As Texas home lenders, we know it might be strange to think of our kids being old enough to buy a house—but as baby boomers grow older, their kids do too! Millennials are no longer the “youngsters” we used to think of as lazy or unmotivated. They’ve grown up into working adults—and now Generation Z is here, too.
- Generation Z’s young adults were born starting in 1997.
- Some of the “eldest” people who fall into the Gen Z group turned 22 years old this year.
- They’re leaving college and entering the workforce.
- Staring adulthood in the face, they’re beginning to think of their careers, family, and future.
When you’re working toward buying a home, you want the financing process to go quickly and smoothly. One way to make that happen is to make sure you understand the terminology behind your mortgage—and how different aspects of your financial and credit history can impact your home loan process.
If you’re a first time home buyer, choosing the right Texas home lenders can help make the mortgage process a better experience for you! They can help you understand a concept known as the debt-to-income ratio (DTI) and how it affects your credit score and your ability to qualify for a mortgage.
As a first time home buyer, it is highly likely that any home loan lenders you work with will require an escrow account. Setting up an escrow account is nothing new—but it is a concept you’ll want to understand. Generally speaking, an escrow account is one set up with funds put aside to pay for property taxes and your newly acquired home insurance.
The term and use of an escrow account can also come into play during the home buying process itself! Here’s what first time home buyers need to know about escrow with insight from top home loan lenders in Texas and Virginia.
When you decide to take the leap and begin the process of buying your first —or next—dream home, it’s best to have a plan in advance. Knowing how to search for your new home will help simplify the process. Let’s go over five steps you can take to make house-hunting more productive from the perspective of a top loan officer!
Now that you’re primed and ready to buy your first home or buy a new home, you’re probably wondering what step to take first. It’s essential to connect with the right mortgage lenders so that you can start the process off on the right foot with pre-qualification. Your lender will also be able to explain the various mortgage options and discuss the different mortgage terms.
Buying a new home is an exciting life event! Whether you are just starting with your first home or moving from one house to another, being prepared in advance for the many steps involved before your big move-in day can make the process much more rewarding.