What is one of your borrower’s most important documents during the loan process? Their loan estimate (formerly known as a “Good Faith Estimate”).
Loan estimates are probably a very familiar document to you. But, it can be confusing for the borrower. Especially for new homebuyers, this three page document can be daunting.
However, it is critical that your customers understand just how powerful this document is. After all, it contains all the most important information about their loan with you.
Additionally, loan estimates are a very important part of the mortgage shopping process. So, help your potential borrowers better understand their LE. Then, you’ll also be more likely to earn their business.
Free, Shareable Resources For Mortgage Application Process
The Mortgage Update is a free, shareable resource that you can send to customers.
As a loan officer, it is a critical part of your job to make sure your clients are prepared. So, educate your clients. Share this borrower-friendly blog post from The Mortgage Update to help them understand their loan estimate: https://themortgageupdate.ijungo.com/mortgage-loan-estimate
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So, helping your leads and borrowers understand the mortgage process will win you more customers. Also, you will build long-term relationships.
Sending a loan estimate may be the first interaction that you have with a borrower. Therefore, providing them easy-to-understand guidance will make for a great first impression! Finally, by building trust with your clients from the start, you’ll set yourself up as a trusted advisor.