If you’re a young adult with homeownership on your list of goals, you’re not alone. Many of your peers share that dream, whether they’re looking for security, a place of their own or an opportunity to build wealth.
In Maxwell’s Millennial & Gen Z Borrower Sentiment Report, more than half of millennials and Gen Z respondents planned to apply for a mortgage within a year of being surveyed. That finding reflects the intentions of those surveyed, not a prediction about what every young buyer will do.
Your own timeline should start with your reasons for buying and the questions you need answered. You don’t have to understand everything before asking for help. Start by breaking the goal into manageable pieces.
Get Clear on Why You Want To Buy
Before you focus on the mortgage process, ask yourself why owning a home matters to you. Is rent frustrating you? Are you looking for a greater sense of security? Do you see a home as part of your financial goals?
The Maxwell survey identified several motivations among younger buyers:
- 95% believed the cost of renting was too high.
- 35% viewed owning a home as an important wealth-building tool.
- 16% sought the sense of security homeownership provides.
- 37% planned to use the home as an investment property.
These findings describe respondents’ motivations. They are not promises about what buying a home will deliver for you.
There are both financial and non-financial reasons to pursue homeownership. Your main reason may be different from a friend’s, and that’s fine. Wanting a sense of security is valid. So is wanting to explore homeownership as part of a longer-term financial plan.
Put Your Priorities Into Words
Write down your main reason for buying. Then ask yourself what you want to understand before moving forward.
For example, if rent is your biggest concern, make the cost of ownership a topic for your professional conversations. If you’re considering an investment property, say so rather than assuming the discussion will be the same as it would be for a home you plan to live in.
The point is not to have every answer. It’s to make sure the conversation starts with your goals, not someone else’s expectations.
Break the Mortgage Process Into Smaller Questions
Understanding the homebuying process, getting pre-approved and exploring down payment options can feel like a lot at once. That uncertainty is a common obstacle.
In the Maxwell study, 33.37% of respondents said the mortgage process was confusing or difficult to understand.
An article from OwnUp described a general lack of knowledge about home financing and explained that mortgages are complicated, with no one-size-fits-all answer. Understanding the options is one challenge. Figuring out which direction fits your financial situation is another.
If you feel overwhelmed, don’t treat that as a reason to stop asking questions. Treat it as a reason to ask for a clearer explanation.
Use Online Research as a Starting Point
A quick online search may help you identify questions, but it may not give you the full picture. Generic information is not the same as guidance based on your circumstances.
Trusted mortgage and real estate professionals can help explain the process and offer guidance specific to your situation. Rather than trying to learn everything at once, bring a short list of questions:
- What does the homebuying process involve?
- What should I understand about getting pre-approved?
- Which down payment options should we discuss?
- What information do you need to help me understand my next step?
Ask for plain-English answers. If an explanation still feels unclear, ask the professional to walk through it again before moving on.
Find Out What You Need To Save
Saving is another major concern for potential buyers. In the Maxwell study, 45.75% of respondents believed they did not have enough saved for their down payment or closing costs.
If you share that concern, start by separating what you know from what you’re assuming. Instead of deciding you’re too far away from buying, ask for help understanding the expenses and options that apply to your situation.
Make both the down payment and closing costs part of that conversation. The goal is to move from “I probably don’t have enough” to a clearer understanding of what you need to work toward.
Ask About Homebuyer Assistance
Down payment assistance programs are available nationwide to help relieve the savings pressure buyers face.
One report from Down Payment Resource documented growth in those options: the number of homebuyer assistance programs increased 1.6% to 2,309 programs, a net gain of 36 programs over the previous quarter. Those figures describe that report’s snapshot, not a current program count.
Use that finding as a reason to ask about assistance, not as an assumption that a particular program will work for you. Ask a trusted professional to help you explore what is available and understand your options.
Discuss Whether Seller Help Is an Option
Seller contributions toward closing costs are another topic worth discussing with your real estate professional.
In a cooling housing market, buyers can regain negotiating power, and more sellers may be willing to help with closing costs. That is a market-dependent opportunity, not something to count on in every transaction.
Ask whether requesting that help makes sense for the home and circumstances you’re considering.
Turn Your Goal Into a Practical Next Step
Homeownership may be more within reach than you think. Understanding the process and exploring available options may help you move toward it sooner than you expected, but neither replaces guidance about your own situation.
Start with three things: your main reason for buying, your biggest mortgage question and your biggest savings concern. Bring that list to a conversation with a trusted professional.
You don’t need to solve the entire homebuying process on your own. Reach out to Ed Parcaut to talk through your goals, clarify your questions and identify a practical next step toward homeownership.
