Value Provided by Spanish-Speaking Mortgage Lenders
The mortgage process can be somewhat complex and detailed in general, and this is especially so for Spanish-speaking borrowers who may struggle with the language barrier. Both due to language and potential cultural differences, some of the details of the process may become tougher or more time-consuming to deal with.
At Primary Residential Mortgage, we’re proud to showcase our team led by Armando Rams Jr., a bilingual Spanish-speaking mortgage lender with a long track record of assisting Spanish-speaking clients throughout this process. What are some of the key potential mortgage and homebuying issues our team will help avoid and sort through for those dealing with a language or cultural barrier? Here’s a basic primer to help you understand, utilizing a few common scenarios as examples for how we assist you.
Language or Translation Barrier
As we noted above, perhaps the single most common barrier in this process for those who speak Spanish as their first language is simple translation. Mortgages and homebuying processes are already full of some pretty complex words and terms even for primary English speakers, and this can be even tougher for those who speak another language.
Luckily, our team is here to help. Not only will our loan officers work directly with Spanish speakers and provide basic translations or explanations for any area they’re uncertain in, we’ll also provide other resources in Spanish to help with education.
Unfamiliarity with Process
Another common concern for Spanish speakers is not about language itself, but rather about cultural differences and lack of experience in the North American mortgage market. There may be parts of this process that are completely unfamiliar to those in this position. A Spanish-speaking lender like ours assists with both the language barrier and other issues with the process or experience, making things as simple as possible for Spanish-speaking borrowers so they understand every important factor.
Credit Concerns
One specific type of unfamiliarity to highlight here is credit concerns. Some Spanish speakers might not fully understand how the credit history and credit score systems work or how important these are for qualifying for a mortgage. Our lenders, however, will happily take the time to explain these and other simple factors that will heavily impact the mortgage application.
Veteran Needs
Finally, a number of US military veterans are Spanish speakers, including many who count Spanish as their first language. If there are language or culture barriers involved here, such veterans, active service members or even their spouses might be unaware they qualify for the VA loan program, which offers fantastic benefits and low mortgage rates to many qualified service members. Employing a quality Spanish-speaking lender will ensure service members are informed of their options here.
For more on the value of a Spanish-speaking mortgage lender, or to learn about any of our mortgage loan services, speak to the staff at Primary Residential Mortgage today.
*PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Opinions expressed are solely my own and do not express the views of my employer.
