In today's Market Updates series we will be looking at another info-graphic, provided by our friends at KCM (KeepingCurrentMatters.com), that will take the fear out of buying a home!
A lot of the time, first time buyers will think buying a house is scary because they don't actually have all the facts. Many think they need at least a 20% down payment when buying a home, when in reality 44% of millennials put down under 10%. There is also the idea that you need a high credit score of 780 or above, but the average credit score on approved loans is 723. And getting approved isn't difficult either, about 71% of loan applications were approved last month! Plus, it's definitely NOT cheaper to rent. Buying a home is 35% less expensive than renting in the United States. And while many people don't think they have enough equity in their homes, 69% of homeowners in the United States have Significant Equity.
So what are you waiting for? Look into buying your first home today!
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