Before your clients can start hunting for their home, they must determine how much house they can afford. As a real estate professional, you know better than anyone the obstacles that many potential buyers face when trying to obtain a mortgage. This is especially true for first-time buyers who may already be overwhelmed by the idea of making the biggest financial decision of their lives. The good news is that they have you, the local expert, to navigate them through this uncharted territory. And the even better news is that Homes.com has created a customizable mortgage checklist for you to share with these first-timers.
Helping your clients ‘prequalify’ for a loan will provide them with a better idea of how much money they have to work with and demonstrate to sellers that they’re serious about purchasing a home. There are many factors that affect how much a buyer can be prequalified for, so it’s critical they understand what these factors are and their significance.
The “First-Time Homebuyer Mortgage Checklist” identifies four key areas that are considered by creditors when evaluating a person’s financial situation: Income, Assets, Credit and Employment. To help prospective buyers get a better handle on their finances before applying for a loan, each of these key areas contain their very own checklist to ensure every base has been covered.
Here’s a sneak peek into the type of information home buyers will find in this valuable resource:
Income: Highlights what forms of income must be present to qualify for a loan
– Qualifying income, rental income, social security, etc.
Assets: Identifies what resources can be used for a down payment
– Savings/Checking accounts, stocks and bonds, employer assistance programs, etc.
Credit: Provides different types of loans and their required credit scores
– FHA Loans: can be approved with a credit score of 580
Employment: Shows what employment history is required for approval
– Employment history of at least 2 years
As you can see, this checklist provides details into areas that many first-time buyers may overlook when seeking a loan for their first home. Providing this helpful checklist to prospective buyers will demonstrate that you know the ins and outs of the home buying process, proving once again why you are the local expert!
What’s even more important is that this checklist is editable to include your own branding information, so when the day comes that your client has been pre-approved to buy their first home, they’ll remember you helped make it possible. Simply download the “First-Time Homebuyer Mortgage Checklist,” add your branding information and print or save it to email to your networks!
Looking for more valuable resources like this? From financial advice to preparing a home for the changing seasons, Homes.com offers a library of consumer resources that can help guide local buyers and sellers through every step of the home buying process or improve life in their current home.