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Theyre excited black foamposites. They want to sell and--of course--they want to close loans. But because they are new, they lack experience Replica breitling watches. More importantly, they lack intuition. They dont know the problems and pitfalls to watch out for and they cant accurately judge if a loan is worth pursuing or not Nike Galaxy All-Star. In their eyes, every loan is a possible commission. And theyll do whatever it takes to get it!But please be careful Nike Lebron 10 Shoes. That loan you are about to price-out could be a long-term headache, especially if you dont know all the facts upfront. Customer love to hide things and they wont volunteer information unless you ask. It is important to have a complete picture of the borrowers financial history, future goals, risk patterns, etc. so you can make a value-judgment on the type of loan that would work best for them (given their personal situation). You need to know when to offer a fixed rate, adjustable rate, interest-only, 80/20, HELCO, LIBOR, second only, etc., all different types of loans.You also need to educate the borrower as to how the mortgage process works and how complex it is. They need to know that you arent just an order-taker. There are differences that exist between programs, and there are a million rates from a thousand lenders. No one truly has the lowest rate, because there isnt one. When the lowest rate is found that day, someone else will always do it one lower. And with rates fluctuating all the time, trying to find the lowest is like trying to hit a moving target flying at 30,000 feet. It cant be done! Do you have time to research every lender and read all the loan guidelines Of course not! Youre too busy selling loans! Lol.To win in this business you need to quickly cut the wheat from the chafe, and knock the customer off rate and get into the meat of the loan. What are they trying to accomplish Do they have any other debt they can roll into the loan Would they like to cut their monthly loan payments Is there anyone else on the loan with them Does the property have any peculiarities that you need to be aware of before you order the appraisal Etc. etc. etc. I ask literally hundreds of questions of all of my borrowers and its the single reason why I have been so successful over my career. I want to know everything UPFRONTand I do mean EVERYTHING! I ask it all, because I dont like surprises and borrowers dont either. By the way, you can see my entire list of questions at as each step is covered in excruciating detail on the worksheets in Sink or Swim.Its funny, one of the most frequently asked questions I get from customers is, Why are you asking me all these detailed questions No one else asked me thisMy response: Well, Mr. Prospectthese questions all affect your interest rate and I want to make sure I get the best deal for you. Let me ask you this, if no one else asks you these questions, how do you know youre getting the lowest rate possibleTheir replysimply DEAD SILENCE. And then I know Ive won. The customer is mine for life. Ive knocked them off rate.
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