Mortgage Leads, Real Time,Three Ways to Increase Applications

There are a lot of people in the mortgage business and they will find that the first thing that you need to get is some applications. Many people will want to score at least one mortgage a week. However, there are things that will help you get the approvals, but it takes work. You are going to spend a lot of time on the phone making calls to everyone who has approached you first, or you will find that there are outgoing calls that you will need to make to some people who fit your profile or that was referred to you. You will find that there are plenty of people to call to get the mortgage applications.

To get the applications, you are first going to want to get prepared. You will want to have everything in front of you at your desk. You will want to make sure that if there were any questions you will find the answers and quickly. You will want to have all of your resources near because you don't want to put your customer on hold to find what you need, because that just doesn't cut it.

Secondly, you will need to get comfortable with each and every potential sale. If you have the knowledge, it'll be a breeze. Also, you have to be 100% business all day long every day. You will find that if you take the time to find an interest in your customer, you will be able to find that you can relax and make the sale. Like if you hear a baby crying or even the dog scratching at the door, you will want to mention it and then say something that will make a bond.

Also, you will want to be quick when it comes to the no's. You can't just take the objection sitting down, you will want to justify their worries, but also you will want to jump at the chance to show them that everything is okay. When it comes to things like mortgages, you will find that it's a huge commitment and it's going to be something that will need to be done with caution.

When they say things like they have to speak to their spouse, you will want to offer to talk to them about the benefits of the mortgage and if they aren't available, see if you can make an appointment to talk to them both at another time. They may even say that they have to think about it. All you have to do to respond to them is just ask them if they need any clarification of something and also if they have any questions.

When they say they need to think about it, you don't want to push it. You will find that you don't want to get them talking about it more, but you will want to politely show yourself the door and that you will contact them in a few days to talk it over some more or that you will give them a brochure to look over.

Finally, you will find that you will need to look for some internet mortgage leads. You will find that if you take the opportunity to take every lead as a potential sell, your customer should be happy to apply for a mortgage. The lead itself will make it clear that they need to and want to apply for a mortgage. So it's worth every shot. It isn't hard to get the applications as soon as you take advantage of the opportunities.

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Why Do People Refinance?

Think about this for a minute....Why do people get mortgages? As far as I can tell, every answer can fit into one of three categories:

1) Refinance; 2) Consolidate/Cash out ; 3) Purchase of a new home.

For a purchase, a mortgage is pretty much a necessity, so we won't even talk about that one. But the other two are more of the issue here.

Actually, #2 is just an offspring of #1, so you can make an argument to lump them together, right? So, let's break down the Refinance category. The reasons for refinancing are to lower the rates, right? Now, if you just agree with the last sentence, we have a LOT of work to do for you, but there is hope. Just break it down, why do people want lower rates? All together now, TO GET A LOWER PAYMENT! If you don't believe me, ask yourself this, if the rate was so good the last time your borrower refinanced, why are they refinancing again now? To get the lower rate? Umm, I'll let you stew on that one on your own. I'm not trying to convince you about anything. I'm in a sense, trying to challenge you.

Now, when people need to consolidate, what are they doing? (this is an easy one). They are trying to lower their overall monthly financial outgo. What about the cash out refi's you ask? That's a good question also. The reasons for cash out are: 1) consolidate (see above) and 2) life improvement (home improvement, investment portfolio improvement)

OK, so the people that get cash out for home improvement usually ask two questions. The first is "What rate can I get?" and the 2nd is "What's my payment gonna be?" The first question is just a reflex question to make themselves seem like they know what they're talking about, but the real question is the 2nd one.

Don't believe me still? No problem. Ask yourself this, ever have someone ask for $50K cash out and change their mind to get $60K because "the rate is so good"? I'm sure it may have happened to someone in the past, but it's so unusual, you can call it a White Elephant, true?

I can hear it now, "I have a wealthy client that can pay off his house at anytime but chooses to get a mortgage because of the lower rates, it's cheap money for them." Of course it's cheap money, the payments are lower as well and they are maximizing their cash flow. Once again, lower payments come into play.

Just something to think about.

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