Are You a Mortgage Originator? How to Make Your Business Irresistible to First-Time Homebuyers

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first time homebuyer mortgage originator

If you are a mortgage originator and you want to attract first-time homebuyers, you must stand out from your competitors. These tips will help you differentiate your business and draw in clients who are new to the market.

First-time buyers account for a large portion of the realty market. In 2019, according to the National Association of Realtors (“NAR”), they made up a third of all homebuyers. As a mortgage loan originator, you would be doing yourself a disservice if you did not take the time to make your services appealing to this swath of potential clients.

Are you doing everything you can to attract first-timers?

If you are not 1) educating yourself and your clients about special first-time programs, 2) offering government-backed loans, 3) helping every step of the way, and 4) asking for referrals from your clients, you could be doing more.

Educate Yourself and Your Clients about First-Time Homeowner Programs

Most successful mortgage originators know about the programs that can help their clients. If you want to get more clients who have never bought a home before, you need to educate yourself about the different programs that may be available to them in your area.

Among the benefits that these programs may offer are affordable rates, low or no down payments for first-time home buyers, and special offers for veterans, public servants, and student loan borrowers. The eligibility requirements vary by state and program, so make sure you understand the fine print before pointing your clients toward these options.

Offer Government-Backed Loans

Government-backed loans from the U.S. Department of Veteran Affairs, the U.S. Department of Agriculture, and the Federal Housing Authority, among other agencies, may be especially attractive to first-time buyers because they may offer less stringent eligibility requirements. Offering these types of loans could open up another area of the market to your mortgage business.

Be There Every Step of the Way

Put yourself in the buyer’s shoes: would you rather work with a mortgage originator who is there when you have a question or one who is difficult to reach? MLOs have many technology options to help them stay organized and in touch with their clients every step of the way.

Ask for Referrals

If you offer your clients true value as their point of contact for their home loan, you can count on them to refer you to others interested in buying their first home. Be sure to stay in touch with your clients after the home sale and ask for a referral when the time is right.

Always remember: you are building relationships with people. Show them that you care about more than the transaction if you want them to return the favor.

Be the Mortgage Originator Your Clients Need with Help from wemlo

At wemlo, we pride ourselves in the services and support we offer our clients. Schedule a demo with us today to learn how we can help you grow your business with faster loan processing times.

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