Before buying a home, consumers will likely need a pre-approval letter from a lender. Realtors® can help navigate their clients through this process with the help of WCAR’s Mortgage and Loan partners.
A mortgage is a loan that is used to finance the purchase of a home. Lenders offer a wide range of loan products, and by working with Mortgage and Loan partners, Realtors® can help guide clients through the process to find the product that is best for their clients’ needs.
The Realtor.com mortgage calculator is a great tool to share with a potential client. It allows for potential clients to get an idea of what the monthly payment of their mortgage would be. It takes into account the person’s yearly income, monthly debt, location, down payment, and a rough estimate of their credit score.
A mortgage calculator is good for the prospective client who does not know where to start with the home buying process. if they are coming to you with nothing, this will start them on the path towards pre-approval, and get them on their way.
NAR’s mortgage financing info is a great resource that give a rundown on the different financing options available to home buyers. With information on FHA programs, Fannie Mae and Freddie Mac, qualified residential mortgage, and more.
Financing is a major step in a real estate transaction and there are many different types of financing. Use this to gain knowledge on the different types of financing that can be a part of a real estate transaction.
Mortgage 101 is a resource provided by realtor.com that gives information on the basics of mortgages. It goes over what a mortgage is, it gives a review of mortgage rates, it has an in depth look at credit, as well as talking about down payments, comparing the different types of home loans, and a breakdown of the mortgage process. It is a great resource for first time buyers who don’t have much knowledge on the mortgage process.
For a first time home buyer, mortgages can be complicated and confusing. By referring a potential client to this resource, they can get an in depth look at what a mortgage is and the processes related to mortgages. By having this knowledge, buyers can make more informed decisions on the type of loan they might need, therefore streamlining the home buying process.
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