24 Aug The New Millennial Mortgage
Millennials are rapidly changing the way the world advertises and does business in general. This does not exclude the mortgage process. As digital natives, this new generation of homebuyers is saying goodbye to endless paperwork and having lenders meet them on their turf – online.
Millennial expectations are forcing lenders to adopt new technology that will allow borrowers to submit documentation online. If big banking institutions fall short, there are a multitude of non-bank startup companies that are rising up and competing for these young, tech-savvy consumers.
This is a “DIY” generation; not only do they want a website that makes the process easy, they want to feel empowered along the way, not directed or sold to. Additionally, transparency is of the utmost importance to them. Being able to track their entire loan process online is becoming the new norm.
Millennials may have a bad rap for being impatient, but that, too, is facilitating changes in the housing landscape. Along with convenience and transparency, the process must be swift and reliable. After the research phase is over for them and the relationship is in place, they expect little delay in the entire buying process.
How do you see this generation changing the housing market? Share by commenting below!
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