Millennials are a hot topic in today’s housing market, but how knowledgeable are they feeling about such a major impending decision? According to survey research conducted by loanDepot, Millennial renters cite top stressors about approaching the process as:
- Not having enough money for a down payment (63 percent of those surveyed)
- Not knowing where or how to search for more, better quality information (48 percent)
- Having a poor credit history (43 percent), or
- Having too much current debt (38 percent).
We recently spoke with Millennials to capture their own thoughts about facing a mortgage – how far away from it they currently are, and how they’re planning to get smarter about the process. If you’re thinking about homeownership around the corner, see how some others are planning their approach.
For the highlights from our recent survey, learn more from our helpful video infographic below. Ready to grow your own knowledge about the homebuying process as a first-timer? Reach out and connect today with a loanDepot Licensed Lending Officer at (888) 983-3240 to learn all your options and consider the road ahead.