Your Client’s Credit Profile is Important

Regardless of the political environment or what happens overseas, Orion’s brokers know that for many consumers, the late summer and autumn is a time to think about financial goals for 2025. Like buying a new home. Summer is winding down and school is back in session in many places, and experienced brokers remind home-seekers who want the best terms and rates on a mortgage shouldn’t wait until next year’s peak real-estate season to take control of their credit.

Brokers remind their clients that building credit doesn’t happen overnight. They should check their credit long before applying for a mortgage, ideally at least three months beforehand, to avoid any surprises down the road. That way, if their credit needs a boost, a broker still has time to help the client improve things.

Here are a few steps some brokers advise doing to help their clients afford their dream home. Set a budget. Put money away for closing costs, a down payment, and any unexpected home-buying expenses. Keep in mind that putting down a higher down payment will usually result in a better interest rate. Become pre-approved: Knowing how big of a loan your client is eligible to receive before house-hunting can help set realistic parameters for their search so they can find a home in their budget.

Brokers will often help their clients become “credit smart.” Understanding credit basics is the key to building good credit. There are a lot of trustworthy credit resources online, including a large library available at TransUnion.com. And if your client froze their credit due to some credit debacle in the recent past, you will need to help them lift their credit freeze before applying for a mortgage. Keep in mind that each of the three bureaus needs to be contacted separately. Running credit reports has become expensive, and we take checking credit very seriously.

Lastly, brokers know that credit is only one part of the mortgage process, and we see brokers being ideally situated to help borrowers through the entire procedure.