Getting Your Client’s Mortgage Approved
If your client is having trouble getting a mortgage approved, you are likely wondering what you can do to solve the problem and help them get the loan they seek. You don’t earn your commission if your client is not approved. The good news is that you can do several things to improve your client’s odds of getting approved.
Give Your Clients Credit Advice
Giving your clients advice about their credit score is a great step in the right direction. You can teach them about building their credit score and what they should do first, and you will both benefit from the advice.
Let your clients know that they can open new accounts and establish a solid repayment history if they don’t want to run into problems. Also, let them know how long it takes bad marks to fall off their credit report.
Look for Alternative Solutions
In some cases, a client’s credit score might not reflect their current situation, and past mistakes should not stand in your way of signing the deal. Try looking at your client’s paycheck and most recent repayment history to get a clear picture of where you should begin.
Work with your client and ask if they are able to make a larger down payment. As long as your client earns a reasonable living and works with you, you should have no trouble finding a middle ground.
There are always many steps that you and your client can take to get their mortgage approved. Educating your clients and showing them how to increase their odds of getting approved is a powerful step in the right direction. You might not be able to get your client approved today, but these tips ensure they have the best odds over time.
Have questions? Speak to an expert for more information.