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Millennials have lower rates of homeownership than previous generations –but why? And more importantly, what can your lending business do to increase those numbers!
Made possible with a grant from Better Mortgage, the Urban Institute conducted a study to find out more about the obstacles that Millenials face in homeownership.
These are some of the key findings:
- Student debt significantly hinders Millennial’s ability to afford a mortgage
- Millennials often live in high-cost cities where there is less real estate available for purchase
- Millennials are delaying marriage and starting a family, hence put off buying a home
- Homeownership rates among Millennial minorities have dropped
Here’s what you can do to help your Millennial prospects to buy a home:
- Provide Millennials with information that will help them reduce debt (like blog articles, email newsletters, workshops, etc.)
- Make the mortgage application process more accessible with products such as a digital 1003 (including a Spanish version 1003), a mortgage mobile app where they can compare home loan options, and ability to upload docs securely to a cloud to minimize waiting time for approval.
- Download the full report! Urban Institute did all the work and Better Mortgage flipped the bill –take advantage of this free information to gain new insights about your Millennial prospects.
Source: https://www.oaoa.com/news/business/article_05e7cbab-ca89-5f5a-95c7-2fb4875aed79.html
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