With an “all systems on” announcement from the Fed to close the year, brokers and initiators across the country are forecasting a 2021 that will always be defined by low rates, but could also feature the boom ending. refinancing. On the buying side too, 2020 saw a huge spike in first-time purchases, in large part thanks to a millennial generation who preferred to rent after 2008, taking advantage of low rates to buy their first property. This wave of first-time buying is expected to continue into 2021, and as many brokers and originators switch from buy-backs, these young buyers could be the key to maintaining volume.
To understand how mortgage professionals can better understand this first-time home buying market, AMP spoke with Yury Shraybman (pictured), mortgage broker and owner of Innovative Mortgage Brokers in Philadelphia. Shraybman explained that he approaches these clients as an educator and emotional support, rather than an arrogant salesperson. He explained that by taking a softer approach, mortgage professionals can secure their deal, put their client in the right mortgage, and generate a steady stream of loyal clients.
“As a broker, I don’t really see myself as a salesperson, I see myself more as a teacher and a consultant,” Shraybman said. “With first-time buyers, this is a huge purchase, possibly the biggest transaction of their life. There has to be a lot of grip – this is where I come in with my knowledge and experience and walk them through this process and try to make it as smooth as possible.