Buyer Education

Using Other Lenders Interest Rates Marketing Materials The Mortgage Process Buyer Education Working with First Heritage Mortgage

How should I talk about home financing with my clients? When do I bring it up?

Your FHM loan officer is your partner in the sales process, and they are best suited to handle any mortgage-related questions with your client.

The best time to bring up home financing is during the initial conversation you have with your client. Your buyers should be in contact with First Heritage Mortgage (FHM) prior to completing a Purchase Contract. The easiest way to do this is by sharing your co-branded LoanNow app with the buyer as soon as possible. This instantly notifies your loan officer and sets up a channel for shared communication between you, the buyer, and your FHM loan officer moving forward.

How can I set expectations with the buyer – or the agent – on what to expect during the mortgage process?

It’s important that you educate buyers and agents on how the mortgage process and homebuilding process work together. Share that FHM is here to help them navigate this journey with ease. In addition to you and their FHM loan officer, they’ll need to work with the title company and possibly a few other vendors along the way. Let them know to respond quickly if one of these parties requests information or needs a signature; the faster they act, the quicker the mortgage process can keep moving.

How can I educate my clients about credit best practices during the mortgage process?

Remind your clients of the following credit-related tips for a smooth mortgage process:

  • DO continue making current mortgage or rent payments
    on time.
  • DO stay current on all existing credit cards and other accounts.
  • DO remain with your current employer.
  • AVOID making any major purchases.
  • AVOID changing banks or transferring credit card balances.
  • AVOID taking out new loans.
  • AVOID opening or closing any credit card accounts or applying for new credit.

What is a credit score and why does it matter?

A credit score is a three-digit number calculated from a borrower’s credit reports, based on the likelihood they will repay borrowed money. A borrower’s credit score affects both how much and what loan terms lenders will offer them at any given time. Taking steps to improve credit scores can help buyers qualify for better rates from lenders, however any steps to improve credit should only happen after consulting an FHM loan officer. A borrower can actually hurt their credit If they do the wrong thing at the wrong time.