Millennials and Home Buying

Make Homeownership Happen

If you’re a millennial looking to buy a house, here are tips to help make your dream of homeownership a reality.

• Pay off student loans and other debt. If you have such debt, develop a plan to pay it off or at least down. Use Wescom’s Financial Calculators, visit our Financial Education Center for free financial education modules, or schedule an appointment with us to learn how we can help you manage debt.
• Make sure to know your credit score. With the average FICO credit score of homebuyers at around 751, the higher your credit score, the better chance to secure the lowest cost mortgage financing. So if your FICO score is not quite as high, what should you do? First, make sure to pay your bills on time. Don’t take out any other lines of credit, such as a new credit card or line of credit. And check your credit report for any inaccuracies and dispute them right away. Plus, Signature Members can check their FICO^® Score in eBranch at anytime.*
• Save for the down payment. If you can pay 20% down, it can help you avoid paying for private mortgage insurance (PMI). But if you can’t do that, try to have 3.5% to 10% to put down. The more you can put down, the less you have to borrow and pay back. First, use our Financial Calculators to find out how much house you can afford and then create a savings plan that works for you.
• Save as much as you can as quickly as you can due to ever-increasing house prices. Despite the pandemic, house prices keep rising, in part, due to low mortgage interest rates and low supply. If you have limited funds, Wescom does have low and no down payment options, for eligible applicants, 100% & 97% financing with discounted mortgage insurance (MI).
• Consider a smaller house. Buying a smaller house often means lower utility bills, maintenance expenses, and home improvement costs. Look at neighborhoods you might not have considered before—some may feature more affordable houses.
• Seek professional help. Don’t be afraid to seek out the advice and counsel of Wescom experts. To get started, schedule an appointment to discuss options or next steps or apply for a Wescom mortgage by visiting our Mortgage Center. We’ll help guide you through the process and find the best loan option and mortgage rate to maximize your buying power while saving you money.