Real Estate Tip of the Week: Financial Guide for Your Clients

As a real estate agent – you’re someone clients look to for help and advice when it comes to financing a home.

While you aren’t a financial advisor, you can certainly guide them through the home buying process, and showcase different options that are available to them. You might also be able to refer them to a lender or a brokerage.

Here are some things you can do to help:

Ask the Right Questions

Before you can move forward in the home buying process, you’ll want to know where your clients want to be in the future. Getting to know why they want to purchase a home, the type of home they’re looking for, and what they’ve done financially to prepare for this next step can be beneficial in your guidance.

Here are some questions you can ask:

  • What areas have you looked at to purchase a home?
    • Different locations can mean different options for loans
  • How long do you see yourself living in this home?
    • Depending on how long they see themselves living there, their loan options change. A 15-year mortgage might make more sense than a 30-year mortgage.

How to Prepare

Now that you know where your clients see themselves in the years to come, you’ll want to connect them with a lender or a mortgage broker.

Let them know they’ll need to prepare documents ahead of a meeting with a lender:

  • An understanding of all existing debt – the more upfront they are, the better
  • A clear idea of how much money they can put down for the down payment
  • Their most recent pay stubs
  • W-2s from the past two years
  • Mortgage statements for any other properties they own

After your client has selected a specific lender, it’ll be the lender’s duty to guide your clients financially.

Looking for more real estate tips and guides? Check out AmeriTitle’s Blog!

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