With a decrease in loan volume still looming over mortgage brokers, there is becoming a need to change marketing strategies in order to gain new clients.
It is easy for a lender to try and change their business plan to compensate for a decrease in revenue. This problem is stemming from homeowners shying away from refinancing. Those who have purchased homes in the last few years see no benefit to re-financing now at a possible higher interest rate, while those who are still locked in at a high interest rate have not yet gained the home value they need to qualify for one.
Personalized Lending
Instead of using mass marketing techniques to lure in new borrowers, personalized lending such as what you receive with Better Rate Mortgage is a better way to entice new business. Instead of focusing only on output, getting to know the customer and providing personalized service is the better way for lenders to do business.
A counted on lender like Better Rate Mortgage has a strong referral base, thanks to on-going relationships with satisfied prior clients. What you should be looking for when shopping for a mortgage is a broker who is open to sharing referrals with you and is able to communicate effectively how they were able to assist these customers in getting the financing they needed. Another indicator of a good lender in St. Louis is what the real estate brokers have to say about them. The relationship between the agent and lender is usually a close one, and yours should only direct you to someone they know to be efficient and counted on as a broker.
Listening to the Homebuyer
Flashy advertising techniques are not going to help a homebuyer when it comes time to qualify for a loan. They need someone who is willing to listen to their concerns and assess their situation in order to ensure they receive the best possible terms. The great thing about brokers like Better Rate Mortgage is that they are willing to offer you those terms before you choose a home. Their assessment is based on what you can afford as opposed to what the house you are interested in is worth.
TBD Mortgage Programs
The incentive of TBD mortgage programs is a better draw for new clients than a loan officer who is only interested in the value of the home. This allows the buyer the freedom to shop for a house that they already know they can afford. This also allows the lender to talk with a potential homebuyer about the pros and cons of home ownership and how their personal needs are going to be looked after before the borrower falls in love with a house. This is a big decision to be made, and the borrower needs to feel confident that the lender who they will be having a relationship with for the next 30 years is one who has their best interest in mind.
The housing market in St. Louis has undergone some major fluctuations over the last few years, and it may be frightening to consider jumping into a new home. For someone considering making a move now, the best way to do it is with a lender who is able to offer one-on-one communication and ease your concerns, not one who is too busy focusing on the bottom line to care about your needs.
Call Better Rate Mortgage at (314) 361-9979 for more information.
Photo credit: Alan Cleaver via Flickr
