A Millennial’s Guide to His First Home Mortgage

Home Mortgage

Home MortgagePredictions say that first-time homeowners will be the driving force in this year’s housing market. A recent report identified 42% of millennials saying they are looking forward to buying a new home in the next five years.

Navigating the home buying puzzle is not easy. Even for those who have done it more than once, the possibility of getting stumped is still a reality. How much more if it’s your first time and you have no idea if you’re doing it right?

Job History Lends Confidence

Millennials face the weight of judgment that comes with their lack of extensive experience in their chosen industry. Especially if you lack a stable work experience or anything that lasted at least two years, your lender may be less swayed to approve your mortgage.

Your job history is important to your mortgage company. St. George creditors are helpful when it comes to matters like this. A proper conversation and negotiation with your trusted lender can lead to positive results. If all else fails, ask your employer for help to give your chosen lending center more confidence.

Get Your Paper Work in Order

Prepare for a mountain of paperwork you need to file, complete and have signed if it is your first time. There is no easy way around this, but once you have it all figured out, the rest of the process will be a breeze.

Common paperwork you are expected to have at hand are your current month’s pay stubs, employment contract, driver’s license, and papers and files from the past two years, at least. Consult with a mortgage broker you trust for more information about other paper works you need to prepare beforehand.

Improve Your Debt-to-Income Ratio

Millennials suffer not only from their flaky job history, but also from the range of student debts under their name. While it can cost you points off, you can work around it and improve your debt-to-income ratio instead.

A debt-to-income ratio refers to the amount of your debt compared to the amount of money that you have or are making. The key here is to keep the number lower so you have better odds at securing the mortgage plan you are looking for.

Mortgage gets bumpy but knowing what you’re up against makes the process less of a puzzle. Keep yourself informed for smarter choices. You might be a millennial, but that doesn’t mean you can’t get the mortgage you want.