I've never purchased a home before - how will STEM Lending help me?
First time homebuyers are a focus for us at STEM, as we know that many of our customers have recently hit one or many of the life milestones that can trigger the search for a home. We take you putting your trust in us very seriously and will work side-by-side with you to help you get your first mortgage. We've set up an initial set of 6 questions that will then prompt you to sign-up with an account with STEM Lending. You can always reach out to speak live with one of our mortgage experts or our chatbot, either of whom can answer any question you have related to your mortgage process!
How can I find out how much I can borrow?
Once we know the kind of home you are looking to purchase, its listed price, and your expected down-payment amount as well as the other information you provide us, we can perform a quick analysis to see how much you can potentially afford based on your income, assets, cash-flow and credit history.
We are also building a mortgage calculator that can help you assess all the related costs that also go into owning a home, so that you're armed with as much information as possible in your transition from renting to owning.
Having a clear understanding of total cost is very important, especially as you think about potential upgrades to your home down the road. Millennials are becoming homeowners much later than the baby boomer generation did, but when they buy, they're spending more for renovations, according to the Houzz & Home Survey.
The survey said that the 25-to-34-year-old age group spent an average $26,200 last year on the upgrades. That's 7% more than they did in 2016. First-time homebuyers spent $33,800, representing 22% more.
What if I don't have the same credit history as others who are older than me?
As we look to make the mortgage process simpler, transparent and competitive for your benefit, we are always looking for ways to properly assess creditworthiness for new demographics. Millennials (born between 1980-1990) present unique challenges that our credit risk model accounts for and underwrites against. By working with industry leaders in the credit risk space such as Experian and Finicity, consumers are able to provide us with both income and asset information digitally through Finicity’s more than 16,000 integrations with financial services institutions. This saves you time and money.
Currently, it costs $42 billion per year to process mortgages. By partnering with Experian, Finicity and others, STEM Lending can help cut the cost of processing mortgages by 20%, while also saving you money as we find you the best mortgage.