Check out this new Coffee with Carrie Vlog- Millennial Mortgages: Customer Experience Wins Loans.
It’s no wonder that digital is winning in Millennial Mortgages loan category. Digital natives are a growing segment of the home buying market with the median age of homebuyers at 44 years old. Buyers 36 years old and younger are 66% of first time home buyers. This age group of Millennials are more likely to characterize ‘loans, paperwork, and contracts’ as the most difficult part of the home buying process, more than any other generation. 27% of Older Baby Boomers indicated that there were no difficult parts. This indicates that the younger buyer needs more ‘hand holding’ throughout the process. Video mortgage advisors allow for a face to face relationship with lenders are decentralizing.
Some highlights from this video blog:
- Demographic shifts in home buyers: Millennial Mortgages continue to rise!
- Video Mortgage Advisors Increasing Closes Rates Up to 75%
- Customer experience wins loans: Differentiate yourself for a competitive advantage
Lenders should be investing in digital technology but not losing focus on the human connections required for this demographic.
According to recent studies (outlined in our Infographic here), the new under 44 years old demographic still prefer phone and in-person connections over email and text.
Because of these shifts, digital products in the Mortgage industry have started gaining more and more traction. Buyers want an easier, streamlined mortgage process with a human touch. While they want technology for “calculator qualifications” and document management, they want someone to talk to throughout the process. As the largest generation of home buyers in the next couple of years and on their tales Gen Z, lenders need to understand they want to see the loan officer behind the scenes to be authentic for these demographics.
Customer experience wins loans, this is why it’s rated only 4% less than interest rate when selecting a lender, not just for Millennial Mortgages but all demographics.