#MondayMotivation – Loans R Us – Get excited like a kid does when they walk into Toy’s R Us and have that same skip to your step! Trust me I know it’s hard to do sometimes, but if you’re surrounding yourself with others seeing success, that low appraisal or fall out won’t matter!
Keep going, feed the front end of the pipeline and the backend comes out great! In our industry of mortgages you can’t help not to come up with roadblocks! It’s all part of the game. What I suggest is you try to prescreen the best you can the things that can make or break a loan upfront. When taking apps, make sure you’re asking a handful of questions to prevent things from happening!
- Where did your refund check go to last year from the IRS – What address? (that’s the address that goes on the 4506-T form) And this probes that they filed taxes!
- Is there any job gaps greater than 30 days in the last two years? (part of employment section)
- What are homes selling for in your area? (Probe what they think their house is worth and use this as a guide to help research with them, what other “similar” homes have been sold for in the last 3 months) – Search this with the client. Set the right expectation “range” and then structure the “refi” deal with the lower end of the spectrum.
- When we start this process of your home loan Mr. Client, I need to remind you to NOT do a few things! (List 10 commandments)
- Ask what the clients long term and short term goals are, you’ll be surprised sometimes and they will tell you a way to custom tailor their mortgage the best! What was a rate and term, could be in fact a cash-out opportunity!
- Review their credit with them, teach the client about credit based on what you see on the report. Some tid bits of knowledge on how having multiple open lines, revolving smaller balances etc are all apart of the bigger picture for clients. Educate them based on what you see. (this part is something LO’s develop over time, my suggestion read an article or two about credit)
Now’s it’s time to network, and start planting all the seeds you can to harvest later! My suggestion, start using social media for your prospecting as well as closed deals that can give you a RAVING REVIEW! This week I challenge you to gain a testimonial on your business Fan page on social media. Use it as a catalyst to help you gain more leads and deals. #SellWell