TheMReport — News and strategies for the evolving mortgage marketplace.
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THE INDUSTRY LEADER IN eCLOSE TECHNOLOGY. With our iSignroom TM and eSignPad TM technology, it has never been easier to electronically close your transaction anywhere, anytime! One of 5 national eClose providers selected to be part of the CFPB's eClose Pilot Program BE FULLY COMPLIANT WITH AUGUST, 2015 CHANGES TODAY! When you want the ultimate closing experience, think eClose, and think PeirsonPatterson, LLP JASON L. WRIGHT PEIRSONPATTERSON, LLP JASON.WRIGHT@PEIRSONLAW.COM 972.392.7770 ISIGNROOM.COM TH E M R EP O RT | 21 Like many millennials, Jared Brammer, a 25-year-old healthcare analyst, and his girl- friend, lived with his mother to offset high living costs. Although he was required to pay rent, the amount was significantly lower than renting an apartment, giving the couple plenty of breathing room to start saving for a down payment in late 2014. "As far as down-payment preparations, I saved where I could, budgeted on an almost daily basis, and had an end-goal and timeline established," says Brammer. "Yes, the stereotype of 'living with your parents after college' existed; however, I felt that as long as I continuously worked toward my independent next step in life, and did not become complacent, I would be just fine." An eye-opening conversation with a friend convinced Maggie Pinnt, 24, to hop on the housing bandwagon. "I said one day, 'I really would like to buy a home, but that will never happen because paying rent takes all of my money that I would save toward a down payment,'" says Pinnt, an account executive. "Then my friend told me that there's actually special financing I can apply for that requires little or no down payment. Because of that, I started looking for a Realtor and started the homebuying process." While meeting her homeowner goals meant taking on a second job as a bar - tender, she was able to find a home within a few short months. "The homebuying process was actually not as bad as everyone said it was going to be," she adds. "The mortgage part was simple, the closing [process] was a pain." Sarah Van Elzen, 31, a director of social media, agreed. Though she says she and her fiancée read several articles to educate themselves on the home-lending process, she says was caught off guard by the home inspection process. "I was surprised by the inspection—I wasn't prepared for that step in the process, and everything that came back," Van Elzen said. Still, she says it was worth the trouble. "[It's] so rewarding," she says. "The garage. The decorating. Having everything you ever wanted." After researching his options online, sitting with a mortgage advisor eased any lasting apprehension Brammer had about purchasing his first home. "I wouldn't want anyone to go through it for their first home, on their own—it's daunting," Brammer says. "Here, I was able to use my actual financial standing, and the advisor was able to come up with a home price that I could currently afford. No credit scores pulled, no applications, just a mock scenario, and I could ask absolutely anything. I felt significantly more confident than I did prior." So, do they have any advice for other first-time homebuyers? "Honestly, as long as you have decent credit you can own a home, and if you have really good credit you can qualify for a mortgage," Pinnt says. "Ummm … that's awesome. Don't be afraid! You'd be surprised that you actually do qualify. Owning a home is way better than throwing your money away by renting." "I just want to enjoy what I now have and hopefully not have to go through the process again for a while." "The mortgage part was simple, the closing [process] was a pain." —Maggie Pinnt, 24-year-old first-time homebuyer