Borrowers come to you at all levels of financial preparedness. First-time homebuyers often have student loan debt, an average credit score, a high DTI, and not enough savings to cover their down payment and closing costs. How do you get each borrower mortgage-ready without putting pressure on your already strained internal resources?
Applications from past clients looking to refinance or purchase a new property are not guaranteed to be easy to close, either. They can return to you with their finances in a different shape – a lower credit score, high credit card utilization – to what they were when you financed their last home purchased.
Fintech is making it easier and affordable for lenders to provide a customer-centric mortgage process that adjusts to each borrower’s timeline enabling them to personalize their homebuying experience.
Select the right solution, and you’ll have the opportunity to create customers for life by nurturing each borrower through whichever cycle of life they are in when they contact you.
What’s more, if you do it right, you’ll create evangelical brand loyalists, and referrals to their family, friends, and neighbors will follow. Most consumers buy or refinance a home every five years, so you can’t build your pipeline for the next two years on retention.
Almost half of the consumers only consider one mortgage lender before deciding where to apply. To build a profitable pipeline, you should aim to provide a home financing experience that garners recommendations from each borrower. Borrowers who you helped overcome credit or debt challenges on their way to mortgage readiness will be more inclined to promote your business.
FinLocker not only has the tools and resources to get your borrowers mortgage-ready at their own pace, but it’s also a brand loyalty driver. White-labeling your FinLocker will keep you top-of-mind with every login so that you’ll be the only lender your borrowers will want to recommend and return to for future financing.