Description
This course will teach you how to guide your buyers through the mortgage preapproval process by, for example, creating a mortgage application checklist with all of the documents they’ll need. The course also covers resources for addressing low credit scores, alternative financing options like first-time homebuyer assistance or low down payment programs, and how to avoid the most common mortgage sticking points in a transaction. For example, the mortgage preapproval—not just prequalification—has become key for buyers competing against multiple offers in today’s market.
6 Hours Elective CE Credit
By purchasing this course, you acknowledge and accept CAR's school policies. Click here to view the school policies.
Objectives
Module 1: Mortgage Finance: Key to a Competitive Edge
- Explain the importance of understanding all aspects of mortgage finance to add value for your clients and grow a thriving real estate business.
- Define the terms and concepts integral to mortgage finance.
- Summarize the history of financing homes in the United States.
Module 2: Fair Housing and NAR Ethics
- Explain how the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA) work to provide equal opportunity to housing and fair, unbiased access to financing for all potential homebuyers.
- Summarize why it’s important for real estate professionals to have detailed knowledge of the FHA and ECOA and how it can help their business.
- Describe how real estate professionals can practice NAR ethical principals in their business to enhance client outcomes and achieve increased success.
Module 3: Current Market Conditions and Application Requirements
- Explain the factors that are contributing to today’s housing market conditions, as well as reasons for optimism and caution.
- Describe the state of mortgage lending today and the effect it has on the housing market generally, as well as individual home buyers.
- Create a mortgage application checklist that you can share with clients to help them better navigate the loan process.
Module 4: Types of Mortgage Products
- Distinguish between conventional versus government-backed mortgages, as well as the different types of government-backed mortgages.
- Explain the pros and cons of fixed versus adjustable-rate mortgages, as well as jumbo and reverse mortgages.
- Create educational aids to help clients better understand the mortgage market and set your business apart from the rest.
Module 5: Types of Lenders and Mortgage Process
- Explain how the mortgage industry works and the process for applying for and getting approved for a mortgage.
- Describe the different types of lenders available to clients, as well as their rights to privacy and confidentiality.
- Create learning aids that you can use to help empower and educate your clients, while also gaining a competitive advantage in your market.
Module 6: Pro Tips to Help Your Client
- Explain how to help protect your client from lending discrimination as well as how to navigate the mortgage process generally.
- Discuss the importance of pre-approval and how clients should manage their finances after being preapproved through to closing.
- Provide troubleshooting tips for clients with low credit scores, who don’t understand how to assess loan estimates, or who have a lender appraisal come in too low.
Learning Credits
By signing up for a course provided or offered by the Chicago Association of REALTORS® or any of its officers, employees, partners, agents, affiliates, or independent contractors (collectively, “Association”), you accept and agree to abide by the following terms, conditions, and disclaimers as well as the Chicago Association of REALTORS®’ Policy Manual and all other policies, terms, and conditions of the Association (collectively, “Policies”), which Policies may be amended from time to time:
1. You agree to act and dress in a professional manner at all times while participating in a course. This includes when participating in online courses. You agree not to disrupt any courses, the Association, its instructors, or other students. To avoid disruption, you agree to be on time to all courses unless you have notified the instructor in advance. The Association may remove you from the course at any time, if, in the sole discretion of the Association, you violate any of the Policies; are disruptive to the course, the Association, its instructors, or other students.
2. You may not record or photograph any course without the prior written permission of the Association.
3. You agree that when participating in an in-person course or on Association property that you will follow all health requirements and directives from the Association. You also agree not to come to an in-person class if you have or suspect that you may have a contagious illness.
4. You give permission to the Association to record and take photographs of you during your participation in all courses, to use the recordings and photographs for Association promotional materials, and to replay and share any videos or Zoom recordings of the courses.
5. The payment of any fees for a course is due prior to commencement of a course unless otherwise provided by the Association. The Association has the right to deny you entrance to a course in the event that you have not paid for the course in full prior to the commencement of the course. The eligibility for any refunds shall be governed by the terms of the Association’s Policy Manual. Registration for a course is not transferable.
6. You acknowledge and agree that the Association may share information about your participation and attendance at a course, as well as the results of any examinations conducted as part of a course, with your managing broker and any others as deemed reasonably necessary by the Association.
7. While the Association will try to avoid doing so, the Association reserves the right to cancel or reschedule a course as the Association deems necessary or prudent for any reason, including if an insufficient number of students enroll in a course. In the event that the Association cancels or reschedules a course, you may be entitled to a refund in accordance with the Association’s refund policies.
8. The course materials are the intellectual property of the Association and are subject to copyright. Unauthorized use or distribution of course materials may violate applicable copyright, trademark, or other intellectual property laws. You may not reproduce, republished, distributed, sell, or transfer the course materials without the express advanced written permission of the Association. The Association provides the course materials solely for informational purposes only.
9. The Association will endeavor to provide you an excellent, professional, and positive education experience. However, the Association provides the courses and course materials “as-is” and makes no warranties of any kind with regard to the courses, instructors and quality of instruction, or course materials, including any warranties of merchantability or fitness for a particular purpose, whether express, implied, statutory or otherwise. The Association does not guarantee, for example, that you will pass any exams for licensure by taking Association courses.
10. You agree to indemnify, hold harmless and, at the Association’s option, defend the Association, its affiliates, and their respective officers, employees, attorneys, and agents to the fullest extent of the law from any and all damage, costs, loss, risk, liability, and expense (including attorneys’ fees and costs) from claims that may be asserted at any time against any of those parties in connection with your participation in the Association’s courses, use of the course materials, or violation of the Association’s Policies; provided, however, that this indemnity does not, and will not, apply to the sole negligence on the part of the Association. YOU ALSO HEREBY WAIVE ANY RIGHTS TO (I) MONETARY DAMAGES THAT ARE IN EXCESS OF THE FEES PAID BY YOU TO THE ASSOCIATION FOR THE COURSE AT ISSUE AND (II) INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES AGAINST THE ASSOCIATION.
11. The Polices and your agreement to abide by them shall be governed by the laws of the State of Illinois without regard to conflict of law principles, and in the event that you bring any claims against the Association, you shall submit to the exclusive jurisdiction of the Circuit Court of Cook County, Illinois.
12. If any term, condition, or provision of these terms and conditions or other Policies is held by a court of competent jurisdiction to be invalid, void, or unenforceable, you agree the remainder of these terms and conditions and other Policies shall remain in effect.
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