Are you considering buying a new home? Who should you contact first to get the process started? If you said mortgage consultant, you would be right.
In a recent survey done by Wyndham Capital Mortgage, we asked that very question and were surprised that 53 percent of those surveyed* answered “real estate agent.” However, the majority surveyed did say they trust their mortgage consultant to help choose the best mortgage for them.
“Sometimes the real estate agent might not know what their client’s financial situation is,” says Dennis McCoy, senior mortgage consultant at Wyndham Capital. “It’s not that they are trying to walk a client down the wrong path; they just don’t know.”
Considering the current housing market – soaring home prices and lack of inventory – it’s more important than ever to understand why talking to a mortgage consultant should be your first step in the process of buying that dream home.
1. Find out upfront exactly what you can afford.
A lot of potential homebuyers have an amount in mind that they think they can afford, but it’s not always accurate. With the correct financial information in hand with help from a mortgage consultant, a real estate agent has a clearer idea of neighborhoods and houses you could afford, so they won’t waste your time showing you houses in the wrong price range.
“I run the numbers and sometimes they can afford more than they thought, and then they get excited,” McCoy says.
2. Get comfortable with the mortgage consultant.
Purchasing a home is a huge financial investment, and it can be a daunting process if you have never done it before. Developing a relationship with a mortgage consultant and building trust at the onset could help reduce stress.
“I try to simplify the process as much as I can to help the client make an educated decision,” McCoy says. “I try to answer questions before they get asked and walk them through the steps.”
3. Benefit from a mortgage consultant’s knowledge and experience.
Whether you are buying your first or third home, changes in the housing market and loan requirements can be overwhelming. Why not take advantage of a mortgage consultant’s knowledge at the beginning of your home search?
“We try to take a stressful transaction and make it as human and simple as possible. We want it to be fun and exciting,” McCoy says. “Who doesn’t want to save money? We want the client to be comfortable, happy and confident.”
4. Get helpful advice if your credit score needs improvement.
Credit scores are an important part of determining whether you can secure a home loan at a low interest rate. Of the people Wyndham surveyed, 60 percent consider a credit score of 650 good. People don’t always know the minimum credit score necessary or that there are ways to improve credit scores.
“If our clients need help, we can provide them with industry standards that could potentially improve their score,” McCoy says.
5. Make an enticing offer through our Priority Purchase Program.
Right now, interest rates are low, and people can potentially afford more house than they originally thought. However, time is of the essence because of bidding wars that include some offers above asking price. The advantage in this housing market? Be ready with a pre-approved offer as soon you see a house you like.
“We have a program called our Priority Purchase Program that allows us to completely pre-underwrite the file,” McCoy says. “We don’t just give a generic pre-qualification letter. We give an underwritten pre-approval letter with Wyndham Capital’s On-Time Closing Guarantee**, so when the client makes an offer, it might stand out a little more.”
*Wyndham Capital Mortgage commissioned Atomik Research to run an online survey of 2,342 adults in the United States for their “Mortgage 101” survey. The margin of error fell within +/- 2 percentage points with a confidence interval of 95 percent. The fieldwork took place between March 23rd and March 29th, 2021.
**If we fail to close your loan on time as promised, Wyndham Capital Mortgage will guarantee up to a $10,000 credit towards your closing costs. While it is our goal to provide our On-Time Closing Guarantee, extenuating circumstances may cause delays outside this window. Exclusions may apply. Please visit www.wyndhamcapital.com/closing-guarantee for more details.