Buying and moving into a new home is one of life’s great experiences, especially if you’re buying your first home. From getting that pre-approval to the “yes!” response on an offer to closing and moving in, every step is exciting. And while the process is engaging and fun, it’s important to prepare for moving day […]
How to Guide Clients to the Right Kansas City Home Loan
One of the most important aspects of buying a home is working with a loan officer that has your best interests in mind. As a mortgage professional, you have a responsibility to guide your clients to the right Kansas City home loan for their needs.
Analyzing Your Client’s Situation
You will need to look at your client’s personal finances, long-term goals, and the needs of their household. Asking your borrower some basic questions can provide insight into their unique financial situation. Some common questions to ask your clients include:
- Have you ever owned a home before?
- How long do you plan on staying in your new home?
- Do you have funds for a down payment and closing costs? If so, where will the funds be coming from?
- What are your present housing expenses and are you comfortable with that amount?
- Do you know what your FICO score is and is your credit in good condition?
- Is your job secure or do you have a dependable income?
- Do you plan to experience any financial changes in the near future, like upcoming college tuition or receiving a large inheritance?
Providing Market Knowledge and Advice
Not all of your clients will know what a “good faith estimate” is, or what is included in their “closing statement.” Make sure to clarify any questions your clients may have throughout the entire process. It’s your job to give your clients all of the information they need to make an educated decision about their Kansas City home loan. It’s critical to treat your customers like you would want to be treated if you were purchasing a home. Take the time to explain how loan costs, insurance, and other fees will affect your borrower’s repayment amount.
Pros and Cons
Present the advantages and disadvantages of each Kansas City home loan and the length of the loan term. Your clients will need to know there are trade-offs when choosing between a government-backed Kansas City home loan and a conventional loan. With the wide variety of financing options available today, borrowers can sometimes become confused. Make sure they understand all of their choices so they can make an informed decision.
Join the Cornerstone team today. We employ individuals with integrity, honesty, and professionalism. If you are interested in joining our company, please call Cornerstone toll-free at (800) 965-9910.The above information is for educational purposes only. All information, loan programs and interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.