With our rapidly advancing society, the Millennial and Gen Z generations have grown up in a world where they have all the latest technology at their fingertips straight from birth. So now, it’s only natural that businesses have started gravitating to the most popular places on the internet to reach young people. Now you can seek advice from someone on just about every platform, from Instagram to Twitter, and even the latest craze, TikTok. Mortgage lenders are following suit and trying to reach a new demographic through social media, but is it trustworthy? A recent article from Forbes ponders this very idea.
Social media can encourage gigantic moments, as we saw in January 2021, with Reddit users taking over the stock market; social media has the power to impact our economy significantly. So far, TikTok has mainly been used to popularized one-minute videos where the younger generations declare those who part their hair on the side are old and choreograph dances to dubbed music. Still, the platform is also emerging as a place for prospective young homebuyers to get lending advice. In the Forbes article written by Natalie Campisi, she discussed the validity of these new videos on the social media site. Her verdict is that there is mixed reliability and recommends people use these videos as a starting point to do their own research and not strictly rely on information from TikTok.
We embrace new technology and realize that many people’s lives are unique. Therefore, not every loan product works for everyone, and specific advice is helpful. Reach out to one of our experienced Loan Advisors today, and they’ll give you the proper tools to make the best informed financial decision for yourself. Let us know what you think about lenders giving mortgage advice on social media platforms like TikTok.