Beyond the Numbers: Understanding Latino Borrower Needs

The Role of Community and Cultural Understanding

In the U.S., the Latino population is a fast-growing segment of new homeowners, particularly in the 20-35 age group. This demographic has experienced a significant increase in homeownership over the last decade, and brokers like Larry are helping to facilitate that growth. However, Larry emphasizes that it’s not just about the numbers. “You are dealing with people who have left everything they know to be here,” he says. For him, it’s about helping people achieve the American dream of homeownership and building generational wealth.

Larry also points out that many real estate headlines unfairly group minorities and low-income communities together, which can create misleading narratives about their financial standing. In his experience, many of his clients are not just first-time homebuyers but repeat investors who have completed several transactions. “Not only do we have first-time homebuyers, but many of our clients come back for their fifth or sixth transaction,” Thais confirms.

Financial Education and the Cash Culture

One of the challenges that Larry and Thais face in their work is helping clients adapt to the U.S. financial system, which is heavily reliant on credit scores. In many Latin American countries, financial success is often measured by one’s ability to pay for everything in cash. In contrast, U.S. lenders place value on a person’s credit history, making it difficult for cash-based clients to qualify for loans.

Larry shared that a lot of his Latino clients have little or no credit history, which poses challenges when trying to qualify for traditional loans. For these clients, Larry offers coaching on how to build and manage credit in the U.S., ensuring they’re better positioned 

for future financial transactions. As Thais puts it, “Handling large sums of cash is common, but without a solid banking or credit history, it can complicate the mortgage process.

Tailored Client Communication

Larry and Thais take a highly personalized approach to their client interactions, knowing that many of their clients may feel overwhelmed by the mortgage process. “Communication is key,” Thais says. In their experience, many clients work in industries like construction or healthcare, where they’re not sitting at a desk all day, making it harder to respond to emails or phone calls promptly.

This understanding led Thais to adopt tools like WhatsApp to stay in constant communication with clients, even using features like screen sharing to guide them through complex tasks like signing documents or understanding the loan process. “Our goal is to make sure every client feels informed and supported every step of the way,” she explains.