The misconception that purchasing a home requires a 20% down payment may be keeping many millennials from the possibility of owning a home. A recent study in conjunction with Michigan State University found that 67% of millennials thought a 20% down payment was required to buy a home.
In reality, the down payment for a home could be the same as only two months’ rent.
“Many young people believe they have to handle mortgages the way their parents did, but we have loans that require as little as 3% down with very low monthly rates,” said A. Wade Douroux, President and CEO of Resource Financial Services. “We simplify the process and walk every homebuyer, especially the first time homebuyer, through each step to make sure they understand everything about their loan.”
Resource Financial Services recently launched a new state-of-the-art digital mortgage experience for customers who prefer to start their mortgage application process online. Their RPM (rapid mortgage process) is available on their website, rfsmortgage.com.
Douroux stressed that mortgage bankers are still involved and customers can seek advice from a Resource mortgage banker at any point in the process, whether it’s online, on their phones or in person.
“We specialize in working with first-time homebuyers,” said Resource Financial Services Executive Vice President and mortgage banker Jennifer Bowie. “Because we are experienced mortgage specialists with in-house decision-making, underwriting, and processing, we are able to offer a wider variety of loans with more competitive pricing than big banks and many other lenders. Some of our loans require very little down payment and still work within the budgets of first-time homebuyers.”
Resource Financial Services exists to make people’s dreams of home ownership a reality. The mortgage lender offers experienced mortgage specialists who work hard to educate homebuyers about the wide variety of loan programs that can be tailored to meet individual financial needs. Homebuyers can expect quicker closings, same-day pre-approval, 5-Day Processing and guaranteed lower rates.
Call toll-free at 877.797.4545 to speak with a mortgage banker or visit Resource Financial Services online at rfsmortgage.com to learn more.