Page 13 - QuarterlyNewsletter_Nov2017

Stiff Challenges Facing Today’s Homebuyers & Their Digital Expectations

Summary:

A. Thousands of would-be homebuyers – especially people of color and millennials – are shut out from the
market because of confusion about down payment requirements, lack of info about credit standards
and burden of student loan debt Marketing Using Reserch:
B. From a broad view, the U.S. housing market looks very healthy. Demand is high, employment and wages gmfsmortgage.com:

are growing, and mortgage rates are low… but at the same time, sales are falling, again, because there are
too few homes on the low end, and the homes that are available are very expensive First-Time Home Buyer, Loan Options, Mortgage Resources, Mortgage FAQs, post:

C. More than a third of all borrowers prefer self-service websites, especially during the research stage of getting “Don’t Let student loans keep you away from homeownership”
a mortgage
D. As they progress through the application and processing stages, however, they prefer an increasing amount Social Media:

of help from mortgage professionals through a variety of channels, including online chat, phone, SMS text
and email • 10/10 FB post: No you do not need 20% down to buy now!

E. Borrowers who got a mortgage in the last year were 42% less likely to find their lender based on a Realtor • 10/3 FB post: Having student loan debt does not automatically exclude you from
referral compared to borrowers 2 to 5 years ago. Over the past year, in fact, only 10% of borrowers chose qualifying for a home loan!
their lender based on a Realtor referral. • 9/28 FB post: Why your online credit score may be different than what a lender

F.. Borrowers who got a mortgage over the past two years were 3.7 times more likely to find their lender through
online research or through social media than they were 5 to 10 years ago sees

G. Top three-mortgage related questions asked in Google are all related to “affordability”: • https://twitter.com/GmfsMortgage
1. How much mortgage can I afford? • www.linkedin.com/company/gmfs
2. How much mortgage can I qualify for?
3. What mortgage can I afford? (The full presentation is an easy 5 minute read and can be found on the Marketing

H. 71% of all borrowers were provided an online portal in the past two years and they were twice as likely to say page of our Intranet)
technology improved the loan process as those who were not provided this option

I. “Lenders need to look at technology as more than a tool for marketing and manufacturing mortgages, but a
vehicle for creating the perfect mortgage experience for all consumers, regardless of their preferences,” said
Daniel Miedema, Director of Marketing Operations at Guaranteed Rate, and a Velocify customer