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: 105 About James: Professional Real Estate Marketer with a successful record in consultative sales & marketing, entry ...
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