Build equity faster
If you are in a position to make higher monthly payments due to an increase in salary or other good fortune, you may want to switch from a 30-year loan program to a 15- or 20-year loan structure. This enables you to build equity faster and save money on financing fees.
A pre-approval is a process where a lender reviews your income, employment, credit and assets. After reviewing the credit qualifications, the lender will issue a pre-approval letter mentioning how much home loan you might qualify for.
We’re seeing a new wave of younger millennial home buyers flood the market as we enter peak home-buying season. With interest rates at historic lows, now is the perfect time for younger millennials to purchase a home and start building equity.