Thursday, May 5, 2011

Shocker - Home Buyers Don't Understand Mortgages, but think they do

An article appearing in the Housing Wire cites an Ipsos Consulting Study based on a Zillow quiz, showing Home Buyers really don't understand the business.

As loan originators, we assume that our borrowers understand what we are telling them. But while they may hear us, they don't understand. This can cause a loan officer to lose a transaction, because the borrower doesn't have the comfort level to make a purchasing decision. Always confirm the borrower understands by asking them to explain what they know. Overlooking this step, particularly when the borrower represents him or herself as experienced, can cause you lost business.

For mortgage lenders, originators and even real estate agents, it is important to have a tool that can quickly educate borrowers on the ins and outs of mortgages AS THE INFORMATION APPLIES TO THEM. Too long, and they won't read it. Too detailed, and they won't read it. But if it's useful, they will read it, keep it and pass it on to their friends.

To answer this need we have put together an educational marketing tool for individuals and companies to custom label with the company name, individual name and logo. This can be distributed to all of your potential new customers as a way to represent yourself as an industry expert.

It includes a tear out pre-application kit, so that when the customer is ready to apply, they have all the tools to submit a complete application.

Your own personalized guide to distribute to consumers, referral sources and business partners.


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