While Michigan students have been back in the classroom for a while now, we always think of September as back-to-school month. With that in mind, the Transnation Title team wanted to talk about ways all of us in real estate can educate buyers, especially those who want to become first-time homeowners.
We thought this was timely for another reason, too! Simply making on-time rental payments could make it easier to qualify for a home loan starting this month. That’s exciting news, but it got us thinking about all the other topics we could teach our customers about this month.
- Student loan debt. Many millennials have student loans and may consider this an insurmountable obstacle. A new change from the federal government aims to make it easier to qualify for a loan. The change centers on the removal of the current requirement that mortgage lenders calculate a borrower’s monthly student loan payment as 1% of their outstanding student loan balance, according to this article from Forbes.
- Down payment options. Many prospective homebuyers still believe they must come up with 20 percent down to be able to purchase a home. Real estate professionals know that certainly isn’t the case, but that message isn’t getting out as much as it should.
Transnation Title also wants to thank all the teachers and school staff out there. We appreciate you! Our team takes pride in being the expert title and closing providers for our customers, and we’re always ready to teach more about our services and what to expect at the closing table. Reach out to us today, and let’s close even more transactions together all through the school year.