There are many ways that we as professionals in the Real Estate Industry bring value to our clients, but it all begins with Preparing Buyers To Purchase A Home. Being in the lending side of the industry the value that I bring to that process, starts with my first contact with each and every Borrower, but it does not end there. I bring value to my Borrowers throughout the whole Mortgage Process, from Pre-Approval, to Applying for a Loan, through the Closing, and Post Closing.
In Preparing Buyers To Purchase A Home I begin with the same process with each and every Borrower. The first step is to take a look at their credit, income, and available funds. This first step is the beginning to determining where each Borrower is in the buying process. Some Borrowers have the credit, income, and funds to begin looking for a home once I have finished going throw the Pre-Approval Process with them, but many need assistance and advice in order to get to that point. It is these Borrowers that my knowledge of the Lending Industry really becomes of value to them.
In Preparing Buyers To Purchase A Home there is not much that I can do for Borrowers when it comes to the income that they will need to purchase the home of their dreams. But my experience and knowledge of what is needed to repair credit, and mortgage programs that require the least amount of funds to purchase a home, can be a major value to them.
Many Borrowers come to me wanting to purchase a home, but there credit is not where it needs to be to be approved for a mortgage. The steps to improve credit are simple, but executing those steps can be challenging. The three major areas of credit are:
- Credit History - Do they pay their bills on time? If not I impress upon them the need to do so, and which delinquencies will affect their ability to purchase the most. Credit History represents 35% of their credit score
- Available Credit - The closer a Borrower is to maxing out a credit card the more the negative impact on their credit. Therefore, I will go over the balance that they have on each and every credit card, and advise them on which ones they need to pay down to produce the quickest, and best improvement on their credit. Available Credit represent 30% of their credit score.
- Length of Credit - Here there is very little that they can do, because it is how long a Borrower has had credit. Length of Credit only comes with time and it represents 12% of their credit score.
In Preparing Buyers To Purchase A Home, my knowledge of the Mortgage Programs that are available to them which require little to no funds, is particularly valuable to First Time Homebuyers who generally have very little money to purchase a home. By establishing what their buying power is, by looking at their income and debts, I can advise them on what programs can best assist them in achieving the purchase of a home. It maybe a program that does not require any downpayment, or it maybe one that requires a downpayment, but provides an option to borrow it as well. If they have enough funds for a loan program that only requires a small downpayment, then I can help them determine how to best use those funds.
Closing Costs are also a Major issue for most First Time Homebuyers. Here I can also be of value, by showing them the options that are available to obtain the necessary funds for Closing Costs.
In Preparing Buyers To Purchase A Home, borrowers need to know the options that are available to them so that they can make informed wise decisions. My knowledge of the Lending Industry can provide them with the information that they will need not only to make those decisions, but to also be in the position to apply for a mortgage to purchase their dream home
The time that it takes to Prepare A Buyer To Purchase A Home, can vary for a couple of months to more than a year, but whatever the time period I am always available to answer their questions, and provide the information to help them make each decision along the way.
Other Blogs In This Series:
Who To Call For Your Mortgage Needs In Connecticut:
George Souto NMLS# 65149 is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 firstname.lastname@example.org, or visit my McCue Mortgage Homepage.