Converting The Dreaded "What's Your Rate?" Call

We have a variety of rates and programs depending upon your specific needs and closing date. Right now they range from 4.6% to 11%. May I ask you a few questions?"

Memorize those three lines and use them for rate calls from now on.

The rule always is: Ask questions to solve the customer's problem.

1. Is this a purchase or a refinance?
2. When would you like to close?

Those two are asked frequently, but they won't tell you all you need to know. Try these: "

1. How long have you shopping for a mortgage?
2. What is the best rate you've encountered so far?
3. What rate did you have in mind?
4. What's more important to you - the rate itself, the package cost or the total value?"

Suppose they tell you that they've been offered a rate far below anything you have? A few more questions are in order. But before you do that, reduce their defenses by congratulating them. Try this:

"Wow! That is a great rate! If I were you, I'd snap it up! Can I ask you just a few more questions, because if that rate is available I know people we can't finance that I'd send over there."

Assuming they say, "Yes", you ask:

1. What are the closing costs on that loan?
2. How soon do you have to close to get that rate?
3. Did that company guarantee that rate in writing until you close?

Got the idea? You and I both know that most loans are funded by the same investors, and the total package cost is very similar. So get the appointment first. Then help the customer find a way to compare apples to apples, to read the fine print, and make an intelligent decision. Happy lending!

Reprinted with permission.
Copyrights 1992-2007 Linda Brakeall, Phoenix Seminars
Speaker, Trainer & Consultant
LindaBrakeall.com 800-662-7249

Got the idea? You and I both know that most loans are funded by the same investors, and the total package cost is very similar. So get the appointment first. Then help the customer find a way to compare apples to apples, to read the fine print, and make an intelligent decision. Happy lending!

Reprinted with permission.
Copyrights 1992-2007 Linda Brakeall, Phoenix Seminars
Speaker, Trainer & Consultant
LindaBrakeall.com 800-662-7249

Comments

[Genuine Chris Johnson]

Fan-tastic post today.

[Rhonda Porter]

I always kindly thank them for their call and recommend that they get the closing costs associated with the rate guaranteed in writing.

I lost a "rate shopper" to a shocking rate at the beginning of this month. I just heard that the purchase, which is suppose to close by the end of this month needs an extension becaues the LO still does not have the loan approved (it's a very clean buyer)...I'm assuming the LO was a gambler and is losing all bets in this market.

I don't blame people for wanting "the best" rate...but it simply is not always something that is available and the chasing of the lowest rate can be quite costly, as this has proven to be for this homebuyer.