Mortgage Connects
Meet today’s first-time homebuyers
Traits and preferences mortgage pros need to know to build trust and foster relationships.
First-time homebuyers bring a unique set of traits and characteristics to the mortgage table. With limited knowledge and experience in the real estate market, first-time homebuyers have specific financial concerns and different priorities and preferences than repeat buyers. Consider these insights:
- 30% say understanding the process is the most difficult part of buying a home*
- 35% say their student loan debt hinders their ability to save for a home*
- 47% say the top reason for purchasing is the desire to own a home of their own*
Arm yourself with the insights from this infographic to ease their concerns, meet their needs and earn their trust.
As a loan officer, tailoring your approach to the needs of first-time homebuyers is key. Here are 3 ways you can better connect with this important demographic:
1. Guide them through the process: Understanding the homebuying process is a concern for first-time buyers. Anticipate questions and provide clear explanations. Leverage educational resources that break down the journey step by step, like those in our first-time homebuyer resource library.
2. Address financial hurdles: Saving for a down payment is challenging for many first-time homebuyers. Be prepared to discuss low-down-payment options, the benefits of private mortgage insurance as a means to buy sooner, or down payment assistance programs.
3. Tap into their motivations: Many first-time buyers have a strong desire to own their own home, so validate and celebrate this deep-rooted aspiration. Highlight the value of homeownership, like pride, stability and the ability to build equity.
Stand out as their trusted advisor
By understanding their motivations, preferences, challenges, information sources, and demographics, you can position yourself as a trusted advisor and effectively connect with this important market segment.
*Source: 2023 NAR Home Buyers and Sellers Generational Trends
