I know consumers have been hearing it quite often lately but it’s true: homeownership has never been more affordable. With historically low interest rates–and by historically we mean 40 year lows–and home prices down to their pre-2004 levels, the financial barriers to owning a home are few and far between. Couple these facts with the time-tested mainstays of tax deductions and owning an appreciating asset, consumers should be clamoring to purchase a home. Many consumers, however, are unfamiliar with what it takes to get a loan in today’s complex lending environment. Because of this fact, field loan originators now have an even greater opportunity and responsibility to be strong advisors to their clients, helping them navigate through the loan process with greater ease and understanding.
Due to the financial and economic downturn, the standards to qualify are more difficult, while at the same time more consumers have seen their credit scores decrease due to financial troubles. The typical online mortgage lenders cater to consumers with high credit scores. Consumers who fall below these top-tier standards are often disqualified from their programs. This is where the face-to-face expertise provided by a field loan originator is essential to the success of these consumers qualifying and achieving their goal of homeownership.
We at Primary Residential Mortgage, Inc. take great pride in helping each of our clients through the home loan process. We know that together we have a compounding effect on the economy–both locally and nationally–as we stimulate homeownership in our country, provide financing, and increase GDP. Even tighter credit standards coupled with the effects of the Great Recession that have made it more difficult for borrowers to obtain a home loan, our field loan originators remain passionate about the contributions they bring and have a great sense of pride from helping families in America.
These are amazing contributions–both to our clients and to our economy–that make the field loan originator a hero in their local communities. I’m excited to lead a company like Primary Residential Mortgage, Inc. that helps field loan originators achieve these great heights.