Buying a house is a transaction that’s often shrouded in mystery, with surprises at every turn. For lenders and buyers, the roller coaster that has been the housing market only heightens the need for speed and accuracy. And when time is of the essence, creating a solid partnership between all parties is essential.
As in many milestone-related transactions, emotions can run high when pursuing homeownership. But one thing is certain: knowledge is power. Help your borrowers be in the best possible position by demystifying the path toward loan approval. Together, you’ll navigate the lending process with less stress and a result you all want: happy new homeowners.
Loans Concept. Word on Folder Register of Card Index. Selective Focus.1. Confirm Buyers’ Lending Options and Limits
It’s easy to get swept up in the excitement of homebuying, especially with so much information available to borrowers. But before your buyers fall in love with a new home, make sure that it’s within reach. Interview borrowers to learn more about their situation, what kind of home they’re looking for, and their current financial obligations.
Frequently, borrowers establish expectations about home features before price. And with varying costs of taxes, insurance, and other escrow expenses, the loan approval amount can change. Help your borrowers avoid housing heartbreak by confirming how much of a loan they can manage. Use your expertise to help them understand the specifics of their target locations and home types that influence monthly costs. This smart step can help them focus their shopping parameters, which can improve their odds of submitting the winning bid.
To get started, they’ll need to submit paperwork to confirm what amount they can afford. But this process is often one of the most challenging to complete. With varying processes with employers, coordinating with human resources can quickly erode your timeline. Implement tools that can help you conduct income verification without the hassle. By streamlining the process, you can get accurate data back and an approval letter in the hands of your borrowers.