Winter 2024 Chicago REALTOR® Magazine
The official publication of the Chicago Association of REALTORS®.
The official publication of the Chicago Association of REALTORS®.
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Association of REALTORS ® affiliate program, you have access to a<br />
database of <strong>Chicago</strong>-area professionals, including lenders, who can<br />
support your business. Make connections with these individuals so<br />
you have someone you can call to support your clients during the<br />
transaction.<br />
#2: Do Your Research<br />
A colleague recently shared a story with me about a client selling<br />
their Detroit home and purchasing in Indianapolis – two markets they<br />
don’t typically operate in. While referring the transaction to local<br />
REALTORS ® , the colleague remained actively engaged throughout the<br />
transaction. When it became apparent that the client’s initial lender<br />
was constrained by a large bank's limited product offerings, they<br />
started doing their own research. By facilitating interviews with several<br />
other banks and credit unions, they managed to secure a 2% reduction<br />
in their interest rate – which allowed the client to close on a house they<br />
could afford closer to their new workplace.<br />
Take the time to do your own research to help your clients when the<br />
time comes. There are a variety of grants and programs available to<br />
help assist homeowners with financing to save them money when<br />
purchasing a home. These programs are available through banks, the<br />
Illinois Department of Housing, the city of <strong>Chicago</strong> and more.<br />
Also, Freddie Mac and Fannie Mae have resources on their website<br />
that can help you keep on top of mortgage rate trends and forecasts,<br />
find a variety of mortgage solutions to make homebuying affordable<br />
to everyone and more. Visit freddiemac.com to take advantage of<br />
these tools.<br />
#3: Take the Home Finance Resource<br />
Certification<br />
Next, invest in your own education. The National Association of<br />
REALTORS ® (NAR) responded to the market need by creating the<br />
Home Finance Resource (HFR) Certification. As fiduciaries responsible<br />
for safeguarding their client’s best interests, the HFR Certification<br />
empowers REALTORS ® to add additional value by advising their clients<br />
about the most mortgage solutions available to them.<br />
The HFR class doesn’t just offer a glimpse into the lending process;<br />
it breaks down every facet, from the initial contact to pre-approval,<br />
underwriting, appraisal, title search and closing. This comprehensive<br />
knowledge becomes a valuable framework that REALTORS ® can use<br />
to guide their clients through the often-daunting path to mortgage<br />
approval and closing.<br />
Whether you are a novice in the real estate business or a seasoned<br />
veteran with years of experience, the HFR Certification goes beyond<br />
mere numbers and ratios, delving deep into the financial prerequisites<br />
and long-term implications of diverse loan products.<br />
Moreover, it empowers REALTORS ® working with investors to be<br />
advisors instead of merely crunching numbers and relying on lenders<br />
to determine the impact that financing will have on the transaction.<br />
HFR-certified REALTORS ® can take an active role in guiding clients to<br />
make sound choices that align with their investment goals.<br />
Ready to Earn<br />
Your Home<br />
Finance Resource<br />
Certification?<br />
In <strong>2024</strong>, the REALTORS ® Real Estate School is hosting this<br />
course live, taught by Michelle Behrendt. The course will<br />
cover how to:<br />
• Guide your buyers through the mortgage preapproval<br />
process by, for example, creating a mortgage application<br />
checklist with all the documents they’ll need.<br />
• Share resources for addressing low credit scores,<br />
alternative financing options like first-time homebuyer<br />
assistance or low down-payment programs.<br />
• Avoid the most common mortgage sticking points in<br />
a transaction. For example, the mortgage preapproval<br />
— not just prequalification — has become key for buyers<br />
competing against multiple offers in today’s market.<br />
Join us in class!<br />
MARCH 1, <strong>2024</strong><br />
9:00 AM – 4:30 PM<br />
<strong>Chicago</strong> Association of REALTORS ® Office<br />
430 N. Michigan Ave., Suite 800 | <strong>Chicago</strong>, IL 60611<br />
6 Hours Elective CE<br />
Save Your Seat.<br />
Applying this Knowledge to<br />
Listings & Investing<br />
The HFR Certification isn’t limited to buyer-side transactions; it<br />
equips REALTORS ® with the skills to identify listing opportunities for<br />
homeowners with assumable low-interest rate debt, such as Veteran’s<br />
Administration loan.<br />
www.<strong>Chicago</strong>REALTOR.com 25
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