GROWING NUMBERS OF HISPANIC AMERICAN HOMEBUYERS AND HOW WE SERVE THEM
Applying for a mortgage can be challenging for many Americans. Spanish-speaking applicants are more likely to find the process time-consuming and difficult to understand. Nearly a quarter (23%) of respondents said language was a barrier, with 34% saying they had to bring a family member for translation to complete the mortgage process.
In working with realtors on our platform, many of which serve the Hispanic community, we've found that the best way to connect with these borrowers is to provide an intuitive, culturally sensitive experience. This type of capability is key to building relationships with Hispanic homebuyers.
Nearly a quarter of these borrowers chose their lender based on recommendations from family, friends or colleagues. This means that the experience a lender offers is critical to increasing repeat and referral business and becoming a well-known resource in this growing segment. With 41% choosing a local lender (credit union or bank) for their mortgage, it's clear these borrowers are looking to local community resources to meet their borrowing needs. Less clear is which lending business will effectively reach Spanish-speaking audiences by providing bilingual resources and creating a more immediate, streamlined process.
2023 is an excellent opportunity to reassess your business strategy and build new pipelines of leads, and now is the time to design your mortgage process to better serve Spanish-speaking borrowers. This will help Americans find homes in a historically troubled housing market while creating new opportunities for strong borrowing in the years ahead.
Here at Verified Mortgage we are dedicated to helping Hispanic community. We have become a sponsor of the National Association of Hispanic Real Estate Professionals and are implementing programs to make the home buying process easier for everyone!
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