Okay. 35% of the home buying market is comprised of millennials. This does not mean that the generation has found it easy to jump into the market. Redfin staffer Taylor Griffith takes a look at the credit difficulties that millennials face and how private mortgage notes are helping them become homeowners.
Contrary to traditional mortgages, private mortgages have a private person or entity finance a buyer's purchase of a property. These types of mortgage notes are only available to home owners who have paid for their property in full, with note holders also able to sell their note.
Private mortgage notes have fewer strings attached than a traditional mortgage. Here are some of the benefits:
- Faster home purchasing process
- Fewer qualifications to meet
- Buyers have more say in negotiating interest rates