Top Questions for Loan Officers to ask!

There are a lot of questions/answers techniques out there for sales people in the mortgage business.  The one thing that stands out to me is the ability to relate, make the client comfortable, and aid/guide them to custom tailor their own mortgage.  You just give them choices.  The best way to do this is by asking the right questions during the application process.  Then paint pictures to appeal to the needs/wants of your client and walk them to the finish line.

Top Questions by Top Bankers;

  1. What type of mortgage are you currently in?
  2. What kind of programs are you looking into?
  3. If you can be 100% honest with me, how comfortable are you with your current financial situation?
  4. Who is the decision maker in the financial arena for your household, you?
  5. How many people are currently on title? (or will be on new loan)?
  6. What have you been hearing about rates?
  7. What email should I be sending information too once we are done? (foreshadow esignature process)
  8. What goals do you have for your financial future? (be careful here, but great lead in)
  9. How was your last mortgage transaction?
  10. Tell me about the family vision (how many kids, where do we want to have them grow up, retirement plans, geographic moves etc)
  11. Is the glass half empty or half full after you pay all the outstanding bills monthly?  Trick question, and they will tell you if they are struggling to  save money or consolidating debt could be option or if they have enough to get by.
  12. How much credit card debt or consumer debt do you have?
  13. What is your PRIMARY GOAL with this transaction?  (works great for Refi apps, as it helps you dig deep and find the why).
  14. As far as payment goes, what payment do you feel really comfortable with for a mortgage?  (ask for a range)
  15. Has the MORTGAGE LOAN OFFICER /CO you did your loan with called you since the last transaction?

THIS IS THE DIFFERENCE MAKER>  When going through the application, have a conversation, plant the seeds that you may need more info, paint the picture of your process and what will happen all the way through closing.  Then foreshadow the use of their cc for appraisal/inspection means and or insurance if needed.  Once you have them engaging, the number 1 thing to say to help disarm any objections is…

“I don’t look to do just one transaction with you and your family.  As a mortgage expert I am looking to be your mortgage Pro for life.  Lots of people nowadays have CPA’s/Financial Advisors/Lawyer etc on their “financial team”.  I am the newest addition to your financial team.  Actually the average person will do 7-10 mortgage transactions in their life time, if they do this with one person/company, they can often help custom tailor their mortgage to help them hit their life goals.  Not to mention potentially have lower costs and better opportunity to take advantage of interest rates. I want to be that guy/gal for you and your family.”

Hope the application taking tip helps, now go make some phone calls, I’m taking all “I got a guy” questions today on my cell.   – JUICMAN

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