Most Millennials Seek Mortgages From a Bank – NMP
Industry News

Most Millennials Seek Mortgages From a Bank

Aug 06, 2019
Photo credit: Getty Images/BrianAJackson

More than half of Millennials are homeowners, but nearly three-quarter of them obtained their mortgage from a traditional bank, according to new data from LendEDU.
 
In a survey of 1,000 Millennials, LendEDU found 58 percent of Millennials are currently homeowners, while 42 percent were not. Eighty-three percent of the Millennial homeowners said they obtained their residence with a mortgage, while 17 percent said they eschewed the mortgage route.
 
When it came to the source of their mortgages, 73 percent of respondents said they worked with a traditional bank, while only 22 percent said they went with a nonbank lender. The average down payment made by a Millennial closing on their home was 16 percent of the home's total purchase price–and, as a result, 52 percent of respondents said they were currently paying for private mortgage insurance.
 
And it seemed that many Millennials did not research the subject thoroughly: 45 percent of Millennials said they were not aware of the Federal Housing Administration (FHA) loan program before taking out their mortgage and did not look into that option as a result. But this youthful demographic knew about the Bank of Mom and Dad: 30 percent of respondents received help from their parents to make the downpayment.
About the author
Phil Hall
Link copied
Published
Aug 06, 2019
Get the NMP Daily
Industry News
Newfi And Addy AI Announce Partnership

Newfi and Addy AI today announced a collaboration focused on the continued evolution of artificial intelligence in mortgage lending

Newfi and Addy AI today announced a collaboration focused on the continued evolution of artificial intelligence in mortgage lending.Newfi has built innovative lending products and a modern approach to the mortgage market. As the industry evolves, the company continues to exp...

Continue reading
Analysis and Data
Smaller Down Payments Give Buyers More Room, But Rates Limit The Savings

The typical down payment fell 9% from a year ago, while shifting market conditions are giving originators different affordability conversations across the country

Homebuyers are putting less money down than they were a year ago, another sign that increased inventory and greater negotiating room are changing the purchase market.The typical down payment fell to $27,100 in the second quarter of 2026, the lowest second-quarter dollar amou...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
CHLA: More Freddie Mac MBS Buying Could Narrow Mortgage Spreads

Trade group estimates greater Freddie participation could compress spreads another 10 to 12 basis points as Fannie has taken the lead in GSE mortgage-bond buying

Industry News
Sep 23, 2026
Early Loan-Limit Race Splits Into Three Tiers

Lenders are now offering $845,000, $847,440, or $850,000 before FHFA sets the official 2027 limits

Industry News
Sep 23, 2026
Better, Garg Clash Over Claimed 46% Shareholder Support

Better disputes its former CEO’s preliminary consent count as the two sides trade accusations and an Oct. 2 target date approaches

C-Suite Strategies
Sep 23, 2026
Fannie Changes How Rent From A Former Home Counts

Fannie now prohibits leases for departing residences and permits market-analysis tools instead of Form 1007, creating a key documentation difference from Freddie Mac

Regulation and Compliance
Sep 22, 2026
MPF Expands Eligibility For Manufactured And Renovation Loans

The Mortgage Partnership Finance Program has expanded MPF Traditional eligibility for affordable loans, manufactured homes, renovations, and lender-funded assistance

Industry News
Sep 22, 2026