How can I increase first time buyer mortgage leads?
A new mortgage lead generation report from Google + Chase Bank shows that first-time homebuyer searches is higher than it has ever been. So far in 2017, first-time homebuyers represent 44% of Google searches in the mortgage category, up 11% from last year. As a result, lenders are trying to aggressively outbid each other on first time homebuyer keywords, only to see that the top Google ad spots are all financial institutions. Banks are also targeting first-time homebuyers to get them pre-approved for a mortgage. Where can lenders turn to get in front of these first time homebuyers?
Mortgage Marketing – Unqualified First Time Buyer Mortgage Leads – The Root of the Home Financing Problem
The Federal Savings Bank estimates that more than 1 in 3 mortgage applicants in the U.S are not successful in securing a loan. That translates to nearly 1.6M unsuccessful transactions.
Nearly 100% of first time homebuyers finance their home purchase with a mortgage and 40% of consumers say it was harder than they thought to qualify for a mortgage.
If the home buyer can’t qualify for a loan, everyone loses out. The buyer can’t get the house, the agent can’t close the deal, and the lender loses out on new financing opportunities.
Use the MLS as a first time buyer mortgage marketing and lead generation platform
When it comes to attracting more first time buyers, a recent survey sent to 15,000 agents by RatePlug shows that lenders are missing opportunities to provide critical mortgage information earlier in the home search through the MLS. In fact, 80% of real estate agents said they need their lenders to quickly provide research on special financing options on their listings (VA loans, FHA, Assumable, Zero Down, and other First Time Homebuyer programs) to help facilitate purchases by first time buyers.