Millennials are needlessly missing out on refinancing their home mortgages:
The baby boomers are living up to their name. Many boomers are opting to refinance their mortgages, lowering their monthly payments, and ultimately saving money over the longer term. With interest rates dropping, it’s fair to say that the mortgage industry is itself experiencing a “refi boom.”
Many millennials already had to rely on the “Bank of Mom and Dad” to provide funds to cover a down payment or ongoing payments on a house. These young Americans have more pressing needs — like paying off student debt. Despite being the largest generation in American history, millennials are not as likely to be homeowners as those in older generations.Of course, not all millennials are alike. The group also makes up 25% of our customers who earn more than $200,000 per year.
How mortgage companies can meet millennials’ needs How can mortgage companies better serve millennials? Some solutions:
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