Millennials: Here’s Why the Process is Well Worth It.

Millennials: Here’s Why the Process is Well Worth It. | MyKCM

Millennials have waited longer than any other generation to become homeowners, but the wait for this cohort is just about over.

According to National Mortgage News,

 “Millennials, those young adults now aged 23 to 38, are now entering their peak household formation and homebuying years.

If you’re a Millennial, you’re already well aware that you’re among a generation of those who favor fast-paced, real-time answers – and results. When you’re ready to make a decision, it’s go-time, and you probably want the latest technology at your fingertips to make it happen.

National Mortgage News agrees, stating,

“Millennials are different than previous generations—not only in their delayed homebuying but also in how they approach interactions with financial institutions, including mortgage lenders. Taking a picture of a check on their phone and depositing it without visiting a branch is not novel, it’s the way Millennials learned to do banking. They expect real-time access to account and transaction data and are frustrated when it’s not available.”

Here’s the catch – the overall speed of the homebuying process can take some time, and it might feel like it is slowing you down. When you’re ready to buy, you can make an offer and go under contract quickly, but the rest of the process might take a little longer. The same article explains why:

“When Millennials apply for a loan, the mortgage lender must qualify the borrower and determine who owns the property, how much the property is worth, and the property’s risk profile. Traditionally, this has been one of the most time-consuming and fragmented parts of the mortgage process…There are many moving pieces, each data point being sourced from a different provider, which can ultimately lead to a lengthy or delayed process.

 What has historically been accepted as the process norm does not align with the expectations of the most prominent generation in the home buying market today. Millennials have come to expect rapid, digital workflows in their daily purchase decisions, and in their mind, the home buying process shouldn’t be any different.”

So, where do you go from here?

 If you’re pre-approved for a mortgage, that will help speed things up. But the steps it takes and the time to finalize a loan with most traditional lenders may feel like an eternity to you and your generational peers. Don’t worry, though – it’s well worth the wait when you finally get the keys to your new castle!

The financial benefits of homeownership, like increasing your net worth by building equity, and the non-financial benefits, like being able to customize and improve your space, will ultimately set you on the course to happiness, success, overall satisfaction, and much, much more.

Bottom Line

If you’re feeling like it’s go-time, let’s get together and get the process moving to determine if homeownership is your next best step.

Buying a home can be SCARY…Until you know the FACTS

Buying a home can be SCARY…Until you know the FACTS [INFOGRAPHIC] | MyKCM

Some Highlights:

Many potential homebuyers believe they need a 20% down payment and a 780 FICO® score to qualify to buy a home. This stops many people from even trying to jump into homeownership! Here are some facts to help take the fear out of the process:

  • 71% of buyers who purchased homes have put down less than 20%.
  • 78.1% of loan applications were approved last month.
  • In September, the average credit score for approved loans was 737.

Check Out Team Cooper’s Spring Buying Guide For 2019 . . . . . Be Thankful You Don’t Have To Pay Mom And Dad’s Interest Rates!

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LIFE AT THE SPEED OF 90 MILES AN HOUR

“Ok Zackry we are going to be traveling at speeds of up to 90 miles an hour with 150 other cars winding through the hot dusty desert and I need you to help me navigate the race.”  Day 1 of racing is all preparation.  Checking in.  Filling out authorization forms.  Checking the car from top to bottom.  Discussing our game plan.  Double and triple checking all the details from bolts to our communication system.   At what point will we have any pit breaks?  Who is a part of our team and what do they do?  In case of trouble in the car here is our plan and/or strategy.  Who or what can get in our way and what will we do about it?  What are our responsibilities to ensure success?  Success in a race does not come down to just the driver, it comes down to managing all finite details and all those who play a part.  As the leader of the race team and driver you have to manage all these team members, car details, and drive your way to the finish line with as minimal challenges as possible.  All the while being prepared for the unknown that only experience can get you through.  As I was sitting at the starting line looking at all the other cars I could not help to start and think…  Is everything prepped and ready to go?  Did they check this car over from top to bottom?  Did I make the right decision in getting into this car with Michael, the driver?  Is he qualified to drive this fast and do I trust him to take me to the finish line safely?  I have never done this before and I can’t help but feel anxiety as the car revs up to take off across the desert for 160 miles of unknown terrain.  The gun goes off and the race begins.  There is no turning back now as I stare at a computer screen, with blinding dust, cars all around us, gravel flying in our face, bumps shaking the car, and a heart that is beating through my chest.  I can only look forward and navigate.

That day as I sat in the race car, I could not help but think and feel all the parallels of racing and buying a home.  My clients are personally referred to me to make typically the biggest investment of their lifetime.  Usually for the first time or for only a handful of times prior.  But no matter how many times it is same the feeling of nervousness and stress that comes with such a large financial decision.  We make a game plan and discuss all details.  Here are the potential items we need to be aware of.  There is a team that will be a part of your purchase and are equally a part of your success.  This is how we will communicate. We cannot forecast the unknown but I can share my 15+ years of experience to successfully help you reach your final destination of a new home or mortgage.  Everything is prepped in advance, but as soon as you enter into contract to buy a home it is like the starting line of blinding dust.  Fear and excitement of ownership wash over you all at once.  And you have chosen me to navigate you to the finish line.  You have put your trust in me and I do not take this for granted.  I have put trust in my team and they don’t take it for granted.  We realize this is the biggest investment of your life and we are going to get you to the finish line.  Every day I strap into the race car with new clients and the thrill that I get from it keeps me back at the racetrack every morning.

I thank my clients from over 15+ years until present day for the opportunity to navigate their race.  Every day I live my passion in helping and being of service to others.  My name is Zackry Cooper, and no I am not a race car driver.  I am the navigator of your mortgage tied to the biggest investment of your life.  Your home.

Check out this link that includes live recorded footage of my race:  https://goo.gl/nktrfD

Sincerely,

Zackry Cooper

(925) 297-6177

Zackry@TMCooper.com