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Lost in Translation?
Most lenders these days have staff or access to translators to take loan applications for non English speakers. To avoid misunderstandings from the get-go ask: does the person working directly with your client actually understand lending? It's an important question due to the subtle issues which may be cultural or social for buyers who grew up in another culture. Find a bank who has a professionally trained lender who speaks the language of your buyers if possible. From my experience living overseas, I know that working with English speakers who grew up in other cultures may also have issues understanding our laws and consumer rights. It's perfectly fine to have a family member or trusted advisor assist. The point is to be clear and sure that your buyers are well informed of their rights and choices.
As a Homebuyer Education instructior, I arrived to a Saturday class to a waiting group of all Spanish speakers. No one had bothered to mention this in advance to me, so I was thankful their Realtor was present who also spoke fluent English. We had a very fun day having him translate the information and take a leading role. My old high school Latin studies came in handy as I was able to ... more

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