| Words are fun. But how you use them can be | | | | will save you a tremendous amount of time and |
| extremely powerful. They can immediately | | | | countless headaches! |
| change your image from a rookie loan officer | | | | |
| into a top producer instantly. Here's how; | | | | "How does that sound?" |
| the words you use when dealing with a | | | | |
| mortgage prospect affect the conversation, | | | | I use this phrase to gather a response from |
| and can even be the deciding factor in | | | | the customer and get feedback. When the |
| whether or not you get the loan. Yes, what | | | | conversation dies down and you are the one |
| you choose to say and how you say it, will | | | | doing most of the talking, stop yourself. |
| decide how much money you earn this year. | | | | Ask, "How does that sound?" and wait for a |
| | | | reply. It gives the customer a chance to |
| Here are some key phrases I always teach my | | | | catch his breath and respond. |
| students, to ask their customers: | | | | |
| | | | "Which loan program do you prefer?" |
| "Have you seen any other rates that interest | | | | |
| you?" | | | | This phrase changes a "yes-no" decision into |
| | | | to a "yes" decision, and assumes that the |
| This is a great question to ask, in order to | | | | prospect is moving forward. By using wordage |
| gauge how much the prospect has been shopping | | | | that ASSUMES that the loan is underway and |
| around. If they have a rate already in mind, | | | | heading to the closing table, the customer |
| you can see if you can beat that rate. If | | | | will come along with you for the ride. Like |
| they tell you an interest rate that seems too | | | | magic, the loan process has begun! |
| good to be true, and they are dead set on | | | | |
| that rate, you'll want to know this upfront | | | | "To get you the lowest rate, I'll need to |
| so you don't waste your time. Using this | | | | gather a bit more information from you. Do |
| phrase gets the prospect to unknowingly show | | | | you have a few minutes?" |
| their cards. | | | | |
| | | | Never, ever, EVER say the word "application". |
| "How soon would you like to close?" | | | | It scares people, and can cost you the loan. |
| | | | What I always say is, "I'll need to gather a |
| This gives you an idea of the customer's | | | | bit more information to see how low a rate we |
| timeframes and motivations. If they are | | | | can get you, do you have a few minutes?" |
| ending a lease/selling a house in the near | | | | This way, you begin filling out the 1003 |
| future, and are buying a property, you'll | | | | application, without the prospect knowing |
| want to make sure you are aware of the | | | | that it's an APPLICATION. Also, you've |
| timeframes. Can one lender close faster than | | | | re-emphasized the benefit of a LOW RATE. And |
| another? Yes. And with experience, you'll | | | | it's the rate incentive that propels them to |
| know who to place the loan with. You'll want | | | | complete the next step of the process. |
| to set the customer's expectations regarding | | | | |
| the loan process and the timeframes involved. | | | | And my all-time favorite key phrase… |
| Asking this question puts you on the same | | | | "Ok, now we'll just need to take a quick peek |
| page as the prospect, and lets them know that | | | | at your credit. What's your social?" |
| you are working with them to get the deal | | | | |
| done. | | | | With identity theft at an all-time high, |
| | | | getting over this hurdle is the most |
| "When would you like to get started?" | | | | difficult in the application process. You |
| | | | can do the loan, or quote an accurate rate |
| When the sales call is going well, and you | | | | without the credit report, but getting it can |
| can feel the conversation flip over from "you | | | | be troublesome. Never, ever say, "we need to |
| and me" into "us and we", use this phrase to | | | | pull your credit". To a loan prospect, this |
| get the customer to say "yes" to you. When | | | | is scary talk. They think…"PULL MY |
| you can feel the sale about to be made, the | | | | CREDIT!, Oh my god! That means that there |
| response is almost always, "I'd like to get | | | | will be inquiries on my report, my score will |
| started right now. What do I have to do?" | | | | drop and I'll be blacklisted and never get a |
| This is your green light. Take it. | | | | loan". Instead, just say "We need to just |
| | | | take a quick peek at your credit, what's your |
| "What else should I know regarding your | | | | social?" Can you see how non-threatening |
| finances? I want to make sure I can get you | | | | this better phrase is? It isn't so scary |
| the lowest rate possible." | | | | after all, is it? Just a little, itsy, |
| | | | bitsy, teenie weenie, small, tiny, short, |
| I love this phrase, and it's even included on | | | | sweet, quick, mini peekie weekie. ;-) |
| my Sink or Swim Worksheets, I use it to | | | | |
| uncover all those little nasty "surprises" | | | | How many deals have you lost by using the |
| that seem to come-up along the way. | | | | "wrong" words? I bet it's more than you care |
| Customers won't tell you their dirty secrets, | | | | to count. On your next loan, try some of my |
| but this sentence will diffuse financial | | | | phrases, and you'll immediately see an impact |
| bombs before they explode. Believe me, it | | | | to your bottom line. |