Build Your Business with Simple Prime
Written By: Patrick Washington
If your client base doesn’t include a significant number of borrowers who take advantage of Simple Prime loans, perhaps it should. We sat down with one of our seasoned expert Account Executives, Patrick Washington to delve into how you can beef up your business by offering this unique product. Here are a few key pointers he brought to our attention.
Rising Prices Mean a Rising Need
It’s the worst-kept secret in real estate: the current surge in home prices shows no sign of stopping. The median price for a home in the U.S. rose almost 20% from 2021 to 2022. People are increasingly paying prices that exceed the national conforming loan limit, making jumbo loans more relevant than ever before.
Identify Your Target Market
If you want to work with a specific type of client, you should take the guesswork out of the equation and identify the borrowers who make good fits with simple prime products. Making a list of common characteristics can help you to do this, writing down the ideal qualities of potential borrowers, such as age, location, socio-economic factors, and more.
Pursue These Ideal Clients
Once you know who you are pursuing, knowing where to find them comes next. Here are some good ways to go after them:
- Facebook Ads is one proven way to reach your target audience, using relevant posts to hone in on potential clients based on things such as their education levels, where they live, and the jobs they have.
- With about 180 million users in the United States, LinkedIn may offer access to the largest pool of professionals who could be in positions to utilize jumbo loans.
- While social media is great, and you should try to connect on everything from the above mentioned to Twitter, Instagram, and more, keep in mind that much of the business that goes to mortgage brokers comes from personal referrals. So get out there for some old-school networking, making as many face-to-face connections as you can.
The Selling Points of Simple Prime
Popular flexible financing options, jumbo loans are tailored to meet a wide range of purchase and refinancing needs. Select clients can take advantage of loan amounts up to $3 million or higher, and cash-out refinancing up to $300,000 and more — for all occupancy types including primary residences, second homes, and investment properties.
Would you like to know more about our Simple Prime Loans and the Simple Access® suite of Non-QM products from Luxury Mortgage Wholesale? Contact us today to find out how we can work together to help you build your business.