As a mortgage loan originator, you have a unique perspective when it comes to upgrading to a bigger home. With interest rates at record lows right now, buying a larger home is an excellent option for many people, you can help your clients come to a decision with your expertise.
It’s not a decision to take lightly, so advise your clients to take a moment to consider all the pros and cons of upgrading to a bigger space. Here are some of the things you can tell them to think about before making a choice.
Reasons Your Clients Should Buy a Larger Home
Moving into a larger home might be a good idea for your clients if:
They Have Outgrown Their Current Space
Even if your clients love their current home, if it’s just not big enough, they should seriously consider moving into a larger space. For growing families, a lack of space can lead to higher stress levels and strained relationships.
If your clients need more space and they can afford to move, now is definitely a good time to take the leap. As their mortgage loan originator, you can help them get started.
They Want a Better Location
If your clients are moving anyway to be closer to work or family, or if they want to move to a different neighborhood, why not consider adding more space? They are already moving, so additional space would be a bonus that would make the search process less restrictive.
Reasons Your Clients Should Not Buy a Bigger House
Of course, not everyone who wants a bigger home should go through with it. Here are some reasons to steer your clients away from purchasing a bigger house.
They Can’t Afford It
If a more expensive mortgage—even with a lower interest rate—would prove burdensome to your client’s finances, they should not buy a larger home. Especially now, when the future of the economy is uncertain, a bigger financial obligation is not something your clients should seek out if they do not have the means to pay for it.
They Need to Invest in Other Areas
A house is an investment. Once you commit that down payment, you can’t invest it elsewhere. Whether your clients are saving for their kids’ college or contributing to their retirement, if they have other investments or obligations to think about, a larger home might not be a good idea.
Be the Mortgage Loan Originator Your Clients Need
Are you trying to grow your mortgage business? If you want to offer your clients the best service possible, you need support. At wemlo, we are here to help. With the largest contract processing network, we have the support you are looking for.
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