Compelling Reasons to Boost Your Mortgage IQ
Over 90% of buyers rely on their agent to manage the homebuying process; agents who are knowledgeable about mortgages provide valuable guidance to clients.
CHICAGO – Mortgages are among the most complex yet vital elements of homebuyers’ transactions. Surveys from the National Association of Realtors indicate that more than 90% of buyers rely on their agent to help them manage the home-buying process.
However, the majority of agents tend to have an inadequate understanding of the mortgage finance industry. Agents who are more knowledgeable about mortgages can answer clients’ questions more confidently and clearly.
Homebuyers need access to easy-to-understand information, so it is important that agents can provide their clients with clear and concise explanations about their options and key steps in the process.
It is also important for agents to know how to vet lenders, mortgage originators, and loan officers, who may approach their jobs differently. Agents should consult them and decipher their answers.
While buyers have leeway in selecting their lender, they would be grateful for having reliable choices. Agents also should note that a “pre-approval” letter can mean different things about a buyer’s situation, so they need to investigate the lender’s process thoroughly.
As agents become more knowledgeable about the finer details about mortgage finance, they can also work with lenders more effectively and oversee three-way talks to highlight the client’s needs regarding timing, the down payment, and other factors that may affect contract terms.
Taking these steps also enhances the likelihood that the client’s offer will be viewed favorably by sellers and their listing agents.
Source: RISMedia (08/24/23) Collins, Julie
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