Real Estate Tip of the Week: Guiding Your Clients Through the Financial Process

As a guru of the real estate world, clients will look to you for help and advice when it comes to financing a home.

While you aren’t a financial advisor, you can certainly guide them through the home buying process, and showcase different options that are available to them. You might even be able to refer them to a lender or brokerage.

Here are some of the things you can do to help:

Ask Questions

You’ll want to get a good idea of where your clients want to be in the future. Getting to know why they want to purchase a home, the type of home they’re looking for, and what they’ve done financially to prepare for this next step can be beneficial in your guidance.

Here are some questions you can ask:

  • What areas have you looked at to purchase a home?
    • Different locations can mean different options for loans.
  • How long do you see yourself staying in this home?
    • Depending on how long they see themselves living there, can greatly affect the type of loan they choose. A 15-year mortgage might make more sense than a 30-year mortgage.

Preparation

After you get a better idea of where your clients stand, you’ll want to connect them with a lender or mortgage broker.

Let them know they’ll need to prepare documents ahead of a meeting with a lender:

  • Clear idea of how much money they can put down for the down payment
  • No surprises on any existing debt – the more upfront they are, the better
  • Most recent pay stub
  • W-2s from the past two years
  • Mortgage statements for any other properties they own

Once your client has decided to go with a specific lender, it’ll be the lender’s duty to guide your clients financially.

Want more real estate tips and guides? Stop by Alliance Title’s Blog here.

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