Local boy makes good.
According to Jerry Schiano, CEO of Plymouth Meeting, Pennsylvania’s, New Penn Financial, the weather may change a little when the Millennials start buying homes.
The change? As he puts it, a humongous hurricane of air sweeping across the country caused by the simultaneous exhaling of tens of thousands of business people dependent upon the sale of homes when Millennials jump into the housing market. (Schiano) Hopefully, that will be in 2017.
Jerry is banking on it. He started New Penn in a depressed market and has grown it to be one of nation’s top independent mortgage lenders. He’s now embarking on a new venture with Spring EQ, to concentrate on home equity lending. He believes the time has come for this type lending to make its comeback.
With the economy improving, home values increasing, the job market getting better, and related wage growth, many people may be looking to make a move in 2017. This move includes some Millennials purchasing their first home. It’s gonna happen sometime, why not in 2017.
With rates still relatively low, some homeowners may choose to take some equity through refinancing or a HELOC to pay down other high rate debt like student loans or holiday credit card debt. Lenders need to be ready.
Jerry’s take, “…at some point in the future, people will get mortgages, because, without mortgages, I don’t think we could have an America…”. So he, New Penn, and Spring EQ are prepared and ready to serve the needs of homebuyers and homeowners when they need home financing. Are you?
It’s entrepreneurs like Jerry that have made, and continue to make, mortgage lenders the backbone of the economy. These are people who are willing to gamble on the future of America. In doing so, they are helping many to realize the dream of ownership, while providing employment and benefits to those they employ.
On this day when we honor the memory and contributions of Dr. Martin Luther King, Jr., let’s put aside our differences and come together to do what each of us can do to make America a better place for everyone.
Regardless of who you voted for in the past election, now is the time to work together to keep America great.
We must work to keep America the land of opportunity. Where those like Jerry, the son of an immigrant, can work hard to benefit both himself and so many others through the businesses he builds and services he provides.
Thanks to Jerry and all those risk takers out there.