First-Time Homebuyer Market
Becoming a homeowner for the first time is valuable for many reasons. Your house is a place to plant your roots, a financial investment for your future, a stable environment and ultimately a place to call home. TransUnion, one of the major credit reporting agencies in the U.S., predicts that at least 8.3 million first-time homebuyers will enter the mortgage market between 2020 and 2022.
Many people don’t realize that first-time buyers represent a substantial portion of the housing market. According to the National Association of Realtors, 86% of buyers age 28 and younger are first-time buyers, and 52% of buyers age 29 – 38 are first-time buyers. That makes sense because young adults are building careers, forming partnerships and starting families, and homeownership is still a great way to build stability during those major life events.
Becoming a homeowner is a big move and it’s important to work with a lender you trust. At Hamilton Home Loans, one of our primary goals is to help first-time buyers finance homes. Our Loan Advisors are dedicated to offering sound advice, pre-approving buyers so they know how much they can afford, helping every buyer choose the right loan and walking borrowers through the mortgage process from application through closing. Our entire team is committed to doing everything possible to turn homeownership dreams into reality.
I’m proud to say in 2019, more than half of our borrowers were first-time homebuyers. Working with first-time homebuyers has been extremely rewarding for us as an organization. Over the years we’ve helped many families achieve the dream of homeownership, many of whom have continued to work with us for their future home refinances and purchases through our Customer for Life program which offers discounts to repeat customers.
I feel grateful every day that we get to help borrowers fulfill the American Dream and create wealth for their future. If you or someone you know is looking to purchase a home for the first time, please feel free to reach out to one of our Loan Advisors.