I. Checklist for Mortgage
□ have a list of preferred lenders, to include those in the office and others you trust (3-5)
□ buyer always chooses, but you can suggest and recommend
□ qualify buyer VERY early in the process—notice I did not say at the beginning
□ communicate with lender throughout, be skeptical of hard to reach, unknown, out of area lenders
□ know the loan types and also make suggestions to the buyer to consult with loan officer
II. Action items for Mortgage
a. Collect cards from preferred lenders, make a quick list easy to distribute
b. Get to know them (ask for their card & they will probably buy you lunch)
c. Connect with them on social media
d. Seek reviews/testimonials/likes when appropriate
e. Ask them ways they can help your business, ie. Postacrds, open houses
III. Best Practices for Mortgage
a. Understand the different loan products
b. Be a resource, not the source
c. Exercise your right to know, be willing to slow process if you’re in the dark
d. Stay up on trends in the industry
e. No-one knows where rates will go, but know the rates!!!
IV. You oughta & gotta for Mortgage
a. Understand FHA
b. Understand VA
c. Understand Conventional
d. Understand FHA 203-k
e. Understand VHDA (conv or FHA)
f. USDA-rural
g. Be patient if a client needs time to qualify, help them
h. Understand Cash
i. Understand LTV or Loan to Value
V. Pitfalls for Mortgage
a. Not being involved in the process will bite you. Loan officers may not be forthcoming.
b. Loan type may influence quality of offer to seller
c. Down payment may influence quality of offer to seller
d. Pre-qual vs. Pre-approval may influence quality of offer to seller
e. As a listing agent you will need to help the seller make decisions on offers
