Key facts
- Homeownership affordability challenges persist after closing, impacting homeowners beyond their mortgage payments.
- A 2026 Credible survey indicated that 63% of homeowners underestimated the total cost of owning a home.
- For first-time homebuyers, this underestimation rose to 73% in the same survey.
- Lenders have an opportunity to foster long-term customer relationships by providing post-closing support and resources.
- Post-closing value can include homeownership education, financial wellness resources, and access to benefits and savings opportunities.
Homeownership affordability extends beyond securing a mortgage and reaching the closing table, according to Neenu Kainth, Senior Vice President and Chief Customer Experience Officer at Enact. Traditional affordability conversations often focus on interest rates, down payments, and monthly payments, with lenders providing solutions like down payment assistance and government-backed programs. However, these efforts overlook the ongoing financial responsibilities homeowners face, including property taxes, insurance, utilities, maintenance, and unexpected repairs.
A 2026 Credible survey revealed that 63% of respondents underestimated the true cost of homeownership, with this figure rising to 73% among first-time homebuyers. This highlights that loan approval is not the end of affordability concerns, underscoring the need for lenders to maintain customer relationships and provide value throughout the homeownership journey.
The average homeowner tenure is 12 years, according to Redfin, meaning borrowers engage in only a few major mortgage transactions in their lifetime. Relying solely on these transactions for customer relationships can lead lenders to be absent during the critical period of homeownership. The article suggests that lenders can remain relevant by offering homeownership education, such as maintenance checklists and property value guidance, and financial wellness resources, including budgeting tools and information on financial resilience. Practical benefits like discounts on home-related services can also add tangible value.
By shifting from transaction value to relationship value, lenders can build trust and loyalty, which are crucial competitive advantages in a market where products and pricing alone may not suffice. The future of mortgage lending, therefore, involves not just facilitating home purchases but also supporting homeowners in managing the ongoing realities of their investment.