According to some research done by Zillow this past year the different generations in America spend various amounts of time looking for homes and shopping for loans.
Home and loan buying trends: (data from Zillow)
Baby Boomers:
- Spend 32 hours searching for homes
- Spend 8 hours searching for loans
Generation X:
- Spend 26 hours searching for homes
- Spend 7 hours searching for loans
Millennials:
- Spend 20 hours searching for homes
- Spend 9 hours searching for loans
According to Zillow, Millennials go about the home-buying process wisely compared to the other two generations. Millennials are more likely to shop around for a good mortgage and compare different rates. They often get more rate quotes than the other generations.
Are you spending enough time and effort finding the right mortgage? Do you feel like you’re getting the best rate? If you’re not satisfied with a quote, don’t be afraid to go somewhere else. This is going to affect the next few years (if not decades) of your life, so decide wisely.
Check out all the East Valley homes for sale. See any you like?
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Tips for Mortgage Shopping
Look at your budget. Decide how much you can spend each month on a mortgage payment. You don’t want to be spending so much money on a mortgage that you’re straining yourself financially (and emotionally) in other areas. Once you have a specific amount you feel you can spend each month, then you can start going to lenders.
Decide what kind of mortgage you want. Fixed vs. Adjustable (Fixed = long-term stability, Adjustable = risky but lower interest rate) and Government vs. Conventional (Government loans = lower down payment, Conventional = no government backing, but no extra insurance). What is going to work best for your situation?
Get all your documents ready. Documents verifying employment, income, taxes, etc. A lot of documents will be needed. Have any questions on which? Call us today 480-373-8755 or give our preferred loan officer at Sun American Mortgage, Parker Turk, a call 602-616-3774.
Check your credit. In today’s world, your credit score is a big part of getting approved for a loan. Make sure it’s where you want it to be.
Go to at least 2 lenders before you make your decision. Once you get a quote doesn’t mean you’re required to go with that lender. Find someone who will better fit your need. Don’t settle!
When you’re shopping for a mortgage, don’t cut corners. Remember this is a long-term decision; go about it wisely.
For some more detailed tips on shopping for a mortgage check out Home Buying Institute.
Ready to buy a home? CALL/TEXT us today! 480-373-8755
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If you want to learn about some financing options, or if you’re looking to get pre-qualified, contact Parker Turk at Sun American Mortgage Company: 602-616-3774.
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