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Entrepreneurs Use Mortgage Brokers Only 1/4 of the TimeMortgagePress.comGreenPoint, self-employed, EntrepreneurAccording to a study released by Louis Harris & Associates, self-employed entrepreneurs are
less aware of and less likely to use Mortgage Brokers despite facing difficulty when attempting
to obtain credit.
A national poll of more than 1,000 self-employed or small business owners with less than 20
employees found that 25% of self-employed entrepreneurs and small-business owners used a
Mortgage Broker to secure home financing. However, approximately 73% of this group feel that
they may have difficulty getting credit when needed.
"The Harris study shows that Mortgage Brokers currently service only a quarter of
self-employed/small-business owner market," said Executive Vice President of GreenPoint
Mortgage Corp. Jean Bingham. "And of the 25% of the entrepreneurs who did use a Mortgage
Broker, less than 10% cited formal marketing techniques such as advertising, editorial and/or
direct communications as having attracted them to a broker."
The report shows Brokers are most often identified and selected by self-employed entrepreneurs
based on referrals from friends, colleagues, family members, or real estate agents.
Brokers Missing Out On A Major Homebuyer Segment
The study, The New Self-Employed Middle Class: Fighting for the American Dream, was
commissioned by GreenPoint Financial Corp., a provider of no-documentation (No Doc)
mortgages.
Results of the survey included:
++60% of all entrepreneurs have a college education compared to only 22% of other Americans
++30% of America's entrepreneurs have an annual household income of $75,000 to $100,000,
compared to 21% of other Americans
++50% of all self-employed Americans earn $50,000 or more compared to 44% of others
++80% of America's entrepreneurs are homeowners
++70% enjoy being self-employed more than they expected
Opportunity knocks
Of the 255 self-employed entrepreneurs who have used Mortgage Brokers, the Harris study
shows:
++Approximately 61% used a broker to purchase a home
++Approximately 50% for refinancing a first mortgage
++25% for home equity loans of lines of credit
This group cited brokers' knowledge and expertise, ability to secure lowest interest rates and
attention to paperwork and detail as the benefits available in retaining a Mortgage Broker. Sixty-four percent said they would use a broker again.
By and large criticism of Mortgage Brokers by self-employed entrepreneurs is relatively mild:
++7% complain Brokers are too expensive
++3% said their broker lacks knowledge
++2% said the broker took long
++2% said the broker required too much paper work
To see the complete report, visit GreenPoint's Web site at www.greenpoint.com.