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February 13, 2018
MICHIGAN MILLENNIALS MAKING THE MOVE TO HOME OWNERSHIP

One in nine millennials plan to purchase or refinance a home in the next 12 months 
DEARBORN, Mich. (February 13, 2018) – Over half of Michigan 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 the attached AAA Consumer PulseTM survey.
Michigan millennials cite renting fatigue (42%), seeking a better neighborhood (38%), and wanting to start a family (23%) as the top reasons for house hunting.
Quick Consumer Stats
  • 61% of Michigan millennial home buyers spend or anticipate spending between $100,000-$299,999 on a house
  • More than one in five (21%) millennials in Michigan have not checked their credit score in the past six months
  • Low interest rates (61%), low monthly payments (51%), and down payments (31%) are the top three factors cited by Michigan millennials when choosing a home loan lender
The majority of millennial buyers in Michigan (76%) seek financing 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

  1. 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.
  2. 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.
  3. 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.
AAA in Michigan celebrated its 100th Anniversary - A Century of Service in 2016 and has over 1.4 million members across the state. It is part of The Auto Club Group (ACG).  Connect with us on Facebook and LinkedIn.
The Auto Club Group (ACG) is the second largest AAA club in North America.  ACG and its affiliates provide membership, insurance, financial services and travel offerings to over 9 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana.  ACG belongs to the national AAA federation with more than 57 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. AAA clubs can be visited on the Internet at AAA.com.
AAA Consumer Pulse™ Survey was conducted online among residents living in Michigan from October 10, 2017 – October 30, 2017. A total of 371 Michigan Millennials completed the survey. Results have a maximum margin of error of ± 6.9 percentage points. Responses are weighted by gender and age to ensure reliable and accurate representation of the adult population (18+) in Michigan.
 

About The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, travel, insurance and financial services offerings to approximately 9 million members across 11 states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with nearly 55 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety.

About Auto Club Group Traffic Safety Foundation
Established by AAA – The Auto Club Group in 2010, Auto Club Group Traffic Safety Foundation, Inc. (ACGTSF) is a 501(c)(3) non-profit organization and public charity dedicated to producing a significant and continuous reduction in traffic crashes, injuries and deaths in the communities targeted by its efforts. ACGTSF provides programs, education and outreach to increase public awareness about the importance of traffic safety and improve driving behavior. ACGTSF is funded by voluntary, tax-deductible contributions from organizations and individuals who support ACGTSF’s purpose.


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