How to score working with First-Time Home Buyers
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This document discusses strategies for mortgage lenders to target and better serve first-time home buyers (FTHBs). It notes that FTHBs currently make up around 30% of the housing market and that targeting this segment can provide lenders with loyal, long-term clients. The document recommends focusing marketing and outreach efforts on younger generations using tools like social media, blogging, and videos. It also suggests tailoring the lending process to address common FTHB concerns about jobs, down payments, and credit. Finally, the summary emphasizes embracing FHA loans, which are well-suited for many FTHBs.
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4. Personal reasons for wanting to buy a home, like having a place for children to grow up, should be considered rather than just financial factors which may suggest waiting.
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This document provides an overview of reasons to consider buying a home now rather than waiting. It begins by outlining projections that home prices will continue to rise 15.1-32.8% over the next 5 years and that mortgage interest rates will increase by around 1% in the next year. It then notes that whether renting or owning, households must pay housing costs, and owning allows building equity over time. Finally, it suggests considering non-financial factors like wanting the right home for one's family as reasons not to wait to buy.
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How to score working with First-Time Home Buyers
- 1. Scoring with First Time Home Buyers Unlocking Hidden Value Shashank Shekhar Arcus Lending
- 3. Agenda
- 4. %age of FTHBs Source - NAR
- 5. Home Affordability Peaks! Source – www.car.org
- 6. Age of First Time Home Buyers Source - NAR
- 7. Status of FTHBs Source - NAR
- 8. Primary reason for buying the first home Source - NAR
- 14. They will reverse the decline in 25-44 age group.
- 15. The number of echo boomers 25-44 will eclipse the numbers of baby boomers when they were of the same age by 5.9 million
- 18. Use of internet to search for homes Source - NAR
- 19. First step taken during the Home Buying process Source - NAR
- 23. Deadlines
- 24. The Paradox of NOW! Highest prices BUT LOWEST payment Lowest prices BUT HIGHEST payment Sales Price $425,000 $403,750 $382,500 Loan Amount $410,125 $389,618 $369,112 Interest Rate 5.00% 5.50% 6.00% P&I Payment $2,240 $2251 $2,252
- 30. Let’s Connect www.Facebook.com/LendingExpert www.Twitter.com/ShashankTweets Blog www.LendingExpertBlog.com E-mail [email_address] Cell 408.905.6261 Media www.SanJoseRealTime.com www.Facebook.com/FirstTimeHomeBuying101