As potential home buyers search the internet and visit open houses they often don’t know the mortgage lending process and the critical function it has in buying a house. As a lender, I often spend extra time helping people understand what their loan options are, find out what payment they can afford in their budget and then we figure out what dollar amount of house they will be able to buy based on their payment of housing and overall finances.
There are buyers that don’t know how much they can purchase based on their payments that they can afford. Many guess on the size of house and start looking at houses without even knowing how much they qualify for.
I have met with many individuals and families that don’t know what the down payment options are and then how to determine what their total payments will be based on their down payment options are. Many people assume they need 20% down because that is what they hear in the news. They think they have to have a big down payment.
It is vital that a client meet with an experienced loan officer that knows the loan options and to help determine what they can and cannot do based on their personal situation.
I have been to open houses and talked to familes and noticed that the Realtor they have worked with does not find out a few basic bits of information to know their price range and if they’ll be a candidate to buy a house right away or not. This can be determined by a lender that listens carefully because if done right the lender is not a threat to the potential buyer.
Today there are Realtors that still think that the lender is not very helpful, even at open houses or to call on the phone to ask questions. Having an experienced lender is vital to any Real estate agents success. This will help some agents that do this to close an extra one to five transactions per quarter and give them more success. That in turn will help real estate agents stay in the business and help some to be full time agents and help others flourish as a top agent in their area.
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