Every week, we ask a real estate professional for their Short List, a collection of tips and recommendations on an essential topic in real estate. This week, we talked with Sarah Valentini, the principal of radius financial group, inc., for her tips on how agents can navigate the mortgage process.
5. You wouldn’t take medical advice from your brother-in-law (unless he’s a doctor!), so why would you take financial advice from anyone other than an expert? Tell your clients to work with a local, licensed loan officer on their mortgage. They’ll appreciate the good advice!
4. Get ready for a lot of paperwork. Prepare your clients to assume they will need a two year paper trail of W-2’s and tax returns and two months of paystubs and asset statements if applicable.
3. Serious home buyers will have a letter from a reputable lender indicating that their income, assets and thorough credit history have all been verified. The more information provided to a lender in advance (see tip No. 2 above), the stronger the letter will be, which is more desirable to the seller.
2. Every mortgage program is unique. Be sure to contact your buyer’s lender to review any restrictions associated with the buyer’s program (ie: geographic, allowable seller concessions, FHA and condos, etc.)
1. Remind your clients that they can dramatically alter their credit score and even block their chance of closing on a home purchase if they’re not careful about their credit during the home buying process. This means no car shopping or furniture shopping until well after closing!
Sarah Valentini is a leading mortgage professional with 20 years’ experience in residential and commercial lending. In 1999, she launched radius financial group, inc., where she serves today as president and principal. Under Sarah’s leadership, radius has grown from a small, local lender to one of New England’s leading, private mortgage banks.