As the real estate market experiences historically low interest rates, mortgage industry professionals continue to search for a balance to improve the borrower experience, mitigating risk and netting more profit per loan. That said, borrower education before and during the loan life cycle is of utmost importance because it increases borrower buy-in. Heading into Q2 of 2016, we want to share some informative articles that can be useful when educating potential and current borrowers on today’s mortgage lending market:
1. Freddie Mac’s Home Possible Advantage Program Myths and Facts
A recent HousingWire article outlines 6 myths about Freddie Mac’s Home Possible Advantage program featuring a 3% down mortgage payment option. The article also provides a “flashcard” at the bottom for quick reference of myths and facts.
2. 10 FHA Guidelines EVERY Home Buyer Should Know
This blog post from Inlanta Mortgage covers FHA guidelines that home buyers should be aware of, including down payment requirements, maximum loan amount, and debt to income ratio calculations.
3. Kick-Start Your Real Estate Investment Portfolio Using an FHA Mortgage
One of The Mortgage Reports’ recent articles written by finance and business writer, Mark Henricks, discusses ways an FHA loan can help borrowers purchase their first rental home.
4. 10 Terms Every New Homeowner Should Know
This helpful article posted on Real Estate Talk Boston gives new homeowners some tips on credit repair, as well as important lingo to learn such as fixed rate loan, adjustable rate loan, escrow, and more.
There are many ways to share the above articles, as well as other pertinent information, with potential and current home loan borrowers. A best practice would be to communicate updates and helpful tips via your company website, as well as all borrower-facing digital and print documents.
What are some helpful tips you would share with potential and current borrowers in today’s market?