I try to share strategies with you that you can take to the street and create opportunities to do deals and build relationships. I also ask you for comments on how a strategy works for you and if you had challenges, what we might be able to see and correct. I have talked a great deal about refinances and being sure you are doing the “right thing” for you clients, even if refinancing is NOT the best for the situation. We spoke about using “The Forever Home Strategy” when speaking to prospective clients. We also talked about making sure you shared the current value of the client’s current mortgage payment to see if that same exact payment might afford them a better house.
One of my clients, Karl Weiss who works out of Scottsdale Arizona for Fairway Independent Mortgage chose to use this approach and found and exceptional result. Here is Karl’s email to me regarding his success, as well as a copy of the Mortgage Coach® presentation he used. I hope you will find this helpful and as a source of encouragement and motivation!
Here is a copy of Karl’s email:
Ok, so I drafted the following email after I created a scenario for a client on Mortgage coach. I have attached the TCA report as well. I then emailed it to an agent of mine, and asked her to please search her database on the last three years of sales she made. I have only worked with her for one year, so most of those sales were ones I didn’t help her clients on. I asked her to look at all FHA purchases, and to please send this out. She knew of 5 off the top of her head and sent it out. Within an hour I had two of her clients looking at numbers. One is not in their forever home, and we are having the agent list their home next week and doing the purchase instead of a refi! Two others are preparing paperwork to send me to get started on refinancing their homes! She is thrilled to say the least!
Then I printed out my case study and I’ll take it with me on my route this week to show agents!
Thanks again Mike!! It was a great idea of yours that spurred this, and it is working!
From: Karl Weiss
Sent: Wednesday, February 11, 2015 3:49 AM
To: Karl Weiss
REAL CASE STUDY!!!!
As I am sure you are aware, since you live and breathe all things Real Estate, mortgage insurance rates were lowered last Monday the 26th of January for FHA loans. Since that happened I had the fortune to call a client who bought a home 15 months ago. They paid 225,00 for the home and put 3.5% down. They have a rate of 4.75% on a FHA 30 year fixed. In addition to the lower mortgage insurance, interest rates are also WAY down!
I was able to refinance them down to 4.00% on a new 25 year fixed, which chopped of 45 months of P&I payments, which for them was a savings of $1,149.88/month X 45 months…for a savings of $51,744. In addition to that their new payment is also $45/month lower! So, that is $45 x 300 months = $13,500 in payment savings. So, their total savings over the life of the new loan is $65,244. That represents saving these clients 29% of the purchase price of their home! …imagine what the savings would be on a 300,000 or 450,000 home?
If you have any clients who might benefit from the new all-time record setting LOW interest rates, or NEW lower Mortgage Insurance rates, OR if you have a client who is not in their “Forever Home”, now might be an excellent time to check with them to see if now is the perfect time to assist your clients. I have found in a few instances that even better than saving a little bit of money every month is the idea that they could move into their forever home now. They will qualify for more home now than what they currently have most likely, and stand a good chance of moving to a new home for much less than they think they could!
I hope you have an amazing day!
If you would like a copy of the Mortgage Coach® presentation, you can email me and I will be happy to send it to you. Karl does not use Mortgage Coach Edge® yet, but after seeing these results, he will likely be a user in short order so he could have shared the video link online through social media, or by simply texting the link!
When you look at all the options with your clients, you often are rewarded by finding the best possible solution for the client, even if it means NOT doing what they ask, but rather sharing a solution they didn’t know existed!
The other powerful point here was, Karl went to his Realtor® referral partner and shared a strategy. That strategy not only helped that agent serve her clients, but by doing so, opened up the door to a listing and a sale that she would never had thought of or found.
These strategies don’t work for everyone in all markets, but they can’t work if you don’t try! Please keep trying and sharing the results. We all do better when we share strategies and victories!
Questions or comments: Mike@IMTcoaching.com or visit us online at http://improvemytomorrowcoaching.com