TheMReport — News and strategies for the evolving mortgage marketplace.
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M R EP O RT | 27 QUICK TAKE Anywhere. Anytime. MReport Digital Bringing Today's Lending Headlines into Focus, MReport Digital Puts Mortgage Banking News at Your Fingertips Experts you trust. People you know. News you want. MReport is putting essential mortgage market news at your fingertips with our new digital edition, now available online via your smartphone, tablet, or computer. Enjoy the magazine at your desk, and tap into MReport Digital's easily accessible platform anywhere, anytime. Committed to giving originators, servicers, and all lending professionals access to smarter perspectives, MReport believes it's time to think differently about the mortgage industry. Because the American Dream is evolving . . . are you? Subscribe to MReport and MReport Digital now! Call 800.856.8060 or connect with us online at themreport.com to take advantage of our special introductory offer! digital.themreport.com powered by THEFIVESTARINSTITUTE Low Mortgage Rates & Home Equity S everal new home equity programs have become available in the last couple of years that allow a homeowner to take out lines of credit against their home equity, freeing up cash for them to spend on needs and even wants. And because COVID-19 threw the breaks on leisure travel and vacations, visits to restaurants and theaters, and other activi- ties, many consumers who maintained employment were able to save money. While some will spend the cash frivo- lously, many baby boomers and other generations are preparing for their future, investing that savings in a new home, a second or third home, or even in invest- ment properties. We've even seen some who purchase a "Zoom home," a getaway house that allows you to work while enjoying new scenery. Obviously, this is problematic as it fur- ther shrinks an already small inventory of homes available on the market. Millennials May Wait, But They'll Do What It Takes N eedless to say, it's been a difficult year for so many, emotionally and finan- cially. Millennials, many already burdened with student loan debt and stagnant wage increases, were certainly not spared from the financial impact of the pandemic. Surveys have shown that many millen- nials have had to put off buying a house because they've been unable to save for a down payment, had to dip into their sav- ings, or because they've lost their job. We know it may take some time for our country to fully recover from the impacts of the coronavirus, and that goes for millennials too. Life certainly looks different today than most of us anticipated, leaving many of us to sideline plans and aspirations until we're back on stable footing. For a por- tion of millennials, this has meant delay- ing the move to a new home and starting a family ... but all indications show that they will get there eventually. In fact, this generation has proven to be determined to do what it takes to buy a house. For example, surveys show that millennials are settling for smaller homes, asking relatives for help with down pay- ments, moving outside popular markets, and putting offers on homes that will need considerable work and renovation. They're making it work. As this "new era" of housing contin- ues, for the foreseeable future, real estate professionals are determined to help this outstanding generation realize their dream of homeownership. KUBA JEWGIENIEW is the CEO And Founder of Realty ONE Group, one of the more rapidly growing real estate franchisors. The company was created with a 100% commission model, an emphasis on culture and unique branding, and a system of partnered and proprietary tools and technologies for franchise owners and real estate professionals. Born to Polish-born parents who immigrated to the United States, he became the first in his family to graduate from college and earned a Bachelor of Science in economics from the University of California San Diego. He launched Realty ONE Group in 2005. "Life certainly looks different today than most of us anticipated, leaving many of us to sideline plans and aspirations until we're back on stable footing."