Getting to Know Millennial Homebuyers | Tips for Lenders
According to J.D. Power’s 2018 U.S. Home Equity Line of Credit Satisfaction Study, nearly all millennial borrowers search for information online ahead of applying for a HELOC product, with 59% using a desktop or laptop and 50% using a smartphone or tablet. Mortgage Professional America notes that “as millennial homeownership rates increase and home values continue to rise, lenders need to be able to meet these customers where they want to be, not try to force them into the lender’s entrenched methods.”
With millennials making up 34% of home buyers, the home lending industry must take steps to engage with younger borrowers. Technology is key to doing this successfully. Having a responsive and informative website, as well as options to complete applications online, can help lenders reach millennials with convenience and accessibility. Described by the National Association of Home Builders as having “a greater expectation of technology than previous generations,” millennials are drawn to the increased efficiency and relative ease of online service options.
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