Our job as mortgage professionals is to make the path to homeownership as seamless
as possible. That means uncomplicating the complex, anticipating issues and
eliminating them on the front end, and expertly walking the consumer through
the process.
In this episode my business partner, Matt Baker joins me to share all the strategies we
use to give the buyer the advantage, and how we put out the big fires before they even
erupt.
Matt also shared:
- How to help the buyer in a competitive situation
- The butterfly effect of homeownership
- How to manage the emotions behind the financial decisions
About Matt Baker
Matt Baker is a co-branch manager at The Bookspan Baker Team at Fairway Independent Mortgage Corporation. The Bookspan Baker Team is a group of experienced mortgage professionals who are committed to educating consumers about mortgages and providing an amazing home loan experience. The team has over 80 combined years of mortgage lending experience, and we love helping our customers finance the home of their dreams.
Key Points
Pre-approval on the front end
The mortgage process has always been backwards. When the underwriter–the key decision maker on the transaction–only gets involved at the tail end of the transaction, there’s potential for a lot of fires. By flipping the process and putting the pre-approval on the front end, Matt’s team makes everything faster and removes potential snags from the buyer getting the home they want.
Homeownership can still be strong in this market
Interest rates aren’t the be-all, end-all of the home buying decision. Even with the highest of interest rates, the market still gains homeowners, so while rates may cause people to pause or take longer to buy, they won’t stop them from making the ultimate decision. There are a lot of people who got frustrated and didn’t buy a home in 2020, now is their time. We can show them that there’s still a path to homeownership, and that interest rates being high doesn’t correlate to demand being low.
Where deals go wrong and how to prevent it
The most nerve-wracking thing for a buyer is knowing if they are going to close, and so many details could derail that. The more we can dig in on the pre-approval and look deeply into the documentation, the less likely something will get in the way and shut down the transaction.
Creative ways to make a homeownership deal better for the buyer
In this market, the interest rate is always going to be an entry-level fear. The buyer is always most concerned about cash-to-close and monthly payments. We can show them that even in a rising interest inventory market, we can massage a little on the price, get more seller concessions, and balance the rate differential to make the payment or cash-to-close less.
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