Mortgage basics for your first-time buyers
First-time homebuyers may be motivated, but are they really ready to buy? Our research shows that while a majority (80%) admit they'll need help to understand what they can afford, over half don't plan to apply for prequalification, missing the opportunity to learn how much they can qualify for in a mortgage.Footnote1
There's nothing more disappointing than a sale that falls through because your clients weren't financially ready. Here are some reminders of what your clients need to know to bring their home search to a successful close.
Reviewing these basics with your clients — or encouraging them to consult their lending specialist — is an easy way to help avoid bumps on the road to your client's new home. By helping to smooth the way, you can count on great reviews from the happy new homeowners.
1 Source: Bank of America 2020 Homebuyer Insights.
2 Prequalification is neither preapproval nor a commitment to lend; borrower must submit additional information for review and approval.
MAP3372677 | 12/2020