Orion has helped our brokers help tens of thousands of families buy homes, and we treat each broker to help each borrower individually to make sure their experience goes smoothly. As we’re in the midst of “home buying season” we remind our broker clients that buying a home is the largest investment most people will ever make, and your Orion AE knows it’s a time of excitement and risk for your valued borrower. And brokers can add value by telling their clients: “Make your investment work for you with these money saving tips for first time homebuyers.”

Brokers should advise clients to make sure they know exactly what other homes are listed and selling for in the area they are looking to buy. Signing a contingency clause, also known as earnest money, is advisable. In case the deal falls through, your clients receive the money back that was used to secure the property. Clients should know their geography and taxes. Property taxes are assessed by the county and vary based on value. They should pay for an inspection since expensive fixes such as roof, windows and appliances add up and your client doesn’t want any surprises.

Consider ALL the expenses. Down payment, closing costs, fees, monthly payment, taxes and insurance, utilities, maintenance etc. Brokers are in a perfect place to help. Find out if there are HOA fees. Provide advice so that your client can learn about private mortgage insurance seen on some programs where the down payment is less than 20 percent. Yes, less than 20 percent! Make conservative income estimates based on stable income sources. Question any lender who doesn’t.

Many brokers usually advise clients not to spend more than 30 percent of their monthly income on a house payment since it is good to have money left over to travel, enjoy hobbies, or pay unexpected bills if they arise. In terms of saving money, your clients should explore bundling home insurance, auto insurance, and any other insurance with the same carrier. They can save hundreds of dollars a year with a good package deal, and they will appreciate the advice.

Finally, use your Orion AE as a resource! We are at your service and will help choose the right mortgage for your client’s situation, unlike many internet-based lenders. As an individual, your client’s finances and needs are unique to them. There are plenty of Orion program options from which to choose.

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