The Essential FTHB Workshop Your Borrowers Need

[We have many First-Time Homebuyer Resources to help your prospective borrowers prepare for their homebuying journey. Be sure to check out the Help for FTHBs Hub to learn more!]

Homebuying can feel overwhelming and daunting. Especially for first-time homebuyers. In fact, only 26% of all homebuyers in 2022 were first-time homebuyers, a decrease from 34% the year prior, according to NAR. And, in 2023, rising interest rates are putting further constraints on the pursuit of homeownership for many prospective borrowers. That’s why loan officers, including you, are the go-to resource for FTHBs who need information on the mortgage process.

Loan officers are challenged with educating their first-time homebuyers about the responsibilities of homeownership, the steps needed to be prepared for homebuying and the many processes and terms they’ll need to know to be successful throughout this journey. Enact can help you meet your borrowers needs with our FTHB Workshop Presentation Slide Deck. Whether you meet with one borrower or a group of twenty or more (virtually or in person), you can be the guide that helps your FTHBs achieve the dream of homeownership. Our FTHB Resources are also available online to use as a digital tool or can be printed out to give to your borrowers when you host the presentation. Keep a copy of the presentation yourself to help you as you present, too!

Download the FTHB Workshop Presentation Slide Deck and the fliers referenced in the Presentation here.

What’s important to cover for a FTHB?

FTHBs might be tempted to dive headfirst into the homebuying process, but preparation and understanding the full homebuying process take time. According to Bankrate, 74% of Americans still consider homeownership to be a key component of the American dream in 2023. One of the most effective ways to help FTHBs achieve this dream is to help them stay informed, prepared, and aware of the key components of homebuying from start to finish. It’s a marathon, not a sprint!

Preparing

A FTHB needs to know about some key ways to prepare for this process—that includes an understanding of credit scores and how their scores might impact their interest rate, for example. Additionally, they need to have a clear vision and awareness of what they can realistically afford in a home and how to best budget for it. These moments especially, require meticulous detail and the right tools to streamline this part of the journey. Once they come to an agreement about their budget and what’s affordable, they need to have their down payment ready, as well as money for closing costs. Luckily, they don’t need 20% to put down, as MI is a benefit that opens the doors to homeownership for many (they only need 3% down)!

Getting started

That was only the preparation stage! They’ll need to get started and may not even know who to turn to. Knowing who each person is in the mortgage process is vital to helping FTHBs feel confident in who they can rely on. Plus, if they have questions about the various mortgage and real estate terms they’ll come across, they can lean on those contacts for aid.

Buying their home

As they familiarize themselves with these details, they’ll need to work with their loan officer and real estate agent to begin the home search and work through the mortgage process in tandem. There are many tips to follow for these significant parts of homebuying. FTHBs should lean on resources like a do’s and don’ts checklist and a home comparison worksheet to help them more effectively navigate these nuances. With so much information to take in and items to manage, it’s important for them (and you!) to stay organized and focused.

Becoming a homeowner

With diligence and timely teamwork, your hopeful homebuyer should be one step closer to the finish line – homeownership. Upon closing, they’ll need to start their transition into their new home. The most exciting part of all of this for all parties involved and a cause for celebration! To help with moving and adjusting to their new address and life in a home they own, they should seek out a new homeowner checklist. This will help them stay on top of all the important address changes and to-do’s they’ll encounter during this phase.

Enact is here to help borrowers along their journey, offering unique products and services such as Homebuyer Privileges®, Home Suite Home®, and Homebuyer Education: Finally Home!® for those who qualify. For more information about these, click here!

To share this information and the associated resources with your FTHBs, access our FTHB Workshop Presentation today!

The following fliers are in the order you’ll need for the FTHB Presentation:

• Understanding Credit
• Budget Worksheet
• Affordability Worksheet
• Benefits of MI Infographic
• Who’s Who in the Mortgage Process
• Terms You Should Know
• Mortgage Process: Do’s and Don’ts
• Home Comparison Checklist
• New Homeowner Checklist
• Homebuyer Privileges®
• Home Suite Home®
• Homebuyer Education: Finally Home!®

Download and save these pieces to print out for your Presentation attendees!

Your relationship with and ability to educate your first-time homebuyers is essential to helping them achieve a successful close. They face many obstacles due to today’s economic marketplace, but you can be the person in their lives to help them navigate this ever-evolving housing market. That starts with resources to help them meet their needs and solve problems that might arise during this journey. Arm yourself with the right tools to help them, which inevitably helps you and your business get a competitive edge.

Access our FTHB Workshop Presentation– it’s a great resource to share with your borrowers and can help you supplement any of the resources you may already have.

Want to learn more?

You can always refer to our Help for FTHBs Hub for a more resources to help your first-time and other prospective borrowers. We also have FTHB fliers available in Spanish on our FTHB Resources Library page – helping make homeownership available for all borrowers. Our dedication to helping borrowers achieve the dream of homeownership doesn’t stop here — we offer training resources to help you work with your customers to your max potential.

And, if you want to learn more about ways to better aid your FTHBs or need some extra insight, you can always contact your Enact Sales Rep for more info too. They’ll be happy to help you meet your business needs, answer questions, and point you in the right direction.

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