1. Explain the entire process in full. Show them how simple it is and that you will take care of all the necessary paperwork. They merely have to follow your lead. Although, getting a mortgage is a long and tedious process, you have to prove your case and demonstrate that your firm is different from the rest. Despite what the customer has experienced in the past, you aren’t like other loan officers. Building this sort of credibility starts from the first phone call, and is one critical skill I advocate in my Sink or Swim Loan Closing System at http: / / www. loanclosingsystem. com
2. Create a compelling reason to act. How much will they save per month? How much in interest will they save over the life of the loan? Demonstrate the financial incentive to them in black and white.
3. Translate the financial numbers into a real - life perspective that clients can understand. People need to be able to rationalize things. How many nights - out is this? How much extra “fun” money will they have? Whatever the client is into, put the financial motive into a physical, tangible one. When people think about things that way, money becomes all the more real.
4. Let them know that there will be “pain” if they don’t act. The opportunity won’t last forever, and their reluctance to act will cost them in the long run. Are the interest rates rising? Is there something about their situation that will affect their ability to refinance in the future? Are they looking for cash out, and if so, can the pain of their debts / bills be used to motivate them?
5. If the customer doesn’t listen to reason, and still won’t act, they may have paralysis by analysis. I call these the “engineer types”, as they want to nit pick every part of the process and will shop forever, always looking for a better deal. My advice—give up on these loans. They will cause you more trouble than they’re worth.
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