Giving Millennials Better Access to Mortgages

What is a Mortgage?

A mortgage is a loan to finance the purchase of a home, and typically it’s the largest financial investment people make in their lives. A mortgage is made up of three things: collateral, the premium payment, and the interest. The more collateral you provide, the lower your interest rates will be. The sooner you pay off the mortgage, the less total interest you’ll pay.

Here at Acuity National Real Estate Solution, we’ve developed some strategies to engage Millennials, who are just beginning to enter the market for homes. But first, who are the Millennials?

The Impact of Millennials

Millennials were born sometime between 1980 and 2000. They make up the largest generation in U.S. history. Today they represent over 25% of the population. In the last 10 years, what has separated successful businesses from the not-so-successful ones has been their ability to connect with Millennials.

Growing up during the internet boom and coming of age in the age of smartphones, Millennials expect businesses to be accessible in more ways than one. It goes without saying that a business without a website in this day and age might as well not exist.

Below is what a business has to do to succeed in the information age.

Maintain Social Media Presence

The rise of social media has been meteoric. Not only does social media provide a platform for communication and news, but it’s also become a leading tool for businesses. Millennials consider businesses with Facebook and Twitter pages more reliable because customer feedback is right there at their fingertips.

Communication via Text Message

Text messaging is a paramount means of communication for Millennials, and businesses should take note. With borrower authorization, real estate servicers will be able to send payment reminders, receipt of payment notices, and other updates via text message. Nobody likes waiting on the phone or receiving phone calls when they’re busy, and text messaging will reduce the amount of time spent on the line. This is a feature we’re working on at Acuity National Real Estate Solutions.

Make Website Mobile-Friendly

Internet use is quickly moving into the mobile realm, and servicers must develop and test their sites to ensure they’re mobile-friendly.

Provide Options

Millennials require options with how they communicate. It’s not that they’re selfish. Rather, they’ve been provided with a wide range of options since adolescence and they’re unlikely to pursue business with anyone who doesn’t make connecting simple.

They’ll use typical IVR answering systems like other generations as long as they’re well-scripted and provide faster service. But if that system falters, they won’t hesitate to find a provider that offers a simpler alternative.

At Acuity National Real Estate Solution, we’re making it easier for Millennials and everyone else to find the home of their dreams. Check out our previous posts for more information on the real estate market, or visit our website to see what we can do for you.

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