As house prices continue to climb, people are all looking for ways to be able to afford more home. They all are calling other lenders and banks just doing anything they can to see if they can get a higher pre-approval.The first thing you want to understand in order to find more money in a deal is the places the mortgage company sees money going out.

  • Car Payments
  • Student Loan Payments
  • Taxes (They are based on each town and a by choosing the lower taxed town they can afford more)
  • Interest Rate

This is a small list of some of the items that will change how much your clients can qualify for. These each should be a subject you should learn to be familiar with so you can help educate your client on them. Working with great mortgage pros is always best so you can send your clients there for more information. The taxes always are a choice of if your clients are OK with the town that has lower taxes or not. The one that we can not control is the interest rate. The good news is that interest rates are dropping and at historic lows.

If your clients have a pre-approval in place but have not checked in for more than a few weeks with their mortgage pro now may be the time to do so. In a competitive world of pricing being able to have the proper budget for your client’s needs can ensure you get “The One”. One other thing that can affect your clients interest rates is their credit score. No matter who we are we all need to always work to improve and maintain a great credit score.

If your clients are in need of help getting a better understanding of all this make sure to use your referral network. Most good mortgage companies have programs that can run scenarios and look at what makes the most sense to maximize someone’s score and ability to get great interest rates. If your clients work with your trusted team you can ensure they get the highest pre-approval possible.. We hope you enjoyed this blog and if you have any questions or comments below. Make sure to jump over and check out our Facebook Group and Podcast “Real Facts on Real Estate”. Make sure to subscribe to our newsletter to never miss a beat.