In 2020, Millennials lead the pack of first-time homebuyers- but poised to make an impact soon is Generation Z.
Posted by Matt Holmes
Aug 21, 2020 9:12:36 AM
In 2020, Millennials lead the pack of first-time homebuyers- but poised to make an impact soon is Generation Z.
Topics: Millennials, Mortgage Lending, Potential Millennial homebuyers
Posted by Julie Wink
Oct 11, 2018 10:27:06 AM
Most of us have followed them to some degree for years: those sassy, intriguing Millennials. How they are educated, activities they enjoy, what they won’t abide, and their expectations on life in general have fascinated us for the past decade.
Topics: Millennials, mortgage trends, mortgage education
Posted by Susan McCullah
Feb 28, 2017 11:07:34 AM
Several components play into the fact there's no easy sailing for mortgage professionals.
2017 poses especially unique challenges. Being prepared with the right tools and education is key to being successful in today's mortgage industry.
Topics: Data Facts blog, Millennials, Mortgage Lending, Potential Millennial homebuyers
Millennials are one of the largest demographic groups in the U.S. It is estimated that by 2020, one in three adults will be millennials. Yet, unlike past generations, this group appears to be less active in traditional credit and financial markets. With 33% being under–banked and 63% not have having credit cards.
Millenials do in fact apply for credit, but are denied at a much higher rate than their generational counterparts. Why?
Topics: Millennials, Credit Score, FICO
A recent study conducted by the Consumer Federation of America and VantageScore Solutions found that 18-34 year-olds are far less informed than all other adult Americans on credit knowledge and understanding. Only 6% could accurately pick out the factors that actually impact a credit score, and less than half of all millennials have ever even bothered to order a copy of their free credit report.
Topics: credit checks, credit reports, Millennials, Mortgage, Credit Score, Improve Credit Score, credit cards, credit history, Credit Bureau
A recent study conducted by the Consumer Federation of America and VantageScore Solutions found that 18-34 year-olds are far less informed than all other adult Americans on credit knowledge and understanding. Only 6% could accurately pick out the factors that actually impact a credit score, and less than half of all millennials have ever even bothered to order a copy of their free credit report.
Even more shocking, young adults have a pretty poor grasp on how far-reaching this impact is: Only 18% percent knew that utility companies, cell phone carriers, mortgage lenders home insurers, landlords and credit card companies can all use a consumer’s credit when doing business with them! (Insert shocked face emoticon here)
Combined with the fact this group is starting out with the highest percentage (and growing each year) of student loan debt, what does this mean for the future mortgage and housing industry?
Experts are concerned. Historically the housing industry has depended on young first-time homeowners. Tightening industry guidelines + increased consumer debt + ignorance credit score impact(s) = ? Some wonder if these millennials will ever be able to buy a home.
Topics: Millennials, Mortgage, Credit Score