Millennials find down payments the biggest barrier tohomeownership
NerdWallet study also finds confusion about how much money is required
Millennials, like other generations before them, typically want to buy a home and plan to do so,according to a studyby personal finance site NerdWallet.
Even though millennials as a group are thought to be burdened by crushing student loan debt, the study found a greater percentage of them plan to purchase a home than gen X and baby boomer consumers.
The biggest obstacle millennials face is saving for a down payment, but the study suggests a lack of information about down payments and the mortgage process may also be holding them back.
“The study shows that there’s a good deal of disagreement about how much you need to save for a down payment,” said Tim Manni, a mortgage expert at NerdWallet.
Manni says the confusion is understandable, considering how many loan options there are. While the traditional down payment is 20 percent of the purchase price, first-time buyers usually put down much less. READ MORE https://www.consumeraffairs.com/news/millennials-find-down-payments-the-biggest-barrier-to-home-ownership-101117.html
Author:James Watts Phone: 954-816-6019 Dated: December 3rd 2017 Views: 140 About James: Professional Real Estate Marketer with a successful record in consultative sales & marketing, entry ...
View our latest blog posts in your RSS reader. Click here to access.
We are a full service real estate brokerage with over 100 agents to serve you. Let us be your real estate resource. Regardless whether you need to buy or sell now, or sometime in the future, let us help you. We are no pressure and will always try and help. Contact us at 561-792-3948 now.
By the way children have a major say in home buying. Almos
"When I sold my home I interviewed many Companies. Knowing most buyers come from the internet I was looking for a Company with a strong internet presence. I googled some terms like, "Lake Worth Homes For Sale" and "homes for sale in Lake Worth", and almost every time Exit Realty Premier was on the first page of Google. Then when I met with the agent from Exit Realty Premier and saw the HD photographs, aerial photos, on line visual tours and videos and all the technology I was sold. I signed with them and sold my home in record time, for the price I wanted and had a smooth quick closing. My agent was very professional and knowledgeable and kept me informed every step of the way.