FinLocker provides homebuyers with a roadmap to achieve mortgage readiness in a challenging purchase market
The current market is making it challenging for homebuyers to prepare for their mortgage transaction as increasing mortgage rates and home prices are moving the goal line further out of reach. First-time homebuyers who could qualify for a mortgage are self-selecting out of the process due to entrenched common myths regarding mortgage readiness, particularly related to credit, down payments, and debt-to-income ratio.
The key to closing a mortgage loan is evaluating each homebuyer’s unique financial situation and helping them overcome any barriers that may cause their application to be denied. Yet providing this personalized level of service takes a lot of time and resources, which many mortgage lenders cannot afford due to tight margins.
FinLocker has built tools to get first-time homebuyers mortgage ready, enabling mortgage originators to manage a larger pipeline of ‘almost mortgage-ready consumers’ and nurture those ‘near mortgage-ready.’ Download FinLocker’s A Roadmap for Homebuyers to Achieve Mortgage Readiness in a Challenging Purchase Market to see how FinLocker makes it affordable to provide homebuyers with a personalized path to homeownership and dramatically reduce overall verification costs per loan.