In real estate, as an agent, you’re not required to be a mortgage expert, but knowing more than just the basics can help you become a stronger, more effective professional. You can help your clients make more informed decisions by learning just a handful of mortgage acumen. These three crucial pieces of mortgage information can save you and your clients considerable time and energy:
20% Minimum Down Payments are Not Required. In fact many loan programs require only 5% down. Know what government programs, if any are available to your clients that are first time or low-income buyers. Again, you needn’t be an expert, but a base knowledge will be enormously helpful.
Special Underwriting Requirements Exist For Condominiums. It’s imperative to know about seemingly innocuous issues such as pending litigation against a condo association, the number of units that are owner-occupied vs leased or rented, and if any areas of the building are used for commercial activity. A knowledge of these could save your client from any last-minute expenses that could have been addressed earlier in the process.
Credit Scores Won’t Be Affected By Shopping For A Mortgage. If fact, it’s highly recommended that your clients do shop around for the perfect mortgage broker. Finding the right fit will save them time and effort and the make the process much smoother.
Stonebridge Mortgage Group can help you with your Reverse Mortgage, Real Estate Loan, and many other mortgage solutions. We serve the greater Portland area and are located in Gresham, Oregon. Call us today at 503.661.5580