Magazine article Mortgage Banking

Saving for Down Payment Biggest Hurdle for Millennials

Magazine article Mortgage Banking

Saving for Down Payment Biggest Hurdle for Millennials

Article excerpt

TD Bank, Cherry Hill, New Jersey, released new research that shows 74 percent of millennials surveyed said saving for a down payment is the most significant hurdle to buying their first home. The research was done for TD Bank's second annual First-Time Home Buyer Pulse report.

The survey found that 63 percent of millennials are considering buying a home in the next two years, according to a press release on the findings. The survey polled more than 1,000 Americans looking to buy a first home within the next five years.

The survey also found that 33 percent of millennials plan to use a 15-year mortgage to finance their first home. One-fifth of the millennials surveyed said they plan to supplement their own savings with financial assistance from family or friends to come up with the funds to buy a house. Better than half--65 percent--plan to have a spouse or partner serve as a cosigner on their home purchase.

TD Bank also learned that move-in-ready homes are favored by 78 percent of millennial homebuyers. The top three features considered when settling on a home to purchase are an attractive design, a nice backyard or pool, and proximity to schools or childcare.

The survey also found evidence that millennials may not be fully aware of the full costs of owning a home. …

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