by Mike Corn and Tina Powers
Owning a home is still part of the American dream, according to a new JPMorgan Chase survey reportedinHousingWire. The survey reveals “87% of Americans surveyed said owning a home is somethingthey dream about.” Now that consumers are becoming more optimistic as the economy recovers, thepurchase mortgage business is starting to heat up. Buyers who postponed buying their first house,moving to a larger house to make room for growing families or downsizing once the kids had moved out,believe it’s time to take advantage of low interest rates.
Credit unions that want to increase first mortgages can make sure their members who are thinkingabout buying know about their mortgage programs. And, attracting first-time buyers should be a highpriority because it’s less likely they will have a relationship with another lender and more likely they areyounger and will need other loan products in the future.
Tips to attract first-time home-buyers:
- Offer seminars explaining mortgages and how credit scores work.
- Regularly have an affiliated Realtor in-house for consultation sessions. They can help buyerspinpoint what kind of house they’re in the market for. (Thisarticlemight be a good resource.)
- Make arrangements with local contractors and hold a drawing for prizes like free decoratingadvice, carpet installation, or shrubbery.
- Hold a seminar on simple home repairs so that new homeowners can gain some knowledge thatwill save them time and money.
- Use social media to offer a coupon for a free drink during a meet-and-greet session betweenRealtors and members at a local restaurant.
