[Tempe, AZ, 11/17/2017] - For many millennials heaving the burden of student debt, home ownership may be a far-off dream. In a report by MarketWatch, 85% of millennial respondents said student loans had kept them from saving for a down payment.

Curbing Millennial Home Ownership

Historically, Americans bought their first home in their early 30s. The report, based on the data released by the National Association of Realtors, however, showed that today’s young generation is unwillingly stuck with a waiting game as student loan debt has saddled them and reduced their ability to save.

The survey involving 2,203 student loan borrowers revealed that 83% of all non-home owners believed that having to pay off student debt has delayed them from buying their first home. Also, among older millennials (or those born between 1980 and 1989) and individuals whose student loan debt amounted to $70,000 or more, the figure is even higher.

More Delays Down the Road

From an already-low average of 6% in 2016, the median down payment among first-time homebuyers declined to 5% in 2017.

A National Association of Realtors and American Student Assistance joint study that looked into millennial student debt noted that millennials who don’t own homes yet are likely to delay purchasing for another seven years.

Receive Expert Help

Professional help from mortgage experts may make homeownership easier for these people. VIP Mortgage’s team of dedicated loan officers guides young aspiring homeowners through their first purchase. They take the time to review the applicants’ financial background to help them choose the most suitable mortgage option for their need, lifestyle, and financial capability.

They help clients navigate the twists and turns of the home-buying process, to eliminate confusion among prospective buyers. Their one-on-one customer service keeps homebuyers from being trapped in an unsuitable loan program that’s difficult to undo.

About VIP Mortgage

VIP Mortgage is one of the most trusted mortgage companies in Phoenix. They deliver the best and most efficient results to customers who require crucial insight when looking for available loan package or mortgage that suit their needs and budget. Their valuable industry knowledge and experience, combined with a one-on-one customer service approach helps clients make informed, beneficial decisions.

For more information about the company, visit https://www.viploansaz.com.