Refinance Realities!

With the single most informational report week in recent history behind us, the dust begins to settle in on the fact that mortgage interest rates will continue lower and bring with them the same volatility we have dealt with the past few months. Without getting too technical, we have been experiencing a series of “trading ranges” that helps fuel this volatility, as well as the move lower. Since nobody ever knows until after it happens when and where the “bottom” will be, it does seem like a very real possibility that we could push toward the lowest rates on mortgage loans in history!

With rates going lower there will be a huge push into refinances. As a mortgage professional it is your job to keep your closed clients informed as to market conditions when the market presents them with an opportunity. It is also your job as a mortgage professional to provide accurate information to your client so they can make an informed choice! It is also your job to know all of those choices and present that information so the client can understand it and make the choices that serve them best!

The realities of our industry make so that we tend to forget the personal connection to the very people we are supposed to serve! I have gone through my objections to the use of email blasts and campaigns to generate refinance opportunities. I have also seen other originators talking solely about lower payments. Some have worked on debt consolidation, while others have talked about shortening the loan term. All of these are proper conversations, but you need to have ALL of these discussions as well as a few others. What if the best choice for that client is to do nothing right now, or to sell their current home and go buy the house they would really like to own? You have to have allof those conversations, and it can’t be done easily or quickly by email!

The solution is very simple, pick up the phone and call your clients. Take ten minutes to discuss the options and their potential benefits from a lower rate market. You will find these calls very beneficial as well as productive. As I have said before, email is fine for documenting a conversation, but it can’treplace the quality of the contact you get from a simple phone call! That is the simple reality of refinances; presenting the opportunity and options personally!

Next week we will have a big announcement, so please stay connected! As always, if you have questions or comments, please contact us at Mike@IMTcoaching.com

Published by

Mike White

Improve My Tomorrow Coaching is a company founded by Michael F. White to help mortgage professionals reach their true potential. Based on a belief that working the fundamental principles of the loan origination business combined with a solid system to leverage your day to day business into a self sustaining career! If you are looking to generate consistency in your business, you need to know and implement the fundamentals. Once you know what to do and when to do it, being a mortgage professional is fun, challenging, and profitable. Since the average loan originator in the country closes less than three loans a month, the average originator is unaware that closing seven, ten, twelve or more loans per month is often easier and less stressful than just two or three! If you are tired of the pain and punishment of not knowing where your next deal is coming from; if you spend more time being “busy” instead of “productive”; you need to look and see how we can help you get to a whole new level of business. Take some time to explore this website and read all the free information. If you find some things that cause you to rethink how you are currently doing your business, let us help you! It starts with YOU! There are two programs you can choose, a group program and private coaching. Please look at both before you make your choice.

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