Lack of millennial home ownership results in rejected business loans
Why young rich dudes say they’re about to default: [shrug] In terms of assets, they report higher home ownership than peers, but lower home equity values, greater usage of adjustable and interest only loans and higher non-mortgage related debt. In terms of incomes, a majority report that income barely or does not cover expenses and they are slightly or very worried about earning less money.
· By Douglas A. Boneparth, CFP®, AIF®, MBAFor many Millennials, personal finance can be hard to understand most often because they lack basic education.
· Millennials making major sacrifices to buy their first home, as long as it’s a house. Less than a quarter weren’t making any sort of sacrifice for a deposit. Most Millennials were also prepared to make concessions about where they lived, with more than 60 per cent willing to live in less established areas, and almost the same number willing to increase their commuting time by up to an hour to.
This obviously affects home ownership, retirement investments, car purchasing, and the ability to take on small-business, entrepreneurial loans. Bottom line: The Millennial population is in a perpetual state of safety and security, if we look at it from Maslow’s Need Theory perspective.
· Without a rate hike since December, we’re already starting to see mortgage rates fall. This is helpful not only for those who want to buy a home, but also for those who bought homes at last year’s highs to refinance. As for personal loans and credit cards, we may still see these rates continue to increase, just at a slower rate.
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Fortunately, there are plenty of mortgage options for millennials. fha loans. For those wanting to get into a home with a minimal down payment, an FHA Loan is one of the most practical choices. These government-insured loans require just a 3.5 percent down payment – and all of that money can be gifted from a relative or the home seller.