Frequently Asked Questions

Q1. I work with several builders and I am afraid to even mention the potential of a housing bubble. How can I introduce Down Payment Protection?

We know how you feel, introducing the thought of a “bubble” can be concerning. Some of our other clients felt the same way. However, research has found that 73% of millennials are concerned about buying at the top of the market. As a builder, offering down payment protection sets you apart from other builders and provides peace of mind to the buyer.

Be a resource. Know their fears. Be a step ahead in solving their concerns.

Q2. The realtors in my area are very competitive. How do I stand out?

Focus on the features of down payment protection. You’ll stand out from other Realtors in the area as you may be one of the first to offer this protection on listings or to your customers. Check out the XXX(link) for downloadable materials you can use.

Q3. What’s the benefit to me as a realtor to offer down payment protection?

By offering down payment protection, you’ll attract more customers (particularly those seeking peace of mind), sell listings faster, and hold on to customers and not lose them to another realtor.

Q4. What do I say when my customer says they only want the lowest price?

Here is an opportunity to shine as a mortgage expert! Make sure you have the pertinent information including loan amount, loan type, location, LTV, and credit score.

Next ask more questions like:

“...so is the lowest rate most important or would protecting your investment (down payment) be important? The lowest rate might lower your payment by $15 to $25 per month, whereas down payment protection could save you thousands. Another lender may offer a lower rate, but only we can offer this rate AND protect your down payment."

Q5. What resources are available that I can share with my referral funnels?

Link

Q6.Who can pay for Down Payment Protection?

Q7.Is Down Payment Protection available for VA or FHA loans?

Q8.A customer submits a claim in 5 years, is the claim tax free?

Q9.Can Down Payment Protection be extended past 7 years?

Q10.What happens to Down Payment Protection if the loan is refinanced?

Q11.How do I get around appearing to “sell insurance?” I am not licensed to do that.

Q12. The claim process indicates the borrower receives their funds 30 days after submitting a claim. Is there anyway the borrower can receive their claim at the closing table if purchasing a new property?

Yes, the borrower would need to make a special request in order for us to provide.

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