Lenders get creative to grab borrower attention
Oct 27, 2021

Timing's a major factor in getting the attention of potential borrowers. And in this competitive mortgage market, lenders are seeking new ways to capture the attention of prospective home loan borrowers before they choose another institution.

Some use new product offerings. Others target new market segments. Two lenders making news in this effort are Onward Financing and Guild Mortgage.

Onward Financing expanded into Arizona and began marketing its Mortgage for Movers product that uses the equity in the homeowner's current home to buy their next and then sell after they close.

The company says its product eliminates sales contingencies, allows buyers to qualify for a traditional mortgage on their destination home, and saves thousands over alternatives like an instant offer. The Assured Close program allows home buyers to make a cash equivalent offer and still close with traditional financing.

"Onward's products are transforming how home buyers purchase their next home," said Melanie Adkins, Onward's Arizona branch manager. "Our products allow home buyers to disrupt the traditional home buying timeline by allowing them to use the equity in their current house to buy their next home first, then sell after they have completed their move."

Guild Mortgage, meanwhile, has introduced a new mortgage option targeting medical professionals seeking to buy their first home.

Under the Guild program, qualified medical professionals, including those who have just graduated from medical school, can qualify for a home loan with up to 100% financing, no required mortgage insurance, and the ability to exclude student debt from their debt-to-income ratio.

The program offers loans up to $850,000.

"At Guild, we're always looking for new ways to make a difference for first-time homebuyers, often with niche mortgage options and initiatives," said Mary Ann McGarry, Guild's CEO.

We expect to see more lenders taking steps to attract more attention as the market continues to become more competitive.


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