Top 10 Millennial Mortgage Mistakes
In this day and age of technology, where everything seems simply a click away, one thing remains true, getting a mortgage is far from a simple process. In some ways, it’s easier due to advances in technology, but much holds true about the role of a mortgage in modern life. It’s complicated. For one, it’s the largest debt most people ever take on and most often is done without thorough research. The following list condenses down some of the top mistakes and missteps our younger generation tends to make when buying their first home and getting a mortgage.
1. Not understanding the home buying process and approaching it unrealistically.
2. Having false expectations of affordability and the true cost of homeownership.
3. Not understanding the use of credit, debt and leverage.
4. Not seeing mortgage planning as building a nest egg of long term equity.
5. Underestimating future living expenses after the home purchase.
6. Thinking that buying foreclosed property is the ticket to riches.
7. Failing to explore the many options available before making a decision.
8. Over-focusing on buying a house rather than how this asset fits into a goal plan.
9. Not using the services of trusted advisors such as attorneys and accountants.
10. Not planning the journey far enough in advance to do the proper research required.
There is much information available online today on all these topics but today’s home buyers more than ever need education, guidance, experience, and expertise to go along with all the technology. We find that our smarter buyers tend to take the time in advance to educate themselves on the process, their expectations, the marketplace and the players in it.For more information on these topics, please visit our blog at http://www.netequityloans.com/MyBlog