How many times have you ever answered the cellphone and heard “What’s your rate?” from a customer? I assure it comes-up on each phone call, normally within the primary 30 seconds of the conversation. Customers ask it because they don’t know any better. To them you are just like every different loan monkey out there. They don’t care about you, they just care about THEIR rate of interest they’re going to get and that’s all that need to know. Anything else you say is in one ear and out the other.

But you the mortgage officer, don’t care about the rate. Your concern is trying to figure out the customer and seeing what loan program you may get them into. You care about their property type, loan amount, FICO score, etc. Then after all this is said and done, the rate then turns into of INTEREST to you. But the client doesn’t care about all that!!! They just want the rate! Now won’t you simply give it to them, so they can hang-up and call somebody else? You know what is going to happen…POOOOOFFFF! THEY’RE GONE!

One of the perfect ways I’ve found to steer a customer off of rate…rate…rate is to ask open-ended questions. No longer am I just asking about the property sort and loan amount, but rather asking if they would like to take cash-out of the property, how long they intend to stay there, what their future plans are and so on.

I ask questions other loan officers don’t and it helps me to get in touch with my customers true inner motivation. No longer am I an order taker, the client now sees me as a useful friend and trusted advisor. In today’s aggressive marketplace, that is truly one of the best hassle-free solution to sell. It really works…works…works!

Here are some open-ended questions you can use to get the client to open-up to you, creating belief and minimizing the “rate” question:

* What timeframes are we looking at for this loan?

* Do you know what kind of program you may be interested in?

* Have you been searching for a while?

* What kind of property are you buying, inform me a bit more about it? (People love to speak about their new home!!!)

* How long do you plan to stay in the property?

* Have you completed any remodeling on the house which might increase it’s value? (Again, this has little to do with the precise loan pricing, but is a good conversation starter and trust builder as Mr. Handyman can tell you about all the wonderful initiatives he’s done, etc.)

* What are your long run goals and plans?

* Do you realize what your credit score is, and what’s in your credit report?

* Haven’t you heard horror stories of individuals being burned at the closing table?

* Have you thought-about rolling some other debt into the mortgage with a purpose to lower funds and lower your expenses on interest?

* Has anyone ever told you what a real “no closing cost” mortgage is?

* Has anyone ever defined the loan course of to you step-by-step?

* Have you had any problems in getting a loan within the past?

* Is there anybody else involved in the mortgage or is it simply yourself?

* How soon would you like to close by?

* And my favourite question, “Have you seen any other rates you liked?” (this tells me if they’re a hard-core shopper or not and lets me know what I am up against).

These are just a number of the questions to get the shopper to inform you their “story” and open-up. (I cover hundreds of questions in my training at http://www.loanclosingsystem.com ). It is essential to ask questions that don’t have a firm yes or no answer. The sooner you get individuals off rate, the more likely you’re to capture their business and shut their loan. The next time someone calls, try using a number of of my open-ended questions above and you’ll see the difference! The outcomes will amaze you!

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