DALLAS (8/1/13)--As they mature, Gen Y members are becoming prime targets for the mortgage market.
Here are three ways credit unions can position themselves to serve Gen Y's mortgage needs:
Offer education on home-buying opportunities. Provide rent vs. buy calculators to help them see the savings in purchasing a home, advised CU Members Mortgage Senior Vice President Linda Clampitt. First-time homebuyer seminars also help motivate buyers and set proper expectations.
Make products available. Most Millennials don't have large sums of cash at their disposal, yet they don't want to delay their housing needs to save a large down payment, Clampitt said. The Federal Housing Authority (FHA) is still a low down payment option for them. If credit unions aren't offering FHA assistance, they need to know Gen Y has a growing need for this program.
Provide technology solutions. Gen Y members want their needs met on demand, even with home loans. An online home loan application provides the opportunity to apply at their convenience, she said.