Millennials seek home ownership ..................

One in seven millennials plan to purchase or refinance a home in the next 12 months

Over half of millennials have either bought or refinanced a home in the past two years, or plan to purchase or refinance a home in the next two years, according to a recent AAA Consumer Pulse^TM survey. Click here for complete survey results.

Millennials site renting fatigue (45%), seeking a better neighborhood (37%), and wanting to start a family (25%) as the top reasons for house hunting.

Quick Consumer Stats:

61% of Florida millennial home buyers spend or anticipate spending between $100,000-$299,999 on a house
Nearly one in four (24%) millennials in Florida have not checked their credit score in the past six months
Low-interest rates (54%), low monthly payments (43%), and down payments (35%) are the top three factors cited by Florida millennials when choosing a home loan lender

The majority of millennial buyers in Florida (71%) seek to finance when purchasing a home, but many first-time home buyers are unsure where to start when it comes to a home mortgage.

“Knowing the right questions to ask when applying for your first home mortgage is critical,” said Dan Reed, Vice President Lending, AAA – The Auto Club Group. “Finding a trusted mortgage lender who will not only find the best loan for you but thoroughly explain the terms of the loan options available is a step in the right direction.”

AAA Banking Tips for Choosing a Mortgage Lender

Start Early. The real estate market heats up in the spring, so now is the time to start researching mortgage lenders and loan programs. The earlier you find a lender, the more time you’ll have to establish a relationship with your loan officer. That is important because having someone you feel comfortable turning to for advice will give you peace of mind.
Look Past Low Rates. Low-interest rates are important but ask about additional costs−like application fees, title insurance fees or attorneys’ fees−since those charges can vary. Also, be sure the lender provides a wide range of loan programs. The loan that works best for you might be a type of mortgage or government program that not every lender offers.
Ask about Preapproval. Pre-qualification is not the same as preapproval. A mortgage preapproval letter shows the seller that the bank has evaluated your finances and is willing to loan you the money−putting you at a major advantage when you make an offer. Consider going through the preapproval process with multiple lenders. You’ll see which is the most willing to find the right loan, rate and terms for you.

AAA now offers competitive rates on a wide variety of home loans, from conventional home loans to Federal Housing Administration (FHA) and Veterans Administration (VA) loans, when you bank through AAA. AAA members can call 844-222-2475 to speak with an AAA home loan professional.

About the AAA Consumer Pulse™ Survey
The AAA Consumer Pulse™ survey was conducted online among residents living in The Auto Club Group territory from October 10, 2017 – October 30, 2017. A total of 3,569 millennials completed the survey, with 409 Florida millennials completing the survey. Total results have a maximum margin of error of ± 2.3 percentage points. Florida results have a maximum margin of error of ± 6.9 percentage points. Responses are weighted by gender and age within state to ensure reliable and accurate representation of the adult population (18+).