Benefits of Being an Older First Time Home Buyer

Benefits of Being an Older First Time Home Buyer

We are in the midst of a major societal shift that many of us do not even realize is occurring. What used to be normal a generation ago is no longer the norm. What are we talking about? The average age that many people are becoming first time home buyers. This coincides with many people getting started in their career later, getting married later, and starting a family later. Whether it is the economy or just a generational shift in goals and expectations, many are delaying “life benchmarks” compared to previous generations. As young people are getting married later, becoming a first time home buyer is also being delayed. The good news is that being an older first time home buyer has many great benefits. Learn how when it comes to home buying, a few gray hairs are a good thing.

Benefits of Being an Older First Time Home Buyer

Fortunately for those of us who have delayed becoming a homeowner, there are quite a few financial benefits of being an older first time home buyer. Some of these advantages include:

 

  • Established Credit History – For the majority of us, building credit begins at the age of eighteen. A first time home buyer in their early twenties has often not had sufficient time to build a stellar credit history. As an older potential borrower, you will be more of a “known commodity” to potential lenders. Your long credit history helps lenders to better trust your credit score and can really help you to get favorable terms for your home loan.
  • Established in Career – When you wait to become a first time home buyer it is more likely that you will be more established in your work field, compared to someone in their early twenties. With more work experience comes better positions and often higher wages. An older first time home buyer likely has a higher income stream, which is a factor that lenders consider when deciding on home loan terms.
  • Progress on Paying Student Loans – One of the biggest difficulties young people today have when applying for a home loan is a large debt amount thanks to the skyrocketing cost of college and the associated student loans required to get an education. As an older borrower, you’re less likely to have student loan payments weighing on you and your income.
  • Better Ability to Tailor Loan to Your Needs – With the above benefits of having a more established credit history, a higher income, and less existing debt you have much more leverage when negotiating your loan terms. You are the prize catch for home loan lenders! This results in you being able to better decide on what requirements you have for a home loan.

 

Contact David Jacobson – OakStar Bank for Your Home Loan

Whether you are a first time home buyer or have gone through the home purchasing process many times, David Jacobson can get the home loan that is perfect for you. David Jacobson has the experience necessary to work with you to get your dream home. Start your home loan process today and call us at 417-830-7300!



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