How Should a Broker Apply for a Mortgage?
The home buying process can be very stressful for your clients. Your focus should be alleviating their stress as this will help you close the homes your clients are looking to purchase. Without all the worry about “what if,” you’re more likely to make a purchase. Applying for a mortgage with a brokerage is your best option!
Applying For A Mortgage
The best time for your client to start the application process is while they are looking for homes with your agency. You’ll want them to give you information such as their telephone number, what credit cards they are currently paying, pay stubs and monthly payments. This will allow you to look up their credit history. A credit report will allow yourself and your brokerage to look up information on their credit score and find the best mortgage for your client.
If you start their mortgage process early, you can sell them a house much quicker and alleviate some of the stress involved in the process. Loan applications with everything prepared ahead of time can be processed much more quickly and efficiently.
Where Does a Real Estate Agent Begin?
There are many steps to go through before applying for a mortgage. To put yourself in the best position, you will want to start putting together your client’s ideal image of a home and begin house shopping. You will also want to figure out how much they can afford to spend. Doing so will ensure that the home buying process much more manageable.
One of the more common issues that occur and causes home-buyers to lose their property is that they “bite off more than they can chew” by borrowing more money than they can afford to. Your client’s debt to income ratio is very important in the process of finding a loan.
Types of loans
Next, you will want to determine which type of mortgage your client is going to apply for. Each type has different requirements, for example, an FHA loan is a mortgage issued by a federal housing administration (FHA)-approved lender and insured the FHA while VA loans is a great option for veterans.
Here are loan products bluepoint MORTGAGE provides:
- VA Loan
- Conventional Loans
- Fannie Mae
- Freddie Mac
- Prestige Jumbo
- Investor DTI
- Investor DSCR
- Reverse Mortgage
Some loans have fixed rates, which means these loans will always charge your client the same amount throughout the process. Be sure to determine which home loans have the proper interest rate for your client so that you can ensure great mortgage rates and they can make their mortgage payments
What you need for a loan
You will then, of course, want to make sure that you have you’ve started to collect information, as we discussed above, about your client’s credit history. Here’s a list of other important credentials your client will need:
- Tax returns
- Paystubs, W2s or proof of income
- All assets and bank statements
- Credit history
- Gift letters
- Photo ID
- Renting history
Contacting mortgage brokers or mortgage lenders is common at this point in the process. A mortgage broker will offer their help or suggestions in terms of a course of action for you. Once you have found a property to close, then the mortgage application process can begin, and you will become that much closer to closing your home.
Contact bluepoint MORTGAGE today to receive consultation about what mortgages will work best for your client. We’ll help them save money in the long run and hopefully save you time and money on your closing costs. Bluepoint MORTGAGE is here to make sure you can close your home with your client and they will remain extremely excited about their experience with you.