Mortgage brokers indirectly help their homebuyers attain social benefits.
A recent study study by The National Association of Realtors titled, "Social Benefits of Homeownership and Stable Housing." confirmed a long standing belief of most Americans:
"In addition to tangible financial benefits, homeownership brings substantial social benefits of families, communities, and the country as a whole. Because of these societal benefits, policy makers have promoted homeownership through a number of channels. Homeownership has been an essential element of the American Dream for decades and continues to be so even today.
Community and Civic Participation
Mortgage brokers play a vital play a vital role in helping the dream of homeownership become a reality. When your client, with the brokers help, transitions from a renter to a homeowner, they will often remain in one area for longer periods of time, adding a certain degree of stability to the neighborhood. Homeowners are likely to contribute to the maintenance of their properties and surrounding areas. This then translates to increased incentives to participate in local politics, schools, and community organizations, potentially leading to overall increase in community and civic participation.
Privacy is a common goal of being a homeowner
In a 2018 survey by Realtor.com, privacy was a top reason that Americans either buy their first home, or purchase their second home. Whether it's your clients desire to not hear their neighbors through the wall, or the need for a big fenced backyard, homeownership is the key to meeting needs.
Benefit of the home being "Yours"
There are many benefits a mortgage broker may highlight to a client that is on the fence about becoming a homeowner. One of the most powerful benefits is Control over Expenses! When your client owns a home, they can be certain of their monthly payment compared to renters that are faced with the uncertainty of increased rent. Unless a homeowner changes their mortgage terms, their monthly payment will remain the same throughout the duration of the mortgage.