Young adult homebuyers need the truth and nothing but the truth.
First-time homebuyers in Virginia Beahc, Norfolk, and Chesapeake, don’t mind if you explain every aspect of the process (like this simple breakdown of how a mortgage works). In fact, they prefer it. And don’t be surprised when they come with a list of questions they researched online. Believe me: Gen Y has Google and knows how to use it.
Young people are nervous about homebuying because of the recession and student loans. They’re already swamped in debt so the idea of a mortgage can be overwhelming. When I pre-qualify young people, I always ask “Have you thought of a monthly payment that you are comfortable with?” Honest questions like that help to build trust.
Thanks to the recession, young people are also skeptical of financial institutions and won’t sign paperwork they don’t understand. Be prepared to explain each document and its relevance to the process. Millennials will appreciate your thoroughness.
Featured photo: Flickr