Mind of Money

April 27, 2018 at 7:10 am

3 Reasons to Get a Mortgage While You’re Young

House model and keys on top of documentsThey say most young people don’t buy homes because they’re too busy chasing careers in several cities. That’s not always the case. There are many young people who see the value in investing in real estate early.

City Creek Mortgage cites some of the reasons to get a mortgage and buy a house while you’re young.

You have more than one source of income

This is a case-to-case basis, but chances are if you’re young, you may have a lot of things going on and you most probably have more than one source of income. That’s one of the advantages many millennials today enjoy. They always look for more than one way to make a living. It could be a contractual project, a side hustle, an online job.

If you have many sources of income, then you can save up for the down payment on a home faster than others can.

You’re not settling down for now

Many young people choose to rent because they don’t know when they’ll settle down. They are too focused on chasing their dreams, career, or people that buying a home in one city doesn’t really appeal to them until they’re old. If you have the capacity to buy, invest in the property through financing and enjoy it later.

You’re thinking of investments

Real estate is one of the best investments you can make because it’s something that increases in value as the years go by. If you want to see a forecast on the home’s value after 20 years or so, ask a mortgage company for a quick computation and run the numbers in your head.

You can really have it all, as long as you know what, when, and where to invest your money in. So, go through the list and see if you can start early with your plan to own a house. You’re never too young nor too old to get a mortgage.