Mortgage Alliance is drawing a line between men and women
by offering its new “Women’s Mortgage.” The product is sold mainly by female mortgage agents that are supposedly “better at speaking to,” and providing more relevant information to, women borrowers.
It’s an interesting tactic that foreshadows future marketing segmentation in our industry. In fact, brokers we know are now even targeting specific professions, like truckers and nurses.
This to me is just pathetic. It’s a loan on a house, it doesn’t need to be in tune with your inner woman or good for your aura. Your chi won’t be thrown out of balance if the text on the loan agreement isn’t fung shui’d.
What more information do you need, you get a term, and amortization period, and an interest rate. You make sure you have pre-payment options and that your rate is competitive. How hard is it really?
Frankly, I too was a tad skeptical when I saw this. My first gut reaction was that this is all marketing fluff. Yet, believe it or not, there are women who would go for this.
As our industry matures companies will continue trying every angle in the book to differentiate themselves.
Have a great weekend!
Melanie
While I was writing that I was actually sitting down with my Girlfriend/Spouse/Significant Other and one of her best girlfriends. Both of them agreed that they would use a product that was geared toward women.
I just can’t believe stuff like that flies in the world today. You would think people would just educate themselves rather than relying on someone else to make them feel good about being lured in to a purchase.
I wonder if the new mortgages come in green, I would want one if they made it green and had flowers on it.
This product verges on insulting. It’s almost like women are too stupid to understand a regular mortgage.
Geez… and do they charge women a 20 percent or more premium for this product like drycleaners and hair stylists do?
I hear they’re giving out a months supply of makeup with every mortgage.
Women are an economic force in our country today and they reflect a good proportion of our annual income. However, they systematically show lower rates of homeownership that cuts across both ethnic and income categories. While this can at times be attributed to lower wages between women and men, credit and discrimination can also be an underlying factor. An example of this would be single mothers running a household on one income. Many do not feel they are capable of handling a mortgage on their own and subsequently fail to look at their options. While there are many women out there that are fully capable of finding their own mortgages, there are also women that feel unsure of the mortgage process.
We at Mortgage Alliance are not just selling a mortgage, we are focusing on creating a comfortable, professional environment where women of all backgrounds can speak with like minded women to explore their mortgage options and build equity for the future.
Hi D, This is a great explanatory viewpoint, and it is much appreciated. Thanks to you and Mortgage Alliance for this perspective.
Melanie McLister
Editor, Canadian Mortgage Trends
I thought doing business in Canada on a gender base was not legal unless it was a persoal type business such as a spa or health club. Does this mean women will have to strip down to their panty’s when they apply for a loan?
Apparently, you have all missed the point of this marketing strategy. Moreover, you don’t have any of your facts right. Women, particularly single women, are leading the real estate market in Canada, which is why these companies are finally paying attention to them.
It sounds like the women who have posted are self loathing females
Julie I agree with the spirit of your post but disagree that women need special coddling. Getting a “Womans Mortgage” would make me feel mentally inferior to a man and that is why I personally would never do it. I guess if there are fragile women out there however, it may have some merit (assuming it is not all marketing hype). Have a nice day.. Ulna