New Year, New Mortgage. Tips for Helping Fearful First Time Home Owners

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February 26, 2019 | By RGR Marketing Blog

How to Help Your First-Time Buyers Enjoy the Home-Buying Process

Buying a first home is typically a stress-filled affair, but when your client is a first-time buyer, they may be especially fearful. After all, the home buying process is complex and time-consuming, and there are so many things that can stop a sale from being finalized.

As a mortgage loan officer, it is your job to help guide your client through the process and in some cases, you can even help prepare them for the road ahead. Here are six tips to help ensure your first-time buyer actually enjoys the home-buying process.

#1: Advise Your Client to Start Saving Early

In many cases, you won’t meet your client until they inquire about your loan packages. But in some cases, a prospect may reach out to you early in their home shopping experience for advice or information. This is the perfect time to give them the best advice you can – for them to start saving for their home as early as possible. The more money they have for a down payment, the quicker and easier everything will go.

#2: Advise Your Client to Review Their Credit Before Applying for a Mortgage

Your client’s credit history is one of the most important things they need to be in good shape when they apply for a mortgage. So, advise them to obtain a free copy of their credit reports and review them for any errors or outdated information. The cleaner their credit is, the easier it will be for them to get approved for the loan they want.

#3: Advise Your Client to Know How Home Much They Can Afford

Just because a first-time home buyer can be approved for a certain loan amount doesn’t mean that they can afford the loan. For your client to have the best home-buying experience possible, they should have an idea of their financial limitations, so they restrict themselves to buying only from homes included within their budget. Nothing ruins a first-time home buyer’s experience like them discovering they can’t really afford their mortgage payments after they close.

#4: Advise Your Client to Get a Pre-approval Letter

Many buyers will come to you asking for a mortgage pre-qualification letter. Let them know that the letter is not the one they should really be asking for. Instead, tell them to apply for a pre-approval letter. Unlike a pre-qualification letter, a pre-approval letter is a confirmation that the client is already approved for their loan, barring no changes to their financial, credit, or employment histories. This letter will give them the extra traction they need in the event they enter negotiations.

#5: Advise Your Client to Budget for Closing Costs and Move-In Expenses

In addition to the down payment, your client should also be putting aside money for their closing costs and move-in expenses. These are two expenses that first-time home buyers often forget about because they are so focused on the down payment.

#6: Advise Your Client to Consider Their Future Needs in Their First Home

Rarely do first-time buyers purchase homes capable of meeting their future needs. They usually buy homes that meet their current needs. But time moves fast, and before long, they may discover that the home they purchased was too small or just not right.

Advising your client to keep their future in mind when choosing a home will help them avoid future problems. For instance, if the client has an elderly parent who may be moving in with them in the near future, then they may want to include looking for a home that can accommodate the extra person in their search efforts.

A first-time home buyer can be a fountain of questions, and this is good because it gives you a chance to provide them with advice and assistance that can ease their fears. It allows you to be the expert you are and earn their trust. If you want to improve your mortgage closings, then high-quality, purchased mortgage leads from RGR Marketing can help. We validate all our leads so the list you receive is filled with “warm” prospects. Try us out today and enjoy greater success.

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How to Help Your First-Time Buyers Enjoy the Home-Buying Process

#1: Advise Your Client to Start Saving Early

#2: Advise Your Client to Review Their Credit Before Applying for a Mortgage

#3: Advise Your Client to Know How Home Much They Can Afford

#4: Advise Your Client to Get a Pre-approval Letter

#5: Advise Your Client to Budget for Closing Costs and Move-In Expenses

#6: Advise Your Client to Consider Their Future Needs in Their First Home

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money today!

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How to Help Your First-Time Buyers Enjoy the Home-Buying Process

#1: Advise Your Client to Start Saving Early

#2: Advise Your Client to Review Their Credit Before Applying for a Mortgage

#3: Advise Your Client to Know How Home Much They Can Afford

#4: Advise Your Client to Get a Pre-approval Letter

#5: Advise Your Client to Budget for Closing Costs and Move-In Expenses

#6: Advise Your Client to Consider Their Future Needs in Their First Home

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