Mortgage Strategies for the Generations

Mortgage Strategies for the Generations

Mortgage Strategies for the Generations

At all times, there are at least three dominant generations that can be considered to be impactful. Right now, it’s the Baby Boomers, Gen Xers, and Millennials.

When it comes to purchasing a home, your mortgage strategy largely depends on your financial status. These statuses, when mapped on a graph, fall largely into three distinct groups. These points on the graph, while independent of each other, have commonalities with one another. The commonality? Age group. Many people fall into stages of life that each present unique challenges in acquiring a mortgage.

Baby Boomers

House rich, but cash poor. The main focus for a Baby Boomer is to direct their attention to their home equity. It may involve a reverse mortgage, which allows them to turn home equity into cash, but must be repaid until after the borrower no longer occupies the home.

Gen Xers

Gen Xers are in the prime of their earning life. It also coincides with the most expensive stage of their life. The key, and the biggest obstacle, is to find a balance between spending and saving. Review your income and allocate what you deem necessary to each.


Growing up in an era with the most wealth inequality in recent history is no easy task. A 20 percent down payment can eliminate costs like mortgage insurance, but that amount is usually out of reach for most Millennials. Saving for higher monthly mortgage payments and creating budgets around these limits tends to be the most convenient way to go for most Millennials.

No matter when generation you belong to, we provide home loan needs throughout Solana Beach and San Diego County, as well as all of California. Contact Elvin Wesley at Ranch & Coast Mortgage Group Inc. We have the experience needed to make sure your refinance process goes according to plan.