Changing the future for first-time buyers
The process of buying a home is an extremely important financial decision. That being said, far more young adults report needing help in deciding on a mortgage than older adults do. A company called OpenMoney will soon offer a consultation service for first-time buyers to better set up and understand their mortgages. They seek to make it easier for buyers to make sense of the complex language used in mortgage lingo. It’s also important to them to emphasize that every buyer will have a different financial situation, so having tailored advice is vital. They also plan to cut down on hidden costs that are commonplace with mortgage negotiations.
- Though buying a first home counts as one of the biggest lifetime financial decisions for most young people, data suggests many young adults lack confidence in their mortgage selection skills.
- One hurdle first time home buyers face is the wealth of jargon that peppers the home buying process.
- Often those unfamiliar with the home buying process can be pushed into a one size fits all mortgage, when in fact there are an array of options, which can be tailored to fit unique needs.
“I am looking forward to contributing towards developing a service that is genuinely going to help those we know are struggling to understand the ins and outs of getting onto the property ladder.”