3 Ways to Use Low Mortgage Rates to Your Competitive Advantage
The mortgage industry overcame many challenges in 2020 and fortunately, all-time low mortgage interest rates combined with a growing number of first-time homebuyers ready to find their dream home have kept the housing market in good health and it should keep it thriving in 2021.
What does this mean for independent mortgage professionals? As more consumers continue to enter the housing market to purchase a new home or refinance their existing home loans with lower rates, they’ll need a mortgage expert to guide them through the process.
When it comes to refinancing, homeowners who are paying more than 3% interest on their home loan could be eligible for significant savings from a refinance. Likewise, new homebuyers who are in need of a mortgage could be approved for historically low rates in the 2%’s. While each borrower has a unique financial circumstance, you’ll be able uniquely positioned as an independent loan officer with access to lower wholesale pricing and lightning fast turn times, giving you the chance to provide your clients with a seamless experience they’ll remember for all the right reasons and fill your lead pipeline with referrals to their family and friends.
With an increased demand from borrowers to refinance or purchase a home, local independent mortgage professionals can use this as an opportunity to educate potential clients on why working with you, instead of shopping on their own or working with an online lender, is in their best interest. Let’s take a look at a few key highlights you’ll want to make sure clients know about what you’re able to provide.
How Independent Mortgage Brokers and Loan Officers Help Consumers
1. Save Consumers Time
While it’s no secret mortgage rates are exceptionally low in the current market, some consumers may not want to sacrifice their time to search for a better rate. You can educate clients and let them know that you’re there to handle the bulk of the work. It’s your job to shop among lenders and find them the best loan that fits their needs. Working with you eliminates the need for the borrower to call around to multiple lenders or search online and try to distinguish which option is the best.
2. Save Consumers Money
In your role as an independent loan officer, you’ll have access to a variety of mortgage lenders, meaning you’ll have more choices to consider when searching for the best home loan for your client. Oftentimes, more choices mean better options to save your client money. Additionally, many mortgage lenders offer positive incentives for brokers in good standing with them, meaning you may have access to even better rates, discounts, and more that may not be available to the average borrower shopping around for themselves in the direct-to-consumer retail market.
3. Provide Consumers with a Personalized Experience
Many borrowers don’t realize the hands-on, personalized experience they’ll benefit from when working with an independent mortgage professional. As an independent mortgage broker or loan officer, you’ll have access to an unlimited amount of resources to help troubleshoot any challenges that get thrown your way and be available to your clients when they need you. The loan process can be overwhelming for many potential homebuyers, and it’s your job to be there for them for the entire life of their home loan. Even when the home loan closes, you’ll still serve as a resource for your clients should they ever need anything down the road.
At the end of the day, working with an independent mortgage professional is an easier, faster and often cheaper way for homebuyers to get a mortgage. With low rates remaining prevalent, now is your chance to educate potential borrowers on why working with you will save their time and money, and provide them with an easier home loan experience.
Are you interested in a career change? Consider becoming or joining an independent mortgage broker or loan officer. It’s easier than you might think and our team at BeAMortgageBroker.com is here to help you every step of the way.