Mistakes Home Buyers Make by Generation

Mistakes Home Buyers Make by Generation

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Some young home buyers get ARM’s, which are adjustable rate mortgages since they have a low introductory interest rate. The thinking is that they will earn more money in the future, so when the rate increases, they will be able to afford the new monthly payment. However, ARM’s carry a lot of risks and even though interest rates have been at historic lows for years, they are starting to creep back up. What happens in rates increase, but your home value falls? You’d be screwed. (more…)

Red fin Survey : 36% of Millennial Home buyers Took a Second Job to Save for Down Payment; 10% Sold Cryptocurrency

Red fin Survey : 36% of Millennial Home buyers Took a Second Job to Save for Down Payment; 10% Sold Cryptocurrency

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In March, Redfin commissioned a survey of 2,000 U.S. residents who planned to buy or sell primary Millennial Home Buyers in the next 12 months. The purpose of the survey was to better understand the objectives, perspectives, and concerns of those about to enter the real estate market. We focus this report on the more than 500 respondents between the ages of 24 and 38 who said they planned to buy their first home in the coming year.

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