Answering Potential Borrower Questions

Jul 15, 2022 | Blog, Mortgage

EPM
When your business is booming, it can be hard to take time from serving your current borrowers to help tire kickers and those curious about why they should work with a mortgage broker instead of just going to a bank themselves.

That is when your website and social media presence can help. By creating guides to the common questions potential borrowers ask, you can save time and better serve your current borrowers while ensuring that your business will continue growing as potential borrowers get ready.

Credit Checkup

One of the most common concerns is whether a borrower has good enough credit to get a mortgage. As your all-in-one lender, EPM provides an array of product offerings to fit most any financial situation. You can help them prepare for a loan by creating a video or PDF that lists what lenders typically look for and where a potential borrower should focus their energy if their credit isn’t perfect. Explaining what elements affect a credit score will be very helpful, as many potential borrowers see that number as a complete mystery.

And if potential borrowers check their credit reports and clear up any errors before you start working with them, you get the added benefit of time saved in securing their perfect loan.

A “How Much Home Can I Afford?” Sheet

Many people use the online calculators at their financial institutions to see how much home they can afford. But much more goes into that decision than just the income versus monthly payment equation.

Help potential borrowers get realistic by providing a guide explaining how much monthly payment they can afford and the other costs of home ownership they need to consider in addition to the monthly payment. For example, you may include maintenance, taxes, homeowners association fees, and homeowners flood and mortgage insurance. Help them see what homeownership will really be like before they start searching for a house, so they will be ready to work with you on a mortgage that fits their reality.

Down Payment Solutions

A down payment can seem like a massive hurdle to new homeowners. Rising rents and other living costs have made it harder to save, and rising home prices make a down payment seem huge. Lend a helping hand by creating a guide that explains the following:

  • How to come up with cash for a down payment
  • Programs that help cover down payments for first-time homebuyers
  • Different loan types that require lower down payments
  • How private mortgage insurance works
  • Other down payment questions.

This guide can help potential homebuyers understand what down payment they need to come up with and lower this perceived barrier to homeownership.

Guide to Picking a Realtor

Many home buyers simply call the person they saw on a bench or the side of a bus. But, like their relationship with you as their mortgage broker, building trust with a realtor may require a little more homework. You can create a simple checklist of questions buyers can ask realtors before they work together to ensure they are a good fit for personality and business.

A little time spent creating guides that answer the common questions you get will save time in the long run — and show how professional and knowledgeable you are.

For help communicating about specific mortgage products, see the guides at epm.net.

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