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  • Writer's pictureShawn Patrick Moloney

Understanding Mortgages as a Real Estate Agent


Finding Clients Money to Loan for financing real estate

One of the first questions most agents ask their new clients is "Are you pre-approved?". This allows the client to think this is a hard yes or no question and not so up in the air. With pre-approvals we have all different types and contingencies. Some home loans like FHA or VA come with even more contingencies from the appraisal side. Others have little stipulations allowing a hard money loan for a construction project.


As a real estate agent, understanding mortgages is crucial to you closing more deals. Learning how to fund deals is the first step to finding more leads. Truth be told, almost everyone would be a house or an investment property if they were able to get pre-approved. The same is true of buyers when it comes to how much they are pre-approved for, what type of property their loan is ok with, or even simply getting them approved. The more options we can find our buyers to best fit each scenario the more we can help them get into a property.


Instead of asking are you pre-approved yet why not ask where are you at in the pre-approval process. I have had clients in the past answer me after asking that "well I was declined". They thought because one mortgage provider said no they could not get a loan. I went ahead and helped them find someone who could get them into a home. They ended up purchasing a home later that summer.


Just like a painter has different size and shape brushes one for a corner another for a large flat wall, we have mortgage products. Get out of the thought process of a mortgage being one thing and get into the understanding that there is a product for each need. Building a good team of lenders around you will help you be able to offer your clients a competitive edge. Make sure to study the different loan products like your job depends on it.... well because it does!


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