February 26, 2018
Regardless of the political environment or what happens overseas, for many consumers, the first quarter is a time to set new financial goals – like buying a home. Yes, we are nearly done with February already. Orion’s experienced brokers remind home-seekers who want the best terms and rates on a mortgage shouldn’t wait until peak real-estate season to take control of their credit.
They remind our clients that building credit doesn’t happen overnight. They should check their credit long before applying for a mortgage, ideally at least three months beforehand, to avoid any surprises down the road. That way, if their credit needs a boost, a good broker still has time to help the client improve things.
Here are a few steps Orion is seeing its brokers advise doing to help clients afford their dream home. Set a budget. Put money away for closing costs, a down payment and any unexpected home-buying expenses. Keep in mind that putting down a higher down payment will usually result in a better interest rate. Become pre-approved: Knowing how big of a loan one is eligible to receive before house-hunting can help set realistic parameters for the search, so a client can find a home in their budget.
Orion’s AEs help brokers to help their clients become “credit-smart.” Understanding credit basics is the key to building good credit. There are a lot of trustworthy credit resources online, including a large library available at TransUnion.com. And if a client froze their credit in 2017 due to the Equifax debacle, they will need to lift the credit freeze before applying for a mortgage. Keep in mind that each of the three bureaus needs to be contacted separately, and TransUnion customers can visit freeze.transunion.com to get started.
Our brokers know that credit is only one part of the mortgage process, and Orion’s AEs is ideally situated to help brokers help their borrowers through the entire procedure.