How many headlines do we read on a daily basis about the housing affordability crisis? Rents are up, prices are up. Were you aware that, according to NAR, first time homebuyers are at the lowest point in history, representing just 24% of all homebuyers in 2024? Historically, that number is around 38%, reaching a high of 47% in 2009. So, if we look at the glass half empty, that doesn’t bode well for increasing our business in the near term. But let’s look at this from a position of abundance rather than scarcity.
We know that many homebuyers, not just first-time buyers, are unaware of how their debt, savings, employment history, and taxable income can impact their ability to qualify for a mortgage loan. Sure, they can get information online or put some prompts into ChatGPT and get some advice, but what they really need is a team of professionals guiding them through the steps to be in a strong position to buy a home. These are our clients and referral sources of the future — so what can we do to help?
Let’s replace “can’t do” with “CAN do!”
In mid-2024, we created the NEST (which stands for “never ever stop trying”) team of our very own licensed loan consultants. In partnership with your Key Mortgage loan officer, we have been able to counsel well over 100 borrowers who were not mortgage-ready. Improving credit scores and stabilizing reportable income were the two major categories of counseling with an average of 12 months before they became mortgage eligible.
While inventory is still tight, predictions are that increasing inventory will continue to be the trend. So let’s start planning for the buying season of 2026 and think about how many more clients we can collectively put in a position to buy (and sell) a home!
Working with Key Mortgage means you not only can count on us to ensure your client has a great experience and you get paid, but we are always thinking of ways we can help you get more clients.
Did you speak with anyone recently who didn’t think they would qualify because of what another lender told them? Let’s reconnect with them and put them on the right path to homeownership. With a little coaching and support, we can hopefully help them become homeowners sooner than they dreamt possible! Reach out to your Key Mortgage loan officer to get started.
