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

SPAAR - 05/05/2023

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!

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