Summary
This article explores how Millennials have reshaped the mortgage shopping process. Their preference for digital tools, greater access to information, and different communication styles have influenced how mortgage professionals must approach this generation.
Millennials are now a significant percentage of home buyers. But they have a different approach to mortgage shopping than previous generations. Mortgage businesses can adapt to these changes to connect with younger borrowers.
Here are four ways millennials have changed the process of mortgage shopping.
1. They Crave a Seamless Digital Experience
Younger mortgage shoppers are looking for a digital-first mortgage shopping experience. Millennials are looking at your website for resources and answers to their questions.
The most successful mortgage practices offer seamless digital tools. A customer portal can make it easy to complete the steps from home. Users can upload documents, receive feedback, and more. E-signature options can likewise reduce the need for in-person appointments.
Millennials also look to these digital platforms for better visibility. A digital platform can provide feedback so borrowers can track their progress.
2. They’re Comparison Shoppers
Millennials worry that homeownership is beyond their financial reach. As a result, they’re looking for any advantage they can find. Millennials can use the internet to compare rates from different lenders. They may even know your rates before you ever meet them.
For that matter, many online publications put together snapshots of different mortgage companies. This allows users to compare rates and terms from major lenders.
To better connect with millennials, it’s important to offer transparent pricing. It also helps to highlight the unique value of your lending practice. Doing so can entice millennials to make a commitment.
3. They’re Looking for Guidance
For most millennials, this is the first time they’ve purchased a house. The mortgage process can seem like unfamiliar territory. In the past, these young adults have looked to their parents for guidance and support. But many millennials live at a considerable distance from their families.
This may leave them looking elsewhere for direct guidance. How can your mortgage practice fill this gap? By offering educational tools and other resources. These resources should aim to educate millennials on how the process works. That way, they’ll know what to expect and how to meet the lending requirements.
Additionally, you can establish regular communication with your clients. The right mortgage CRM can send automated messages at regular intervals. This gives millennial borrowers clear, consistent feedback at every step of their journey.
4. They Want You to Share Their Values
Today’s borrowers want to partner with companies that share their values. Does your mortgage company pursue sustainable initiatives? Do you emphasize diversity and inclusion among your team members? Do you give back to the community?
Millennials are more inclined to commit to companies with values that mirror their own. Highlighting your commitment to social responsibility can help you connect with millennial customers.
Many Challenges, One Solution
Are you ready to address these concerns? If so, a mortgage CRM system can help you market your business. It can also provide a digital experience to meet the needs of millennial borrowers.
Discover how the BNTouch platform can transform your business.
Key Takeaways
Millennials prefer using digital tools, like apps and online platforms, when shopping for mortgages, making it crucial for professionals to embrace technology.
- Transparency and information access
This generation values easy access to information and transparency throughout the mortgage process.
- Personalized communication
Millennials expect tailored communication and fast responses, making it important for mortgage professionals to be responsive and engaged.
Commonly Asked Questions
- What major factor influences Millennials’ mortgage shopping?
Millennials prefer digital tools and expect transparency and easy access to information.
- How can mortgage professionals cater to Millennials?
By adopting digital solutions, offering personalized communication, and being responsive.
- What communication style do Millennials prefer?
They prefer quick, personalized responses and value transparency.
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