Author bio section

I am the author of this blog and also a top-producing Loan Officer and CEO of InstaMortgage Inc, the fastest-growing mortgage company in America. All the advice is based on my experience of helping thousands of homebuyers and homeowners. We are a mortgage company and will help you with all your mortgage needs. Unlike lead generation websites, we do not sell your information to multiple lenders or third-party companies.

The novel Coronavirus has come in a year when a good percentage of millennials are turning 30. What this means is that this demographic is stepping into its prime home-buying years in a scary situation. True that 2020 may be a headache-inducing year but looking at the big picture, “millennials may be poised to fuel a ‘roaring 20s’ of homeownership demand”, according to  First American Financial’s Chief Economist, Mark Fleming. Fleming feels that all that the millennials need to do is make the right lifestyle choices. 

Not all millennials are serious about buying homes but there is First American Financial’s data to prove that they are more in the game than Gen X or the Baby Boomers. In 2019, home demand coming from the millennials shot up by 3%, compared to Gen X’s 1.7% and Baby Boomers’ 0.8%. Fleming rounds it off beautifully with, “It appears millennial homeownership has been delayed, not denied.”

Lenders understand the risk involved in the current times and hence the average FICO score for millennials has come up to 742 in May, a hike of 21 points on the year-over-year chart, according to Ellie Mae’s Millennium Tracker. Average millennial borrowers are 32.3 years old. This again is a 2-year leap on the year-over-year chart. 

“We’re in an era marked by economic volatility and this has caused lenders to tighten up their credit requirements, so it’s more important than ever for millennials looking to enter the market or refinance, that they’re taking good care of their finances and carefully managing their credit,” said Joe Tyrrell, COO at Ellie Mae.


Related Posts

  • 82
    Fannie Mae has posted its best refinancing figures in the last 17 years and its Q2 earnings have put in shade its Q1 earnings, demonstrating that it is having a decent time despite the setback faced by the broader economy. ‘Fannie’ believes that its performance can be put down to…
    Tags: mae, mortgage, years, news, refinance, process
  • 81
    Freddie Mac believes that the mortgage rates that have climbed by three basis points could come down near record lows shortly. Freddie Mac's chief economist, Sam Khater, stated in a press release that the "Mortgage rates set several record lows over the last few months and have remained low into…
    Tags: mortgage, year, news, refinance, process
  • 80
    The Mortgage Bankers Association informs that aspiring homeowners are putting behind the Coronavirus scare and filing purchase mortgage applications at a level not seen over the previous decade.  It comes as a bonus that the 30-year fixed loan rates are at their lowest since the MBA’s Weekly Mortgage Applications Survey…
    Tags: mortgage, year, refinance, news, process
  • 77
    One way to form an opinion about demand is to look at the number of listings that have seen a price hike. One reason for such increases is real estate flipping. Investors buy a property, do some work on it, and sell it at a better price. It is done…
    Tags: demand, big, average, mortgage, news, refinance, process
  • 76
    For the first time in four weeks, mortgage applications saw a hike, rising by 2.9% over the last week. The housing demand is atypically strong as we come to the end of summer, says the Mortgage Bankers Association.  The MBA's associate vice president of economic and industry forecasting, Joel Kan,…
    Tags: mortgage, year, average, refinance, demand, news, process