From the affluent buyer to a starter home purchaser, a mortgage lender can choose to stay fairly hands off with a given buyer’s process, or he or she can be an essential part of it.
As the lender in a homebuying transaction, there are some key services you can provide your customers that will strengthen your working relationship.
Staying in the loop
Sometimes a mortgage customer will get his or her pre-approval and not check back in until it’s time to buy. Make sure that you stay in the loop on the status of the housing search for each of your lending customers so that they know they have a valuable resource for financial guidance from start to finish. Working with a real estate agent who appreciates one-to-one contact can also help you work as a team to find your customer the best possible financial and living situation.
Advising the first-timers
As a mortgage provider you’ve probably transacted on home purchases countless times. But for first-time homebuyers, this is a brand-new experience. Depending on their research going into it, these types of mortgagors might have little to no idea what even the most seemingly basic terminology and expectations might be. Consider having a checklist or a one-sheet guide to provide your first-time homebuyers so they feel comfortable and confident going into the closing process.
Speaking of inexperience, whether your customer is doing this for the first time or not, they’ll likely appreciate your knowledge of real estate agents and inspectors in the area. Particularly when they’re working through a pre-approval with you, consider suggesting some reliable agents or service providers in the community, as they may not have begun searching for these key players in the process.
There’s nothing more stressful in the homebuying process than a time-restricted bidding war. Make sure that your mortgage customers know the range of offers they are able to make with their pre-approval amounts and how they will affect their bottom lines and monthly payments. And if you stay in the loop on where your customer is at in the process, you can be more available in case you need to provide a quick adjustment to the approved amount and give the go-ahead for a slightly higher offer.
Word of mouth in the real estate market is an important thing in communities of all sizes – make sure you’re providing great, recommendable service to your mortgage customers!