As a community bank mortgage lender, you play an essential role in supporting your community by helping individuals and families achieve their homeownership goals. However, low inventory, high prices, and rising interest rates have slowed the once-booming housing market. Your department may find itself without the loan volume it enjoyed just a few short years ago. During this slow period, your role may shift a bit from deal closer to trusted consultant. You can continue to support your borrowers by offering a range of services that help them navigate the challenges of homeownership. In this post, we will discuss how community bank mortgage lenders can support their borrowers well after closing on their home.

Offer Ongoing Financial Education

Many of your borrowers may be first-time homebuyers who are unfamiliar with the financial responsibilities of homeownership. As their lender, you can offer ongoing financial education to help them understand the financial aspects of owning a home. This can include workshops, seminars, and online resources that cover topics such as budgeting, savings, and credit management. By offering ongoing financial education, you can build trust with your borrowers by helping them manage their finances and avoid the financial pitfalls that can arise with homeownership.

Provide Refinancing Options

As the housing market fluctuates, recent borrowers may be interested in accessing the equity they have already built in their home, or in refinancing once rates drop. As their lender, you can provide refinancing options to help your borrowers save money on their mortgage payments or access cash for home improvements or other expenses. By offering refinancing options, you can help your borrowers achieve their financial goals and stay on top of their mortgage payments in this challenging economic climate.

Help with Home Maintenance and Repairs

Home maintenance and repairs are a part of homeownership, and many borrowers may need help with these tasks. As their lender, you’re in the perfect position to offer resources and services that help their borrowers maintain and repair their homes. This can include partnering with local contractors, providing information on home maintenance and repair, and offering home warranty programs. By providing these resources, you can help borrowers keep their homes in good condition and avoid costly repairs down the road.

Assist with Home Equity Loans

Home equity loans can be a valuable tool for borrowers who need to access cash for home improvements, education, or other expenses. And with the recent rise in home prices, many borrowers have built significant equity in a short amount of time. You can assist your borrowers with home equity loans, offering guidance and support throughout the process. This can include providing information on loan options, assisting with the application process, and providing ongoing support for loan repayment. By offering home equity loans, you can help your borrowers access the equity in their homes and achieve their financial goals.

Provide Resources for Homeownership Challenges

Owning a home comes with a range of challenges, from unexpected repairs to job loss or other financial setbacks. Providing resources and support for your borrowers when they face homeownership challenges is a great way to build trust and maintain your relationship. This can include information on loan modification options, assistance with foreclosure prevention, and referrals to local nonprofit organizations that provide housing counseling and other support services. By offering these resources, you can help your borrowers overcome homeownership challenges and maintain their homes.

Maintain Ongoing Communication

All the above strategies rest on maintaining ongoing communication with your borrower after they have closed on their home. This can include regular check-ins, keeping track of their home equity, and offering assistance and support when needed. By maintaining ongoing communication, lenders can build strong relationships with their borrowers and provide the support they need to achieve their homeownership goals.

Community bank mortgage lenders like you are in a unique position to support borrowers after they have closed on their home. By offering a range of services that help them navigate the challenges of homeownership, you can build strong relationships with your borrowers and provide the support they need in any economic environment. With this approach, you become more than a lender; you become a trusted partner in homeownership.