3 Tips for Millennials Buying Their First Home

If you’re a Millennial thinking of buying your first home you may feel like your life is starting to shift.

Maybe it seemed like your career was off to a rough start after college, with not as many jobs to choose from and nowhere near the income you were expecting. But, you made it work to your advantage. You paved your own way, started your own business, or zig-zagged your way to a promising and well paying position. And now, after years of saying you’d never be “that guy,” you are seeing the perks of owning your own home. You want to be able to make a place your own. You want to be able to tear down walls, install a ceiling mounted projector, and add that built in bookshelf under your staircase. In short, you want to own a home.

Many people in the Millennial generation are finding themselves in this situation. After years of thinking that owning a home was something they would never be able to afford, many have reached the point where a home is not only within reach, it’s something they see as an investment both in themselves and in the up-and-coming neighborhoods where they already live and work. If you’re like many Millennials, that’s something you’re excited about.

What most Millennials probably aren’t excited for though, is going through the process of getting a loan to make that long denied dream a reality. You might have had to take a lot of risks and overcome a lot of obstacles to get where you are, but we hear from many Millennials that applying for a home loan still seems intimidating. But it doesn’t have to be that way.

Here are some things to help you get familiar with the process so you feel comfortable adding “owning a home” to your long list of adventures.

#1 — They aren’t going to judge you.

Probably the scariest part of getting a mortgage is the fear that you will be turned down and there will be someone sitting behind a desk laughing about all those dirty little secrets on your credit report.

Not true! Our Certified Loan Officers know what the reality of American life has meant for your generation. They understand that it hasn’t been easy and they don’t expect your job history and credit report to look the same as your parent’s generation. And trust us, we’ve pretty much seen it all, and we’re here to help not judge.

One of the reasons we’ve seen it all, and why we can offer the assistance that we do, is that mortgages are all we do. All day. Every day. You want to be working with a mortgage broker on site who is experienced, licensed, and understands your situation. This is going to be much more helpful (and less stressful) than working with someone who has no say and only passes on your paperwork to an outside broker who doesn’t know the real human you, only the you on paper.

#2 — People still qualify for loans everyday, despite what the media would have you believe.

Yes, loan requirements are more strict since the economic recession, but this is actually good news for you. It means that you are less likely to get yourself in a situation where you are over your head with a loan you can’t manage to pay.

So, this doesn’t mean that you can’t get a loan, it just means that you will need to be REASONABLE in what kind of loan, and house, you are planning to get. The days of buying a forever home are pretty much long gone. Buy a house that meets your needs now and for the next few years, and don’t stress about it being perfect. Find something that fits your budget now, and could possibly increase in value with some easy upgrades and consider the road to your dream home to be a journey with a few pit stops along the way.

#3 — Get expert advice about your loan options sooner rather than later.

No one wants to find the perfect home only to discover that it doesn’t actually fit in their budget. Knowing upfront what you can afford and what to expect out of the home buying process will make the whole experience much more enjoyable.

We know it’s anxiety inducing, but trust us, it’s better to already have a relationship with your loan officer when you start looking at homes. They can help you figure out what kind of loan you qualify for, and they may even be able to get you into special programs that you wouldn’t have known about otherwise. They’ll help you understand the pros and cons of different options BEFORE you are emotionally attached to buying a particular house, and that will help you make a smart investment. They’ll also tell you what you need to do to be prepared so that when you do find a house that is the right fit you have everything in place to make the deal happen as smoothly as possible.

Whatever you decide to do, don’t let anxiety get the best of you. If you go about it the right way buying your first home will be a fun experience and prepare you for years of smart money making decisions in the future.


We’re here if you need to close on your dream home fast (we are, after all, the “home of the 8 Day Close”) and we can help you get the right mortgage for you even when your credit isn’t great. Call your local office, or fill out our easy on-line form, to get one of our licensed loan officers working on the right financing to get you into the home of your dreams!

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