Home ownership has long been part of the American Dream. After the 2008 financial downturn, that dream became elusive to American home-buyers. While historically low interest rates and housing prices attracted them, a lack of trust in financial institutions overall made it difficult for them to take that step. Especially among first-time home buyers, skepticism and anxiety made it difficult to know who they could trust for the facts.
Our client, a regional mortgage lender, turned to FeltonBuford Partners to understand the home buying process. Twelve couples were followed throughout their home purchase. Using a variety of approaches, we were able to understand the different roles played by each individual, as well as identify the critical points in the journey where information and reassurance was needed. We were also able to define the differentiators that turned a good deal into a good customer experience that could make their mortgage business more competitive.
Our client was able to craft a process of personal contact, educational materials and marketing communications that educated, informed, built trust, and finally, increased their mortgage lending business beyond pre-recessions levels.