Millennials are quickly making up more of the mortgage market as many are looking to purchase a home. Many millennials have the thought that the bank is the only place to go for a mortgage and many do not know what a mortgage broker does or how they can benefit them. This thought is common as many millennials have grown up with the bank having their savings so the convenience is to get their mortgage from there.
As a millennial the desire to “do it yourself” is common and working with a mortgage professional goes against that desire but a mortgage professional has all the tools and technology to help you do it yourself. With the partnerships with many different lenders the application process has been made to do it yourself. With a financial decision as big as purchasing a home doing it yourself can raise some questions and that is where a mortgage professional comes in. The mortgage professional is not there to hard sell a mortgage, they are there to help coach you through the process and help you get the best product for your situation. They will coach you on the “why” through the process which will help educate the borrower and provide them with the knowledge needed through the whole process.
A mortgage broker will work with you to help complete the mortgage process. There is no cost of using a brokers service as they are paid by the lender and the benefits are substantial. A broker has access to many different lenders including banks, credit unions, and other lending companies that many people have never heard of. The coaching you will receive along the way and the access to the different lenders will provide you with the do it yourself experience and having a valuable resource to use along the way.
In a recent survey 72% of future millennials homeowners agreed that mortgage brokers make the application process easier. 60% also concluded that the mortgage broker can find better mortgage options than they could find themselves. With more technology being added to the application process it is now becoming easier to complete a mortgage application by yourself and with the coaching of a mortgage broker you will learn the mortgage process.
Source: Housing Wire. How Brokers can reach Millennials