Following up on an Agreement
Have you just accepted an Offer on HousePlant?
Congratulations on your new Agreement! 🎉
This is wonderful. Now that you have an Agreement, what happens?
First, review and save a PDF copy of your Agreement in Manage Asks and Offers. This is an important document, so make sure you have a copy in a safe place.
Secondly, reach out and thank your Lender!! Social loans on HousePlant are designed to be from people you know, so make sure you let this person know how much their support means to you. A phone call, text, or card can help someone share some of the joy that their loan has created.
Next, start a conversation about how to arrange their transfer. Their offer will specify which transfer methods are available, so now take the initial to get them the correct info to complete the transfer. Double check everything to avoid any mixups. Make sure to read up on extra details about timeline, fees, and transfer limits for each method here.
While you are looking at transfers, start planning for your repayment right away too. Mark your calendar and think about where your repayment funds will come from over time. Are you repaying the loan in monthly installments or in one lump sum? Check your math and figure out the best way to automate your payback.
Be prepared to disclose your social loans with your mortgage broker. Once you are working with your mortgage broker, you will need to disclose where all of the funds for your down payment came from. You should share a copy your Agreement PDFs with them. Also, complete the transfer ASAP. The longer your loans have been deposited in your savings account (ideally 2+ months), the better as it’s considered ‘seasoned’ money.
Commit to proactive communication throughout the loan and repayment process. No matter what timeline or loan amount you have, frequent proactive communication with your Lender is the best way to keep the relationship high-trust and eliminate any potential awkwardness.
Keep your Lender in the loop for your home buying milestones. Have a cute picture in front of the “SOLD” sign at your new home? Text it to them with a quick thank you. Having a house-warming celebration? You know who it invite. Help your Lenders share in these joyful moments in the way that makes sense for your relationship!
