First Time Homebuyers: Financing & Credit (What You Need to Know)

SPAAR's Education & Events Director, Kristin Parker, sits down with two SPAAR Affiliate Members: Cindy Allen of Bay Equity Home Loans and Steven Tran of Fairway Mortgage to talk about First Time Homebuyers - what REALTORS® can do to educate and better help these consumers become a homeowner.

"The biggest challenge is really getting [first time homebuyers] to understand how much they need to know."

With a home purchase likely to be one of the largest purchases in anyone's lifetime, Cindy and Steven both feel it is extremely important for the buyer to meet with a professional to have an in-depth conversation on all aspects of expectation from their credit, to interest rates, down payment, and financing options.  There is a lot of misinformation out there, and the best advice for both consumer and REALTOR® is to find a loan officer that you work really well with, have the conversations, and know the loan officer has the same goal as you - homeownership.

"We're here to help and give guidance, not to just say yes or no."

This 36-minute conversation, covers credit score confusion, loan options, myths, and more. Watch above or click here to listen to the Better & Better Podcast episode.

First Time Homebuyers: Financing and Credit
(36-minutes)

• First Time Homebuyers could be anyone who hasn't owned a home in the past 3 years.
• Interest rates online aren't always the accurate picture
• Credit score models are all different - mortgage scores are not the same as credit card, auto loan, or Credit Karma check scores
• What's the perfect credit score?
• Paying off debit isn't always the best plan to raise your score
• Shopping the loan is expected. Myths about running your credit report.
• Down payment resources & programs
• and more!