Help Prospective Homebuyers & Past Clients Get Organized for a Mortgage in 2024

Presented by: InGenius

This week, Brian Vieaux, President & COO of FinLocker, and credit consultant Sue Buswell , provide content to attract and connect with prospective homebuyers and retain and recapture past clients.?

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Transform Home Buying Through Financial Wellness Conversations

Sue Buswell, Credit Consultant #sueknowsthescore

Happy National Financial Wellness Month!

2023 is in the rear view, and it is time to #soarin24.

One of the best ways to lift your business is to help others – in this case, your potential home buyers looking for an opportunity to become homeowners.

The first step for most Loan Advisors is to pull their borrowers credit report. I challenge that first step, and ask that you start with a conversation. Not just your standard do you know your credit score conversation, but one that humanizes the process and takes the fear out of that credit pull.

Let your home buyers know that your purpose is to guide them through this journey of homeownership, from helping them understand where they are now with their credit goals, to how their current and future credit changes will impact their overall financial wellness.

Start instead with understanding.

• What is their motivator for homeownership? Understanding the WHY will set the tone for the how.
• How have they prepared to make it a reality? Income, budget, debt to income, credit, etc.
• Do they intend to raise their family, or is this just a stepping stone in their financial goals? Wealth building and cost of homeownership, time to recoup costs and more should be discussed here.

January's also Get Organized Month, and helping your home buyers organize their goals, needs, and wants is just as important as having them gather essential documents needed for those next steps in the process.

Once all are in agreement of the goal of the home search and purchase, pulling the credit report and reviewing any necessary updates becomes a part of the journey. There is a plan in place, an understanding of the goal, and agreements to partner on making it a reality.

Remember, financial wellness comes from understanding where the home buyer is and what their goals are. Homeownership with financial wellness is a journey, not a destination. Let's empower each other to make 2024 a year of financial triumphs and fulfilling dreams.

Preparing Past Clients to Get Organized for a Refinance

?Brian Vieaux, President & COO, FinLocker

January is also known as "Get Organized Month," and while many associate it with tidying up physical spaces, it's also an ideal time to focus on financial organization, especially given the current market conditions.

We exited 2023 with the Feds signaling potential rate cuts in 2024. Given where rates were for most of 2023, many consumers who bought a home in 2023 will be in the market for a refinance at some point this year. As a mortgage advisor, this presents a valuable opportunity to assist your past clients in organizing their finances so they'll be ready when rates swing in 2024.

Don't assume that someone will qualify for a refinance just because someone secured a mortgage 6-10 months ago. Without regular check-ins or semi-annual mortgage reviews, you might be unaware of any changes in their financial situation, such as maxing out credit cards for new furniture or appliances in their home.

Utilize available tools to streamline this process. One of the tools that I'm partial to is the FinLocker financial fitness app. If you're using FinLocker, check that your clients are monitoring their credit and have set up their financial accounts so they can also see their debt-to-income ratio. They can also store all necessary financial documents within this platform to expedite future mortgage applications.

When a refinance opportunity arises due to dropping rates, having their financial information readily available through the app will simplify and hasten the process. Additionally, it positions you as their go-to advisor by notifying them promptly about potential opportunities to lower their payments or rates.

Being organized not only ensures they're prepared to capitalize on favorable rate drops but also enables swift action, as these opportunities can arise and vanish swiftly.

Educate consumers on the significance of financial organization this January. Stress the importance of reviewing their financial information and having it easily accessible to capitalize on potential rate drops in 2024, setting them up for success in seizing these favorable opportunities.

Empower your clients with financial knowledge and digital tools that pave the way for financial preparedness, showcasing your commitment to their long-term financial well-being. This proactive approach strengthens your relationship with past clients and positions you as a trusted advisor ready to assist them in navigating the ever-changing landscape of mortgage rates.

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Brian Vieaux , President & COO, FinLocker , has partnered with Kyle Draper?? , author of "Rethink Everything You Know About Social Media," to inspire loan originators with expert insights, innovative strategies, and practical tips for serving next-gen homebuyers and building lasting connections that will elevate your career and redefine your role in the mortgage industry.