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Millennials are having to re-write life’s playbook. From crippling student debt to poor job prospects, we have quickly become a generation that meticulously plans out every move. And purchasing my first home has certainly been an exercise in smart planning. From shopping lenders, to the down-payment, to home maintenance, it was easy to see how you could get yourself into a bad credit situation (even with the best intentions). But with a few tips and tricks, my husband and I were able to formulate a plan to get a solid roof over our head. So with the help of Lexington Law Firm, I am offering up 3 tips for home ownership… from me, a poor millennial.
#1: Good Credit, Good Start
I am a textbook millennial. In 2009, I finished grad school and officially entered a dismal job market with a 6-figure student loan attached to my name. So yeah, I am literally the poster child for the recession generation. Since then, it’s been a rough decade filled with all of the trials and tribulations that almost every millennial has faced. But, with a lot of perseverance and pure grit, my young family was able to purchase our first home 3 years ago. The first step was sorting out our credit scores.
Once we opened Pandora’s credit box, we were shocked to find a bunch of errors that were negatively affecting our scores. For example, there were duplicate accounts and incorrect payment statuses on both me and my husband’s histories. These sorts of errors are actually something that affect millions of Americans and can keep you from securing home loans. And on average, it can take about four months to correct the errors. In walks Lexington Law Firm to save the day! The company has long-standing relationships with Equifax, Experian, and TransUnion, so they can cut through the fat quick. Lexington Law Firm uses these relationships and their expertise of removing errors to quickly and effectively improve your credit score.
Of course, errors are just one of many issues that can lower credit scores. That’s why it is important to have a company like Lexington Law Firm by your side. They believe everyone has a right to a fair, accurate, and substantiated credit report. So, they will walk you through the credit repair process, all while using their tried-and-true tactics and knowledge to fight for your rights. Why do it alone, am I right?!
Learn more about Lexington Law Firm here:
#2: The Cheapest House in the Best Location
Millennials seem doomed to struggle, so we need to be smart about our house choice in order to help break that cycle. One tip? Find the cheapest home in the nicest location that you can afford. While Lexington Law Firm is sorting out your credit score, start doing your location research. Knowing our estimated budget, I started scouring the nicest neighborhoods to find the cheapest houses.
Why would you want the cheapest house on the block, you ask?! Because it brings the best bang to your buck. If you buy the most expensive home in an area, it will take years (if not decades) for the rest of the neighborhood’s home values to catch up. This stagnates your own home’s value, with growth coming in at a snail’s pace. Conversely, if you purchase the cheapest house, then you can sit back and watch as the home’s around you go up in value (while yours does too!). Any improvements and time you put into the home will be paid back triple fold, with the location being an even greater investment than the home itself. My husband and I literally bought the smallest, cheapest home in one of the nicest neighborhoods in our city and it was the best decision we made. In just 3 years, the value of our home has gone up 12%. That’s exponentially more than we have been able to even put in our savings account during that time. Expert tip: Look in areas with the best school districts for added home value!
#3: Speed-Date the Lenders
If there is anything us despondent millennials have, it’s an impressive resume. Sure we don’t have money, but we do have PhD’s, law degrees, and MBAs! So depressing, right?! Well use your stellar life credentials to your advantage and start speed-dating the lenders. Once your credit score, budget, and neighborhood of choice is in place, wave your irresistible resume in front of mortgage lenders and make them court you. Seriously, we are some of the most responsible potential-lenders out there, so you will be in-demand. Make sure to get multiple quotes and negotiate the terms of the loan. Also ask if the lenders offer special programs like Physician and VA loans.
Lexington Law Firm can help you manage and maintain a healthy credit score while you are trying to invest in your family’s future. They offer packages that can suit anyone’s needs, so make sure to check them out. And if you take away anything from this, it should be that even poor millennials can eventually own a home. You just need to have a plan and do some prep work. Happy house hunting!