After spending last week on how I could help my realtors even more. By speaking with other real estate professionals, I realized that if I could pre-answer the loan officer questions that realtors get, I would be helping them a lot.
Here is the first of a few emails I made to help my realtors answer questions that normally a loan officer would answer.
Top 5 Loan Officer Questions That Realtors Get Asked
1. What are interest rates today?
Sophisticated mortgage professionals use “ themortgagereports.com/today “ to get an idea of the rate that day.
The site is an easy way to understand where rates are at if we were locking in a rate that day without the complex rate sheet you normally see.
2. Why does it show all these closing costs?
Legally we have to disclose all closing costs regardless of who is paying them.
That is what you see on the loan estimate. If we were to disclose the seller or lending credit, we would be obligated to that exact dollar amount, which we don’t know what the final amount is going to be.
We have to process the loan, get the final closing costs, then we add a lender/seller credit to the final set of figures for your review (closing disclosures). At that point, we will know the final dollar amount so we can add it to the closing disclosures, which are the final disclosures you receive 3 days prior to closing.
The new loan amount, rate, and payment on this estimate should stay pretty much the same. What changes when we add seller or lender credit is the cash for closing drops to zero or whatever amount.
3 . What’s the smallest down payment I can make?
Well, different mortgages come with different down payment requirements, so be sure you know your requirements and that you can meet them before signing on the dotted line.
Rule of thumb for mortgages:
- Conventional For Primary Dwelling is 3.5–5% down payment.
- FHA is normally 3.5% down payment
- VA/USDA are 0% down payment.
The great thing about Eagle Connect Fund is that we can offer 3.5% to 5% down payment grant for either Conventional or FHA loan products.
4. What do I need to qualify for a down payment grant?
If you qualify for a FHA loan you can qualify for a grant.
- No 1st Time Homebuyer Requirement
- 620+ Credit Score to Qualify
- Make $85,696.80 or less which is 120% of the average median income in Utah which is $71,414.
- FHA 203 (b) 1–2 Unit Primary Residence
- FHA 203 © Condo Unit Primary Residence.
You can view all the requirements for FHA/Conventional down payment grants we offer here: http://eagleconnect.org/index.php/products/
5. How Fast Will Getting Pre-Approval Take?
As realtors know, the pre-approval certificate in hand, you can feel more secure about investing time with your buyers.
Taking a client from zero to pre-approval should take 1–3 days.
Thanks for reading this far! If you are a realtor and want to get dealflow from #Kawsah and United Security Financial, please fill out this form below:
In partnership,
Marcelo Bayon
Loan Officer #1851997
United Security Financial Corp NMLS #94915
930 East 6600 South, Murray, Utah 84121
Mobile: 801–971–4338
