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Buyers who sign a contract with one of the nation's largest family-owned real estate brokerages and use the company's mortgage services can receive a 0.5% credit at loan closing.
Howard Hanna is running a bundling program that offers credit at closing to clients who sign a buyer representation agreement and use the company's mortgage services.
What it is: The Buy & Borrow Bundle program gives people who participate in the plan a credit of 0.5% of the loan amount at closing. For example, a buyer who signs a contract and takes out a $400,000 loan through Howard Hanna Mortgage Services would receive a $2,000 credit to go toward closing costs.
F. Duffy Hanna, president of Howard Hanna Financial Services, said the bundling program is also a way to simplify the homebuying process by consolidating these key services in one place.
Timing: The offer came just weeks before policy changes resulting from the $418 million NAR settlement, including a requirement that agents must have a buyer agent agreement in place before they can begin working with their clients on a home purchase.
CEO Hobie Hanna said in an email that while the company recognizes the challenges of housing affordability, it sees this as an opportunity to assert the benefits of representation, as buyers and sellers are better served when they have the advice of a real estate professional.
“As a real estate company that owns a mortgage company, we are uniquely positioned to provide homebuyers with savings on mortgage costs as well as offer expert real estate advice as part of a company-wide effort to promote the affordability and attainability of housing.
Hanna said it has provided more than 200 hours of training, created its own Certified Buyer Specialist program and provided business resources to help with the change.
“Howard Hanna agents are ahead of the curve, confident and ready to make change happen,” Hobie Hanna said.
About Howard Hanna: Howard Hanna is the largest family-owned real estate brokerage in the U.S. With operations in 13 Northeastern states, the company has more than 500 offices and 15,000 salespeople and staff.