Preparing for the Spring Buying Season
Home buying tends to slow during the winter months, and in the absence of a strong refinance market, mortgage applications generally trend downwards as well. Of course, industry veterans know that this lull will soon be followed by what is often the busiest time of the year for mortgage professionals, the spring home buying season.
Here are some things you can do now to prepare to make the most of the spring of 2018:
Mine Your Pipeline
Look back through your past customer list to see who might be in the market for a new home in the coming months. Consider reaching out to families who bought a starter home four to six years ago, empty nesters who might be exploring downsizing, real estate investors, and anyone who has mentioned being in the market for a new home, vacation property, or investment.
New to the business without a large customer base? Ask your supervisor whether you can review the pipeline of an originator who is no longer with your organization.
Add A New Product
Help create home buying opportunities for your clients by offering unique mortgage products. Prospective buyers who can’t find a property that meets their needs might be interested in a renovation loan that would allow them to buy a fixer upper and finance both the purchase and updates to the home. Another great option is the one-time close construction loan, which makes building a new home more affordable and less complicated by eliminating the redundancy of a second closing.
Educate the real estate agents you work with about the new programs. This can be a win-win as they may be able to convert more of their home shoppers into buyers, meaning more transactions for them to send your way.
Plan for the Influx of Business
Can your current staff accommodate the increased business that comes as home buying picks up? It can be frustrating to hire additional new personnel that must be trained, and then face the issue of how to keep employees busy during slower times of the year. Another option is our On-Demand Processing service. For no additional cost, we will handle the processing, underwriting, closing, and funding of your loans. Choose on a loan by loan basis which tasks you would like us to perform, including contacting your borrowers to clear conditions if you’d like.
Taking advantage of this service can be an excellent way to ride out the ebbs and flows that occur naturally throughout the year in the mortgage industry.
We wish you a successful 2018!
Photography by [karamysh] © Shutterstock.com
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