As a mortgage loan officer, it is my job to help many people get the refinancing deal that works best for them. Wouldn't it be great if you could wave a magic wand and know how to make sure that your customer doesn't get a raw deal? Wouldn't it be great that you could take the hat off of most of your customers and just con them out there? Well, I'm going to turn that magic wand on you and show you step-by-step how to make sure that you can get the best refinance deal for your customer.
Tip #1: Don't Assume Anything
One of the biggest problems that everyone faces when going to refinance with a mortgage broker or loan officer is that people don't understand or even know when or where to look. If you are working from an office setting you are almost assured that everyone that walks in your door is trying to get there home refinanced. Unless they are very straightforward and knowledgeable, most of these customers are going to end up costing you more money then they should. Instead of assuming that they know what's going on, talk to them and let them know exactly where they stand.
If they don't have any idea where to begin, here are some basic pieces of information that will give you a very good idea about where they stand:
What is my current interest rate
If they are a fixed rate lender, how many years are ahead until the next rate adjustment and how much will it cost me
What is the margin or in other words, how much do I need to pay to be signed up for a lower rate
Is there a balloon payment due at the end or will I be making a lump sum payment
If closing costs are factored into the equation, how much will the closing costs be? In most cases, closing costs can be rolled into the loan, however, depending on the terms of the loan, some lender's will require you to pay them in one lump sum to receive the lower rate.
Please take caution when giving out your information to a lender as giving them cancellation instructions can cause a negative impression on them and can be a surefire way for them to take your business away.
Tip #2: Provide Excellent Customer Service
Customer service is one of the most important things that you can offer a mortgage refinance customer. If you are not customer-oriented, they may not want to stay on your referral list, which can lead to wasting your time and an opportunity to sell them more during the refinance process. If you provide exceptional customer service, you can show them that you are interested in being their customer and want to make sure that they feel comfortable and are treated professionally.
Tip #3: What Is It You Do On Astralavers?
Every mortgage producer need certain pieces of information in order to serve as a responsible mortgage professional, including:
• Check your licensing and authority
• Have a clear method for collecting your accountant or tax preparer's fee
• How much money do you make after tax year 2008 and the amount of experience you have
• Any educational background or certificates that you might have
• The type of loan products that you offer
• How many loan officers do you have and how well do they do their job? What are your sales history, comments and feedback from their clients?
• Anypast or current clients
• Are they planning any special offerings such as a reverse mortgage for someone that needs to move or a HELOC?
Tip #4: Do you Forward Your Copies?
This is a big issue. I am often asked by my bank partners and customers if it is okay to send an electronic copy of a mortgage paper application. In my opinion, the answer is no! If I was running a mortgage company, this is how I would handle the application, marketing and assessment processes. I am actually stringing a big fat delete on the applicant's Electronic re mortgage collateral pages to ensure that I don't lose any copies. The applicants would be INVEST Secure clients!
In closing, I want to remind my readers to do their due diligence before committing to a mortgage broker or banking company. I know that most of my clients want me to refinance their homes, but I hope that they will do more homework to find a broker and lender that can meet their needs.