Millennials have waited longer than any other generation to become homeowners, but the wait for this cohort is just about over.According to National Mortgage News, “Millennials, those
Millennials Heres Why The Process Is Well Worth It
“Millennials, those young adults now aged 23 to 38, are now entering their peak household formation and homebuying years.”
“Millennials are different than previous generations—not only in their delayed homebuying but also in how they approach interactions with financial institutions, including mortgage lenders. Taking a picture of a check on their phone and depositing it without visiting a branch is not novel, it’s the way Millennials learned to do banking. They expect real-time access to account and transaction data and are frustrated when it’s not available.”
“When Millennials apply for a loan, the mortgage lender must qualify the borrower and determine who owns the property, how much the property is worth, and the property’s risk profile. Traditionally, this has been one of the most time-consuming and fragmented parts of the mortgage process…There are many moving pieces, each data point being sourced from a different provider, which can ultimately lead to a lengthy or delayed process.
What has historically been accepted as the process norm does not align with the expectations of the most prominent generation in the home buying market today. Millennials have come to expect rapid, digital workflows in their daily purchase decisions, and in their mind, the home buying process shouldn’t be any different.”
So, where do you go from here?
VERNESSA BRODDIE, Realtor EXIT Flagship Realty MISSION STATEMENT: To provide stellar services to my real estate clients who are buying, selling, and/or investing in real property. BIOGRAPHY: ....
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