Buying a Home as a Millennial - Requirements, Income, Credit Score, Down Payment...
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In this video, we will cover what it takes to buy a house as a millennial. There are many factors...
Credit Score is fairly important because it helps determine what kind of mortgage you can get from lenders. Raise your credit score
Assets, Debt, Expenses, type of employment and job are factors that vary too much to talk about in this video
Having 2 years of consecutive 'stable' income is usually what keeps young people (like me) out from buying a house. It's nearly impossible to buy a house straight out of school (like me) unless you have a becoming a doctor, lawyer, etc.
Lastly, we will talk about income and down payment...arguably the most important factors in getting a mortgage. This can vary by location to location, for example, you will need substanitally more income to buy a house in california than you will in Kansas. In my area (toronto), your income needs to be over 200k.
20% down payment is essential to getting a good mortgage. You can probably get a mortgage with a smaller down payment, but the interest rate will probably be higher and will set you back financially over the next 25 years.
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