Down Payments

By
Services for Real Estate Pros

The Spring selling season is here.  With that brings of course buyers and buyers need information. One of the most important questions in the pre-qualification process is the necessary down payment.  As the professional, having the answers ready furthers your client's faith in you.

First time homebuyers may not have 20% to put down, does this automatically require PMI?
How mush typically is PMI? does it fall off? when?
What if the loan was split into an 80/20?
Are rates better with a bigger down payment?
Are there loan assistance programs for those with no down payment?
What are the pros & cons of smaller down payments?

Embedding a mortgage calculator into your blog post will be most helpful for buyers.

If you keep the information basic enough, this evergreen post will be an asset to your marketing for years to come.  It's great to email out to buyers when this question pops up.  

As always, create a strong call to action, linking to your website at the bottom of your post letting readers know you are available to help with their real estate needs.  Let's never forget a chance to capture potential business!

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Rainmaker
1,161,050
David Spencer
Keller Williams Team Realty - Bloomingdale, IL
Chicago Area Commercial-Residential R.E.

Earnest money is not a requirement for a sales contract. It is not uncommon for a real estate transaction to close and never had earnest money held in an escrow account.

Apr 13, 2015 06:29 AM #1
Rainer
29,784
Glenn and Rebecca Hauer
Right Trac Financial Group, Inc. - Vernon, CT

First-time homebuyers especially have many questions, having info readily available can make the process easier.

Apr 13, 2015 10:36 AM #2
Rainer
110,606
Dama Scott
One World Realty, Inc. - Palm Beach Gardens, FL
Evergrene Resident Specialist

I like that idea - now, I've  got to figure out how to get the mortgage calculator. 

Apr 21, 2015 08:34 PM #3
Rainmaker
826,747
Ginger Harper
Coldwell Banker Sea Coast Advantage - Southport, NC
Your Southport~Oak Island Agent!

Such a great idea.  Great post.  Thanks for sharing..

May 11, 2015 10:39 AM #4
Rainmaker
29,338
Sandra Jarock
PorchLight Real Estate Group - Parker, CO

So true good to have a few excellent lenders to make people feel at ease, the whole process goes well.  

May 29, 2015 10:19 PM #5
Rainmaker
826,747
Ginger Harper
Coldwell Banker Sea Coast Advantage - Southport, NC
Your Southport~Oak Island Agent!

Earnest money usually accompanies an offer in North Carolina.  But as you say.  It is not required..

Jun 01, 2015 11:04 AM #6
Rainmaker
695,499
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

One needs reserve to account for homes that do not appraise to and overage....during a all buyers one seller situation...

Jun 09, 2015 12:43 PM #7
Rainer
3,705
Jeremy Branum
Security Mortgage - Hollywood, FL
Offering mortgage solutions for all of Florida

As in all of real estate mortgage lending is an ever changing landscape and can often be confusing even to seasoned veterans.  I have always recommended finding a local mortgage banker with an established bank to come in and offer classes to real estate agents.  This will keep all the agents up to date on current lending practices and loan programs available.  These programs change sometimes every few months as risk tolerances within the banks change.  Often times agents miss out on opportunities because they think someone can’t qualify for the home they are wanting when a new program may have just opened.  Understanding lending practices and having a solid relationship with your mortgage loan officer can increase your business significantly. 


Sep 15, 2015 11:56 PM #8
Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

I wrote a blog about this very topic. http://actvra.in/4KSb

Nov 05, 2015 05:54 AM #9
Rainmaker
216,456
Luis Carrillo
Keller Williams Realty Riverside - Riverside, CA
Your Realtor for Life

Working with the right lender is alway the key.

Nov 18, 2015 01:45 AM #10
Rainmaker
826,747
Ginger Harper
Coldwell Banker Sea Coast Advantage - Southport, NC
Your Southport~Oak Island Agent!

I agree with Luis.  Working with the right lender is always good..

Mar 01, 2016 05:38 AM #11
Rainer
345,755
Anna Hatridge
Goodson Realty - Bonne Terre, MO
Missouri Realtor with Goodson Realty

Nice idea!  Wish you would have included a link or details of how to 

embed a calculator into my signature line. I am not sure I know how to do that.

May 22, 2016 11:02 PM #12
Rainmaker
826,747
Ginger Harper
Coldwell Banker Sea Coast Advantage - Southport, NC
Your Southport~Oak Island Agent!

I feel that a buyer is more committed if he puts Earnest money on the table.

Aug 16, 2016 09:16 AM #13
Rainmaker
581,736
Thomas J. Nelson, Realtor, CRS
Big Block Realty 858.232.8722 - La Jolla, CA
Co-Host of Mail-Right's: Real Estate Agent Podcast

I'll get my lender to help me with this, thanks for the inspiration.

Sep 02, 2016 09:57 PM #14
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