needs.
ááááááááááááááááááááááááááá... á 7.
For the sixth consecutive year, millennials are the dominant force in the homebuying market according to the national association of realtors.
Millennials as a whole accounted for 37% of all buyers.
When divided into younger and older millennials, nar found these groups accounted for 11 and 26% of buyers respectively.
Gen x buyers were the second largest group of buyers representing 24%, followed by younger boomers at 18% and older boomers at 14%.
Furthermore, older millennials and gen xers carried the greatest student loan debt, with a median amount of around $30,000.
Both of these groups purchased multi-generational homes, either because adult children have moved back or never left home or millennials are taking care of aging parents.
While multi-generational homes may not be what the majority of owners expect out of homeownership, this method does allow younger potential buyers the opportunity to gain their financial footing and transition into homeownership.
In fact, younger millennials are the most likely to move directly out of their parents' home into homeownership, avoiding renting altogether.
ááááááááááááááááááááááááááá... á 15.
People's reasons for buying or selling a home are different, as are their time frames.
No matter what generation you are or where you are in your decision to buy a home, i want to share a few common roadblocks to avoid when preparing to purchase a home.
Don't buy big ticket items such as cars, boats, or expensive furniture if you're planning to buy in the near future.
Too many inquiries and recent purchases on your credit report can hurt your credit score and prevent you from qualifying for a home loan.
Don't quit or switch jobs.
You need a solid two-year employment history to qualify.
Although as long as you are in the same line of work, changing jobs is allowed and won't negatively affect your employment history.
For example, if you worked as a salesperson at an auto dealership and changed to another auto dealership, we could consider you in the same line of work, and your employment history wouldn't be disrupted.
Don't open or close any lines of credit.
Doing either of these could adversely affect your available credit amount, which will also bring your credit score down.
And of course, don't pay your bills late!
This will definitely affect your credit scores.
This applies to utility bils as well as lines of credit.
ááááááááááááááááááááááááááá... á 28.
If you're ready to get started on the homebuying process but have questions first, give jts & co.
Or join us for our co- hosted free buyers seminar on april 25th at 5:30pm 30.
Realtors brandon shaw and jerome stephenson with crye-leike properties unlimited will be there along with credit specialist, corey locket with generational credit.
We will have lots of good information to share with you at this event so don't miss it!
Please call us at 662-329- 9090 for details.
ááááááááááááááááááááááááááá... á 33.
We believe in making home ownership easy and will work hard for you.
This process may seem scary and you may have lots of questions about what to expect and how to go about accomplishing this dream.
Jts & co.
Is here to help yu every step of the way.
If you want to purchase or refinance your home, give us a call.
We are local.
And we look forward to working with you!
Thanks for joining me today, be sure to tune in next week.