Buying a home as a millennial can look a bit different than your traditional home buying process. In fact, millennials are changing the homebuying game. Here is a rundown on buying a home as a millennial! 

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Step One: Preparing Yourself Future Homebuyer 

The first step in home buying is to make yourself stand out as an optimal candidate. Raise your credit score, save your money, and analyze what you can comfortably pay each month for a mortgage. This will set you up for the next step of the home buying process – pre-approval.

For a detailed video explanation of every step to buy a home successfully, check out our FREE online Homebuying for Beginners course! 

Step Two: Work with a Lender and Agent 

Once you’re ready, it is time to get pre-approved. Yes, do this before looking for homes. A pre-approval letter makes your offer more serious in the eyes of the seller. When deciding what lender to work with, consider alternatives to banks. Traditionally, homebuyers would head to their big bank to secure home loans. In today’s market, alternative lenders such as Direct Mortgage Loans, offer less complicated applications, faster approvals, convenient online communication, competitive interest rates, and additional services. Contact us to get pre-approved today!*  

Apply for a mortgage today! 

When it comes to choosing a lender and real estate agent, millennials tend to like communicating via text or email rather than scheduling in person meetings. It is all about convenience. Check out our DML App where we have a 24/7 communication line, a mortgage calculator, and many more features! 

Step Three: Home Hunting 

Once you are pre-approved and have selected a real estate agent and lender, it is time to search for a home. With technology today, it is very easy to search sites like Trulia and Zillow to find properties or neighborhoods you like. In fact, 89% of millennial homebuyers have already conducted an online home search prior to physically visiting homes. 

Type of Home 

If you are looking for your starter home, consider a smaller home, or potentially a condo. Review the points and resources below for additional information. 

Home Maintenance 

If you’d rather spend your weekend out and about, not focusing on your home, consider purchasing a low maintenance property. Consider how much maintenance a home may need, taking in factors like property size, date built, and more. 

Once you’ve found a home that fits your budget and needs, submit an offer. 

Step Four: Closing Day 

If your offer gets accepted, you will move on to closing day with your mortgage lender. This is the day you sign the papers, and the keys are yours. There are a couple things to keep in mind here; Closing day comes with closing fees, which can add up. Be prepared for the total of these fees and have the money on hand that day! Review your Closing Disclosure to be prepared ahead of time. 

Although millennials like quick communication via technology, they also want face-to-face contact with their lender when needed. It is important to note that your relationship with your loan officer is not over after this day. At Direct Mortgage Loans, we prioritize a life-long relationship with our clients. We are now your personal mortgage expert whenever needed! Ready to take the next step to your home buying journey? Download the DML app today