Key Elements of Successful, Modern Financial Education
Today’s borrowers face complex financial circumstances, homeownership challenges and affordability perceptions. In fact, a 2019 Freddie Mac survey of renters revealed that 80 percent of Millennials, 81 percent of Gen X and 71 percent of Baby Boomers perceive not having enough money for a down payment or closing costs as an obstacle to homeownership.
Challenges stemming from the COVID-19 pandemic amid a low interest rate environment has further complicated these existing issues. From credit ratings to down payment requirements, borrowers now more than ever need to clearly understand the mortgage process and their options.
So how can the housing industry help them prepare for sustainable homeownership?