Spanish Speaking Lenders
There are over 10 million people living in the United States who speak Spanish as their primary language and do not speak English at all*. These individuals need assistance in purchasing a home from lenders and other service providers who have the ability to communicate in Spanish.
Spanish speaking lenders and loan officers can help take the anxiety out of the home buying process by communicating in Spanish.
How Spanish Speaking Lenders Can Help
Spanish speaking lenders can help with both communication and also loan programs that help the Hispanic community.
Click to Speak with a Spanish Speaking Lender
Communication
Spanish speaking mortgage applicants who are not fluent in the English language feel intimidated and sometimes confused when dealing with financial institutions when there is a communication barrier.
It is not only helpful to the applicant, but critical to the mortgage process if the loan officer, or loan processor can communicate effectively in Spanish. It helps for a smooth mortgage process but also can eliminate communication errors which may result in delays and potential costs to the borrower.
The first step to help make this process easier is this loan scenario form for Hispanic home buyers.
Loan Programs for Hispanic Home Buyers
Spanish speaking home buyers can apply for every loan program available in the United States. The loan qualifications and requirements are the same regardless of what language you speak.
The most common mortgage programs for Spanish speaking home buyers are the conventional loan and the FHA loan. Between the two programs, you can qualify with a small down payment and even low credit scores.
In some instances, the borrower does not have a social security number and instead has an ITIN number. With just an ITIN number, you may qualify for an ITIN loan where no SS# is required. The Spanish speaking lenders who offer this program may require a larger down payment. Read more about ITIN loans here.
Advances in Loan Technology From Spanish Speaking Lenders
Some Spanish speaking lenders have added technology and features which help tremendously when working with Hispanic borrowers.
Loan Applications – There are features where loan applications can be sent to borrowers to be completed in Spanish. Encompass for example has had this option for a while now.
Disclosures and Other Documents – In addition to the loan application, Spanish speaking lenders also have the ability to provide borrowers with their disclosures and other important documents in Spanish.
Inspections – A good loan officer will also have contacts with home inspectors who not only speak Spanish but can also provide a copy of the report back to the customer in Spanish.
Closing – At the time of closing, someone will be there who is bilingual and can explain the process and potentially provide closing docs in Spanish.
Why it is Important for Loan Officers to Speak Spanish
The most obvious reasons why it is important for loan officers to speak Spanish when working with Hispanic home buyers are as follows:
Trust – Speaking the same language as the borrower will help develop trust which is critical in the relationship between the lender and borrower.
Timeliness – A language barrier can create delays which often times can lead to frustration and potentially the loss of a purchase contract.
Accuracy – If the communication and application is completed in a language the borrower is most comfortable with, it reduces the chances for errors.
Spanish Loan Words
These are the most common mortgage terms with the Spanish translation.
Loan = prestamo
Mortgage = hipoteca
Application = solicitud
Down payment = deposito
Credit score = punctuacion de credito
Tax Returns = declaraciones de impuestos
Bank Statements = Estados de cuenta bancarios
Pay Stubs = Talones de pago
Appraisal = evaluacion
Hispanic Home Buying Statistics
National Association of Hispanic Real Estate Professionals
