From Wholesaler to Consumer, it’s All About Education
When first-time homebuyers begin exploring their options, they often realize they actually know very little about getting a mortgage. They have to rely on the expertise of others, such as family and friends who have already gone through the process, to make the most educated choices possible. However, finding a home and going through the mortgage process is not a one-size-fits-all solution. One person’s advice may not be suitable for another’s situation.
For example, some homebuyers might not qualify for conventional mortgages. But if their realtor isn’t knowledgeable about alternative non-prime lending products, the consumer might be misinformed and believe that they’re not qualified for a mortgage. That’s why it is of the utmost importance for homebuyers to work with a well-educated realtor with access to the resources needed to stay informed on the entire market of products available to borrowers in every financial situation.
Realtors should aim to work with loan originators who are well-versed on the variety of products and solutions available in the market today. The more knowledgeable the originator is on various mortgage products, the more tools he or she has at their disposal for providing appropriate lending solutions to the consumer.