Understanding the Homebuying Journey
The path to homeownership is not a one-size-fits-all process. Based on the data-insights of consumers in their pipeline, Edge Home Finance LOs can quickly identify:
• 46% of consumers are Just Getting Started—in the early phase of preparing their finances, improving their credit, and learning the steps to buy a home.
• 21% are Not Looking at the moment and are using Edge Loan Advisor to stay mortgage-ready for a future refinance or purchase.
• 15% are Qualifying for a Mortgage, actively preparing their finances and credit to qualify for a mortgage.
• 4% have Hit a Challenge, working through credit or financial barriers.
• 5% are Ready for the Next Step, highlighting an opportunity for pre-approval before they begin their home search.
Credit Score Insights
Credit health plays a pivotal role in home financing. Data shows a diverse range of credit scores among aspiring buyers:
• 35% have a credit score between 0-600, indicating a need for credit-building tools.
• 28% fall between 601-660, nearing mortgage eligibility but still requiring financial guidance.
• 10% fall between 661-700, which enables them to qualify for a mortgage and continue to improve their score while they improve other eligibility factors.
• 19% have 740+ credit scores, positioning them for the most competitive mortgage rates.
Engagement and Readiness Trends
Consumers are becoming increasingly proactive about their financial journey:
• 96% agreed to share data, demonstrating trust and a willingness to engage with their loan originator.
• 49% elected to receive their credit score and credit monitoring, taking proactive steps to improve their financial standing.
• 15% enrolled their current, to monitor their home value and equity, showing an interest in being savvy homeowners.
Why This Matters
For loan originators, these insights highlight key opportunities to engage, educate, and support aspiring homebuyers and current homeowners at every stage. By leveraging Edge Loan Advisor, Edge Home Finance LOs can quickly identify mortgage-ready homebuyers and those who need additional guidance to achieve homeownership.
