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Are Lenders Doing Enough To Market To Military Service Members?

Military service members are going to be a big demographic for the spring buying season and one professional is cautioning lenders to think more carefully about their marketing tactics.

Thomas Lynch, is executive chairman of NewDay USA, a VA home mortgage company serving active service members and military veterans, according to National Mortgage News. In his op-ed for the publication, he highlights exactly why lenders should concentrate on military service members as a target market in times of economic uncertainty.

"Home prices are expected to rise 3.7% in 2019. Perhaps even more worrisome are increasing concerns of a general downturn in the economy, lowering growth outlooks as well," Lynch explained.

"Military jobs, however, are often considered 'recession proof.' While the business world deals with periodic cycles of boom and bust, the military carries on unfazed by this turbulence. As a result, the financial outlook of service members is largely independent of any exogenous economic trends."

Lynch also reported that active service member homebuyers have the youngest median age of any demographic, which means there is a better possibility for more first-time homebuyers to enter the market.

"Should an economic downturn skew service member shares of mortgages, this would result in an even stronger skew towards younger mortgage borrowers," said Lynch.

To learn more about why lenders should consider heavy marketing efforts towards military service members, click on the image above.

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