#WhackedOutWednesday – Have a rate shopper that is stern about rates and costs and just has their mind set that’s all they want? That’s the guy you need to ask the most questions with, and dig the deepest to find out their WHY! He/She is trying to save money for something, what is it? What is the goal short term and long term financially for that person? Finding out these things can help you custom tailor a mortgage to help find a solution for that person to reach their goals.
Do not let the clients dictate the situation, take control over the conversation and start being a consultant to help them. Sometimes people forget they don’t pay rate, they pay a payment. And the sum of all payments due every month is what takes cash flow power away. It’s called your obligated debts. Heck someone who is self employed would benefit from a higher rate to begin with. There’s a fine balance of how it all works, I’m not a CPA, but if their mortgage interest is too little it could have less of an advantage to them on taxes. Just one example to think about.
It’s a full picture you must dig deep to find out WHY are they doing what they are doing! Where are their goals short term and long, and then how can you help them fabricate a plan to get there. And you do this with, in most cases, the biggest asset that client has. So, ask questions, don’t just take orders. Being a mortgage pro, is a form of consultation. When you approach it this way, your clientele will change. #SellWell