Navigating the Home Loan Process: Educating Millennial First-Time Buyers

(music) Millennials want to buy a home but most of them don't know it's more financially possible than they realize

Our first home! Congrats Monica and Jimmy you're proof positive most Millennials see it as financial and personal achievement So many Millennials think they can't buy a home today for whatever reason whether it's myths that are out there, down payments, all different things This is happening people are buying homes Millennials can get in homes today it's happening every single day Matt Ishybia is an independent mortgage broker Lisa Lund got together with Monica and Jimmy to talk about the process of securing a home loan How exciting, you guys settling in well? We are

Let me show you guys around So this is our living room, it's nice and cozy, it's a work in progress, but we love it That's great You got a master bedroom over here, very spacious Yeah

You see the pool That's awesome, I love it Got a big master bath, there's a huge closet through the bathroom Yeah that's great Great, yeah

Looks like you guys got a great deal Well let's go to the kitchen and catch up Yeah I love to hear more about the experience Yeah of course This is the kitchen

Nice breakfast bar Yeah there's great counter space Yes it's great I can't believe how easy it was to get it too Yeah sometimes people think the mortgage process is it's so difficult and complicated but luckily you find a great mortgage broker like Lisa and they can make it easy and fast and really much more simple so you can focus on the house while let them focus on the financing you know? Yeah we had no idea that you didn't have to put 20% down

Yeah it's a major thing people always said my parents and I need 20% down and they just keep renting but you really only need 3% down 5% down 10% down whatever you know bottom rate mortgage broker they'll give you all the options and figure out what's best for you You know even people that have the 20% down sometimes it's like hey save some of that money buy furniture, you know invest in things you've rather than put it all down in the house so it's a lot different than a lot of people think We didn't even have to dig through that much paperwork or anything like that Yeah exactly I made it easy for you let me do the work

I was able to go docless with you guys I mean we still had to prove your income and everything but I was able to not have to chase you guys down for all the documents to do it I was able to verify it and other ways to not bother you as well I'll send you all the documents through e-signing No it was so easy for us that now we have friends that are interested in buying their house you know we were in within 30 days and now they want the same thing Well perfect – make sure you go over with them the key things that we spoke about together while you were looking to purchase your home, don't make any large deposits, don't make any large purchases, keep your credit card balances low and please don't quit your job And always tell them that they can feel free to give me a call

Yeah she does a great job or if you're not in this local area, find a mortgage broker dot com, they have great mortgage brokers locally and in their area to really do the same thing for them as they did for you Congratulations! Thank you! Millennials can buy homes everyone's situation is unique but you got to find that advocate, that coach, that mortgage broker to navigate the process so you can focus on the home, while they can take care of the financing It's really nice enjoying our new house, it's so comfy so cozy, it's really home sweet home and it's thing that's ours together (music) You can visit these websites to learn more about the participants on this edition of Designing Spaces