BankingBridge Blog

Though the misconception that it requires a 20% down payment to buy a home is prevalent, there are many facts that offer great prospecting opportunities for lending companies, loan officers and their referral partners:

• The U.S. homeownership rate has reached a 3-year high according to the U.S. Census Bureau
• Low down payment loans with private mortgage insurance (PMI) were the fastest-growing first time home buyer products from the fourth quarter of 2017
• The Hottest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index revealed 3 percent annual profits for December 2017, up from 6.1% the preceding month
• Home prices rise over time, even with market fluctuation, inflation and other economic conditions payable according to U.S. Census Bureau figures dating back to 1940

All these stats make for target-rich prospecting surroundings for repeat and referral business: An increasing number of homeowners using PMI means more people will need the insight and expertise of mortgage and property professionals to reveal them when - and - how - to eliminate that portion of the monthly home payment. This confluence of states makes sharp, consistent post-close advertising crucial.

Doing a fantastic job for a borrower is the most basic aspect of developing and growing a good practice; however, memories fade as time passes, so referral and repeat business takes more effort. Simply reminding past customers about a fantastic experience may not be enough to inspire them to cite you to some friend or coworker searching for a mortgage nonetheless, the fact that you were instrumental in rescuing somebody real dollars catapults you - and your service - to an entirely different level.

Are you working with your Realtor partners to promote and educate first-time homebuyers? How are you reaching Millennials.