Have you ever wondered why previous generations were able to afford homes at a young age, while many of today’s well-earning youth can barely afford to rent? This stark contrast has been a hot topic of discussion, particularly after a viral TikTok video sparked a conversation about the changing landscape of mortgage practices across generations. In this episode of A&D Market Digest, our seasoned Sales Leader Mike Pearson shares his thoughts on the topic and provides valuable insights on how to help young people achieve homeownership.
Key Highlights
- Why it is more challenging for young people to buy homes today
- How the mortgage process and conditions have evolved
- Adapting to changes in regulatory, compliance, and documentation requirements
- Non-QM loans and other options for borrowers with alternative income sources
- The importance of saving for a down payment
- The importance of starting right now
- Strategies to help young people achieve homeownership
- Success stories of A&D Mortgage helping young borrowers
Don’t let rising costs and changing market dynamics hold your clients back. Watch the full episode of A&D Market Digest to gain valuable insights and learn more about how you can help young people achieve their dream of homeownership.
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Mortgage News
- NMP – CFPB Issues Public Inquiry On Junk Fees Affecting Closing Costs. The Consumer Financial Protection Bureau (CFPB) launched a public inquiry, May 29, into junk fees that are increasing mortgage closing costs. Mortgage lenders and borrowers are encouraged to respond within 60 days of the request being published to help the CFPB understand why costs are rising, who is benefiting, and how costs may be lowered.
- Scotsman Guide – More than half of homebuyers don’t shop around for mortgages. In spite of the potential savings a homebuyer can achieve from comparison shopping, a slim majority still aren’t shopping around, according to a new survey from LendingTree.
- MPA – HUD announces $44 million funding for families in assisted housing. The Department of Housing and Urban Development (HUD) has announced $44 million in funding for two initiatives to equip families in HUD-assisted housing with the tools to achieve financial independence.