With a new purchase season upon us and homebuyers eager to find their first, next or forever home, it is vital that you have the tools necessary to assist your borrower on this exciting endeavor.
Much like last year’s purchase market, which saw exceedingly low inventory and elevated home prices, the start of 2022 is continuing to be just as competitive with the added disadvantage of higher interest rates. With that in mind, Iowa Bankers Mortgage Corporation offers the following tips to help you make this a successful year for you and your borrowers.
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Educate your borrower on the different loan product possibilities available. Think outside the one-size fits all box and explore the different opportunities for financing. An alternative product could make the difference between a successful transaction and a denial.
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Offer a variety of down payment options to provide flexibility and a greater chance of success. Options you can explore include down payment assistance grants and loans, community seconds, bridge loans, second loans, and gift options.
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Ensure that your borrower gets prequalified or pre-approved before shopping. Having that letter in hand when making an offer will place your borrower in a much better position when facing a potential bidding war.
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Review the sales contract to ensure all contingencies and inspections are addressed. Keeping on top of the details within the specific sales contract will help avoid surprises and delays down the line, which cost time and money.
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Safeguard against delays by communicating throughout the process. Weekly check-ins with both your borrower and the Realtors will help ensure open communication, more efficiencies and better cooperation amongst all parties.
Looking for more ways to be competitive in this market? Reach out to
Shana Light or
Megan Severson to discuss our different lending channels, including Alliance. Harness the power of Alliance to have IBMC handle your back office tasks while you set your own fees and income so you can keep your focus on your borrowers and their experience. Reach out today to learn more!
