As published in Scotsman Guide's Residential Edition, July 2005.
Ah, summer. What better way to while away those long summer days than to grab your fishing gear and head to your favorite fishing hole? Wouldn’t it be even better if you were guaranteed a successful trip? You know the kind you dream of — a clear, beautiful sky; nobody around for miles; and fish taking your bait on every cast.
Does this dream exist in the mortgage industry? It does, if you are working within the Hispanic home-buying community.
How could assisting first-time Hispanic homebuyers close mortgages be that much fun and guaranteed successful? Two words: commitment and preparation.
Making the leap
Frequently, I am asked about the secret to developing a good, sound business plan to close more loans with Hispanic homebuyers. As in all successful businesses, the answer exists but may not come easily. Although many mortgage professionals want to develop and close more Hispanic-homebuyer mortgages, many don’t understand the culture. For some, the only exposure they’ve had to Hispanics was watching Penelope Cruz at their local movie theater. Yet when local real-estate agents inform mortgage professionals that the Rodriguez family is shopping for a new home, the agents want to ensure that they can process the mortgage.
I believe that in the past, however, many loan officers probably would have passed on even trying to close the loan. Today, mortgage companies across the country are learning that there are more than 44 million Hispanics living in the United States and that a good lot of them want to purchase a home — quickly.
Unfortunately, there are no overnight successes when it comes to closing Hispanic-homebuyer mortgages. The first thing I always ask my prospective clients is, “How committed are you to increasing Hispanic homeownership? Do you merely want to close loans that are in your current pipeline? Or do you really want to make a difference in your business model and continually close more Hispanic-homebuyer loans?”
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