First-Time Homeowners

Bidding Wars Are Over: Help Your Clients Get Back into Home Buying Market

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As we head into the fourth quarter of 2021, the peak home buying season is wrapping up, and most of the bidding wars have subsided. No, that doesn’t mean you can take the next three months off, unless you don’t need a paycheck.

But it might signal the green light for your clients who were waiting to buy until demand decreased, prices became a little more reasonable, or their credit score improved. Bidding wars and the frustration and roller coaster of emotions that come with them aren’t for every house hunter. Continue reading →

Fannie Mae Underwriting Change Paves the Way for Renters to Become Homeowners

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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 →

Millennials Are Buying Homes: What Are They Looking For?

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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 →

Help Your Clients Avoid These 5 Credit Mistakes During the Mortgage Loan Process

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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 →

Don’t Let Your First-Time Home Buyer Make These Mistakes

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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 →

Tell Your Clients: New FHA Loan Policy Eases Student Loan Debt Calculations

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Late last week, the Department of Housing and Urban Development (HUD) announced that it is being more much more lenient on the rules mortgage lenders must use to assess student loan debt for home loan applicants. The move brings FHA more in line with other government-backed mortgage programs like Fannie and Freddie, which eased their criteria in recent years. 

The new standard removes a requirement to calculate a borrower’s monthly student loan payment as 1% of their outstanding student loan balance instead of the actual monthly payment that could be significantly less than 1 percent of the balance.  Continue reading →

Is Now the Time to Buy or Refi?

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When mortgage rates drop to near historic lows like recently, many homeowners start thinking about either refinancing their current homes or buying a new one.  

According to Freddie Mac and the National Association of Homebuilders, mortgage rates are expected to hover around 3 percent this year. The National Association of Realtors projects the rate will reach 3.2 percent in 2021, and Wells Fargo believes rates will be around 2.89 percent. All these numbers are attractive for both new home buyers and those looking to refinance. 

There are benefits and pitfalls to both that a knowledgeable and professional agent can communicate to put you in the best position possible.  

Despite it being a seller’s market where home prices in many regions are skyrocketing, you could still manage to land the home of their dreams without breaking the bank.  

However, if you aren’t up for getting into possible bidding wars, are still content in your current home, or need to squeeze some money out of your monthly budgets, refinancing can provide some benefits. 

To help you clients determine whether they should buy now or refinance instead, here are some essential considerations to share. 

Continue reading →