TruLoan Pop for Buyers
Case Study
Pat and Mitchel decided to buy a few months ago and have grown exhausted with inventory issues and being priced out. Their lease is up for renewal in 90 days and they need to make a decision to buy or exit the market. Even though TruLoan preapproved them for $525,000 their monthly housing budget based on a $450,000 purchase price. They have been disciplined and looked only at properties that fit into their monthly payment budget. But with rising rates in 2022 their monthly payment budget is now equivalent to a purchase price of only $400,000. Pat and Mitchell have fallen in love with Eric and Samantha’s house but are convinced they simply can’t make it work based on their targeted monthly housing payment. So they’re deciding to look at smaller houses in the next neighborhood over or just renewing their lease instead of compromising.
Solution
Pat & Michael work closely with their Buyers Agent & TruLoan to qualify the home they really love for a below market rate using the TruLoan Payment Optimization Program! They offer the full asking price but with 2%seller paid closing costs to be applied toward discount points. TruLoan mortgage also pays half a percentage point of the loan amount and now their payment is back in line with their budget. Because it is not a temporary buy down but a forever rate reduction and payment, their monthly payment is now equivalent to a$400,000 purchase price. Pat & Michael are getting their dream home without compromising their comfortable monthly budget!
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TruLoan Pop for Sellers
Case Study
Eric and Samantha listed their home for sale for $450,000. Their listing agent performed a comparable market analysis and feels confident there are great comps to support this value for an appraisal. But the market has shifted as mortgage rates have risen and many buyers are downsizing their expectations and the amount they are offering to fit their monthly budget. They’re trying to decide whether to reduce the price substantially or to just pull the house off the market. After 20 days on the market they need to add the TruLoan Price Optimization Program to their listing and get the home sold.
Solution
After speaking with their listing agent, Eric & Samantha add TruLoan POP! to their listing. As a buy down program , Eric & Samantha agree to offer 2% of the sales price in seller concessions and TruLoan Mortgage contributes .5% of the buyers loan amount toward a permanent rate reduction for the buyer. To refresh interest in their home, Eric & Samantha make a modest price reduction and the listing agent adds a note in the listing that the property qualifies for a below market rate using the TruLoan POP! The listing agent then leverages the marketing of the TruLoan Price Optimization Program at a TruLoan Sponsored Open House and the the house sells like it’s 2021 all over again!