The newest generation of home buyers has entered into the market place. Home buyers aged between 40 years old at the outer edge and 20 years old emerging from school are often referred to as millennials. Your first brush with the process of buying a home might not be as technologically advanced as you might have hoped. Here’s what you need to know about the home buying process if you are a millennial.


This might not be that bad an experience for home buyers who were raised on conducting business online. Prequalification will get the process started and will give you an idea of what’s ahead. This is the part of the process where you paint a financial portrait for the lender, mostly based on your information. But it is important to do several things to make the process seamless. Be as accurate as possible. Be sure to pay all your bills, on time and in full. Managing your credit is also the key to getting the clearest picture. Don’t make any large purchases on your credit card, open any new accounts or close any existing ones during the prequalification process. The process still has room for improvement but at least there is no actual “paperwork” involved. Estimated time: one hour – qualification can come the same day.

The Next Step in the Home Buying Process

Keep in mind, a prequalification is just an estimate of what the lender might offer you. You may have been completely upfront when you went through the prequalification, but the next step is much more involved. The pre-qual will give you a jumping off point. The Jones Group @ Sunriver Realty can be a good next step. Creating a relationship with a broker in the community you desire will help you search for a realistic home.


A prequalification may not allow you to commit to a property you might find. In order to do this, you need to have the lender commit to a certain amount of money. They will need you to submit pay stubs, credit reports, bank, credit card and loan statements, and several years of tax returns. This approval is generally good for 60-90 days. But it is by no means the end of the approval process. Once you have found the right home, this will allow you to make an offer but additional conditions will need to be met before the process is complete. Estimated time: a day (usually spent finding the right documents) – approval can take a week or longer.

If you have any questions about these processes, be sure to contact one of our team members. We can respond to general questions about lending, and more importantly can get you connected with lenders who are familiar with the processes specific to Central Oregon.


On behalf of The Jones Group @ Sunriver Realty

Nola Horton-Jones, Principal Broker/Realtor | ABR, C-RIS, e-PRO, GREEN, RSPS, CCIM Candidate

Bryce Jones, Broker/Realtor | ABR, CRS, e-PRO, GREEN, GRI, RSPS, SFR

Karen Marcy, Broker/Realtor

The Jones Group @ Sunriver Realty | 57057 Beaver Drive | Sunriver, OR 97707

Mobile: 541-420-3725 | Mobile: 541-420-4018 | Mobile: 503-327-9611 | Fax: 541-593-5123



Licensed in Oregon