Paying rent on time is a good way to make sure you don’t get evicted. Now, thanks to a new Fannie Mae policy change, that positive payment history could significantly boost your prospective clients’ chances of being approved for a home mortgage loan. 

As of Sept. 18, Fannie Mae is adding a new feature in its automated underwriting system that considers mortgage loan applicants’ rent payment history – with their permission – during the credit review process. That means that paying rent on time will officially count for something as your buyers look to transition from renter to homeowner. Continue reading

Given current market conditions, one of the last things home sellers have to wrestle with is whether to pay concessions as a way to keep a potential buyer on the hook. Some sellers have to resort to this tactic if they are having trouble selling their home or have a serious buyer who cannot afford some of the closing costs. 

But even though your sellers may not need this trick up their sleeve right now, it never hurts to educate them in case it’s a move they need to make in the future. An excellent place to start is identifying what seller’s concessions are and when or if necessary.  Continue reading

High home values. Low interest rates. Competitive bidding. 

Some interesting trends are happening in the real estate industry right now. As an agent out there helping your clients buy and sell homes, it’s your job to stay connected to what’s going on. Doing so allows you to help many families find the homes of their dreams. And gives you a few nice paychecks in the process.   Continue reading

When someone is ready to buy a house, they often hop in their car and start browsing the local home listings for their new home. It can be an exciting venture, especially when they’ve found a few in their price range.

But what is their “price range,” really? Do they know what that corner dream house with the covered patio and finished basement will cost them each month? Continue reading

A person’s credit score is essential when it comes to being approved for any kind of loan – personal loan, auto loan, home loan, or even a credit card. The higher the number, the more creditworthy your clients are.

As a real estate agent, you already understand that credit plays a significant role in the mortgage loan process and can ultimately go a long way in determining if your client is approved for a mortgage loan.   Continue reading

Close to the grocery store. Walking distance from the park. Near grandma and grandpa. Short commute to work. 

There are many considerations your clients sift through when deciding where to look for their next home. All of the ones above are pretty common and important. But there is one factor that can sometimes be a deal-breaker for parents – the school district.  Continue reading

Shopping for their first home can be very exciting. But because it’s their first go-around, your first-time buyer clients may feel like they’re going into the process blind. They could use a little help from someone who is more familiar with the process. That means you. 

While they could get plenty of advice online, you are well-positioned to give them the inside scoop on what’s happening in the local home market. Your advice could help them avoid making some common first-time homebuyer mistakes that can trip them up along the way. Here is a quick rundown of some things your clients should not do.  Continue reading

Interior painting. Bathroom remodels. New Flooring.  

According to the 2020 State of Home Spending report, these were the top three most common home improvement projects participants had completed. It’s not surprising that painting was at the top of the list, as it is one of the most cost-effective and impactful home improvement or renovation projects.  Continue reading

As if a housing shortage and historically low interest rates weren’t enough to spark some of your clients to consider refinancing instead of buying, the Federal Housing Finance Agency (FHFA) just put another log on the fire.

This week, Fannie Mae and Freddie Mac have agreed to eliminate the “Adverse Market Refinance Fee” for all refinanced mortgages, effective Aug. 1. The refinancing fee was implemented in December 2020 to help pay for some of the federal pandemic-related mortgage relief.   Continue reading