I read an article in the newspaper the other day and yes, I still read the newspaper, which provided some tips to homebuyers for finding a good mortgage lender.
Some were obvious. But, I thought I’d give you the information as this is what is being provided to consumers to help them choose their lender.
- Compare lenders, their products, and pricing. Carefully analyze rates and fees and what products in which a lender may specialize, e.g. construction lending or VA Loans. Don’t just shop for the lowest rate. Fees may vary.
- Get references from people you know. Ask family members and neighbors about companies and loan officers they may know; get the good and the bad on each.
- Check with your local bank or credit union where you do business.
- Decide if you want to use a Broker to assist in finding the best deal. But remember, a Broker is not required to find the best deal for you. Compare Broker offerings against those from offers you can find on your own.
- Get a referral from your Real Estate agent. Keep in mind that the agent may have an affiliation with the lender.
These are just the highlights of what was recommended to consumers in the article when shopping for a mortgage lender. This is a big step and one with which many homebuyers have little experience. so I figured lenders should want to know.
- How do you set yourself apart for all the other mortgage lenders in your marketplace?
- How can you compete with local banks and credit unions that do business with consumers on a day to day basis?
- Do you still strictly rely on field loan originators to drive your business?
Times have changed and today’s consumers have access to a myriad of resources to find ways and lenders to finance their home.
As a mortgage lender, you should have multiple ways to touch and attract potential customers. Loan originators calling on Realtors and builders are still a major source for business but there are much more. These other sources shouldn’t be ignored.
A fancy website isn’t enough. You need ways to get your message out to drive business to your site. Your message does no good if no one hears or reads it.
Social media can sure help. But, you need to very careful of what gets posted, where, and by whom.
The same rules apply to this new medium as does to print, radio and TV advertising. Do you have a Social Media Policy? If so, are all employees aware of and following, it? How do you monitor social media content about your company?
Consumers are getting sound advice to shop around for lenders, products, and rates. That’s good for the consumers and lenders as well. Now you just need to be available where they look, with the information they need, when they want it.
It’s no good be a good mortgage lender if nobody knows it.