Preparing Buyers To Purchase A Home

Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

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:

Obtaining A Mortgage

Meeting Conditions On Commitment Letter

The Closing

The Post Closing Years


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, or visit my McCue Mortgage Homepage.

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who is licensed in #CT, #RI, #MA, #NH, & #FL and can assist you with all your #FHA, #Conventional, #VA, #USDA, and #State Bonded Progam #mortgage needs in #CT, #RI, #MA, #NH, & #FL. George resides in Middlesex County which includes #Middletown, #Old Saybrook, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or


Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Virginia Dean 07/28/2012 10:08 PM
  2. Gabe Sanders 07/29/2012 09:10 PM
Mortgage / Finance
1st Time Buyers
ActiveRain Challenges
Real Estate Rookie
purchasing a home

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Show All Comments
John Juarez
The Medford Real Estate Team - Fremont, CA

When I have an opportunity to work with a new client, the first thing that I do is suggest that we meet and chat. I suggest that we meet at a non-threatening place like a coffee shop (Starbucks, Peet’s or some other local coffee shop) with wireless so that we can talk about the market, the process of buying/selling, what the contacts look like, how we negotiate on our clients’ behalf, financing, and whatever other issue comes up. We need to see if we are a good fit. I need to educate/prep my prospective client. We need to get ready to work together.

Jul 28, 2012 09:47 AM #9
1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

George, There is SO MUCH that you do for your clients from the time they first meet you all the way through. 

Jul 28, 2012 10:42 AM #10
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

You are my favorite loan orignator.. and I wish you were licensed in New Hampshire... You are the type of p;rofessional that every buyer dreams of... especially first time buyers.  It is important for buyer to work with a lender tha can give them all of the options and helpthem get prepared if they are not ready to buy immediately.

Jul 28, 2012 11:11 AM #11
Digital Digital
Alachua, FL
full service


Congrats on this well-deserved feature.

I admire all that you do to help potential home buyers.

Keep up the good work and I wish you continued success!


Jul 28, 2012 11:59 AM #12
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

I am so thankful to have someone like you, who takes the time to educate, and prepare buyers, so that their home buying experience is a positive one in every aspect. 

Jul 28, 2012 12:12 PM #13
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

George anyone purchasing a home in your market, would be wise have you on their side; you are a true professional.

Jul 28, 2012 02:06 PM #14
Charles Stallions Property Manager
Charles Stallions Real Estate Services - Pace, FL
Pensacola, Pace & Gulf Breeze Property Management

Be Prepared, now where have I heard that before. You seem to be good at what you do my friend and folks would be wise to look you up.

Jul 28, 2012 02:21 PM #15
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

George, not many agents do their diligence and prepare buyers for their purchase. Being an agent, apart from getting the pre-approval letter, I do have my own 'consulting' session with buyers. In most case, even before I show them the first home (with me, of course!)

Jul 28, 2012 03:42 PM #16
Doug Bullwinkel
Envoy Mortgage,NMLS ID 6666 - Roseville, CA
Mortgage Loan Originator NMLS #281609

Congratulations on your feature.  There is no more important part of the process than preparing the buyer for the loan application. 

Jul 28, 2012 05:50 PM #17
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This is good information for home  buyers looking to get a mortgage. I will share it with others.

Jul 28, 2012 08:44 PM #18
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

You sure know how to do it right. If more LO, were trained by you, there would be les issues out these in the lending world.

Great post.

Jul 28, 2012 10:06 PM #19
Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

So you mean that you don't just go out and buy a home?  Good post that shows buyers that sometimes they need a little preparation before heading out.  

Jul 28, 2012 10:55 PM #20
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

George this is why it is so important that potential home buyers get pre qualified by a lender prior to searching for a home. Every potential home buyer should read this post.

Jul 28, 2012 11:18 PM #21
Diane Daley
Caron's Gateway Real Estate - Northumberland, NH

Very good post, we have a  program in NH call Ahead which provides home buyers education classes ans assistance with working on budget and credit issues that is very good.  There are incentives for new buyers to take this class.  Worth while.... Love working with Ahead buyers.

Jul 28, 2012 11:48 PM #22
Barbara Altieri
Kinard Realty Group Fairfield and New Haven County CT Real Estate - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale

George --  It would be awesome if all buyers found you to help them get started properly in the home buying process. There are many who think their credit is fine only to find it that couldn't be further from the truth. Having a professional like yourself to guide them through the repair process is invaluable.  I hope all buyers who read this and are thinking of purchasing a home soon consult George Souto for assistance.

Jul 29, 2012 02:14 AM #23
Greg Miller
Ruoff Home Mortgage - Sarasota, FL
Florida Home Loans - Conventional,FHA,USDA,VA

Great information George. It is rewarding when you can meet someone that may not be ready to buy "credit wise", but will listen to what you tell them to do in order to be able to buy & they do those things.

Jul 29, 2012 02:54 AM #24
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

It's interesting that in this day and age we still have to drive into the brains of alot of people the importance of not getting credit card debt.  Never know when you might all of a sudden grow up and want to purchase a home.

Jul 29, 2012 04:10 AM #25
Brent & Deb Wells
LivingWell Properties - Prosper, TX
Prosper TX

Hi George,

Educating our buyers is both a service to them and the sellers in the market. A well educated buyers is a blessing to everyone in the home selling process.


Jul 29, 2012 07:57 AM #26
Captain Wayne - Rowlett Real Estate School
Rowlett Real Estate School - Panama City, FL
Rowlett Real Estate School / Owner and Instructor

Good Morning George,

You have some very good strategies for helping buyers prepare to purchase a home.  Thank you for sharing them.

Jul 29, 2012 08:36 PM #27
Kathy Stoltman
Rockwood Realty - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

I wish all lenders would educate the prospective buyers with information like this.  Thanks for the post.

Jul 30, 2012 02:42 AM #28
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George Souto

Your Connecticut Mortgage Expert
Call Me With All Mortgage Questions