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Overcoming Common Sales Objections When Trying To Sell Mortgages As A Loan Officer by Rob Lawrence
In any sales position, objections are the roadblock to creating the sale. And, so that you can succeed, you should try to overcome and match the prospect. In the mortgage industry, we face an original challenge?having the customer to ?believe? us, and not the other Personal Loans Orange County Ca officer/broker (who may be stretching reality to acquire a sale, and might never deliver as promised). Gaining commitment early-on 's what I teach within my Sink or Swim Loan Closing System at
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But, getting the customer to trust you over some other person, just isn't simple. Here are some of the most frequent objections I hear, the issues behind them, and what I say to put the borrower confident. Even when I think I?ve heard every one of them, people surprise me!
1. Not ready to do anything whatsoever yet. This means that the prospect doesn?t fully trust you, or that you haven?t fully uncovered what their true motivations are. Creating urgency can be an absolute must. Here are some things I say: When do you think you will be able to make a decision? What day now can I expect you'll hear back of your stuff? As you know a persons vision rates change everyday, this can be a cheapest price that I see as of today. If I see anything else, I will let you already know, fresh fruits we will lose this rate. What additional information do you want one which just decide?
2. Interest rate not low enough. This signifies that the candidate doesn?t start to see the worth of the transaction or that they are simply wanting a rate that isn?t available given their situation. Here is something that I say: What rate do you need? How far more do you wish to save per month? What is your motivation for doing the transaction? I understand that you just don?t think the rate is low enough, however, if I could explain to you a way which you would still benefit, would that be of interest for you?
3. Still wish to browse around. This signifies that the chance isn?t satisfied they are obtaining the best deal accessible in the marketplace. Here is something that I say: How a great many other lenders or brokers maybe you have spoken to? What rates/settlement costs did they have you? I would love you as a client, what might it decide to try make you satisfied to do business with me? If I take the added time, and may allow you to get a much better deal, are you ready to supply a couple of days before you make your final decision? There are numerous thousands of lenders and rates available, we handle about 300 of these, this is the best deal I saw we can easily provide you with currently.
4. Don?t need to go through all the hassle. This ensures that the chance still doesn?t understand the benefit or perhaps lazy and unorganized. Here are a few things that I say: Don?t worry; we handle each of the paperwork and also the loan process. All you have to do is gather several documents that prove your wages and assets and we will take over from there. The process is quick, easy, and pain-free. At closing, you simply must sign your company name, and you will (save X amount per month, or even in interest over the life of the borrowed funds, or etc.). When think you can find these papers to us by? O.K., I will be likely to try to find them on that day and may call you if I don?t see them.
5. I need to speak with my (wife or husband)./My (partner) doesn?t need to do it or hasn?t made the decision. This ensures that the chance isn?t the decision-maker or is simply trying to pass the buck. Here is something that I say: Would you want it if I spoke for your (wife or husband) for you and explained how it is you are considering? When do you think you'll be able to meet with them by? Please let them have my contact number and have them call me should they have any questions. How long can it take in your case both to make a decision?
6. I can?t find every one of the paperwork./Why do you really need all this? This signifies that the outlook doesn?t have everything in one place, is unorganized, or maybe making a justification. Here are a few things that I say: We only request documents we need. I don?t prefer to collect more paperwork than is utterly necessary as it clutters-up the money process. The underwriter is requesting it, so when do you consider you can find these documents to us by? Here is my fax number. If you don?t have or can?t find your statements, go back to your traditional bank or bank and still have them simply print one out to suit your needs. (By the way, my system at tells you precisely what documents to ask for upfront in the customer).
7. I found a much better deal elsewhere. This ensures that the candidate continues to be ?shopping? you. This will be the most common objection I hear. Here are a few things that I say: Mr. (prospect), I know you may think you've found a greater deal elsewhere, but do you review carefully the things they offered? How do you realize you can get that rate (given your financial situation)? Are they simply trying to bait and switch you? Mr. (prospect), did you know that if you are buying a house, and also you switch lenders when too much to the process, you risk losing the complete deal, don?t you? You don?t want to do that. Do you might have a lock-in confirmation or even a GFE (Good Faith Estimate) it is possible to send me? Maybe I can beat their offer? I desire to make sure you get the cheapest price you can get.
8. I ?m not saving enough./I don?t start to see the good thing about this. This implies that the chance doesn?t believe $50 or $100 or even more saved each month will probably be worth the trouble. Here are a few things that I say: Your monthly savings of X, is really a night out with your family, money saved, a prospective vacation fund, etc. In addition towards the monthly savings, you might be also saving X a large number of dollars over the life of the loan and X amount in many interest rates. Although you aren?t saving a great deal, remember you are cutting X years off of the life of your loan and the savings to you may be X.
9. Closing costs are extremely high. This means that the candidate isn?t fully educated on what high closing costs include or wants a no-closing-cost loan. Here are some things that I say: Did you already know that in the event you pay the settlement costs in your loan, you might be able to obtain a lower rate? Do you understand what all of the high closing costs mean and they are composed of? How much do you pay on the last refinance or home purchase transaction? What area of the closing costs sometimes you may feel are too high? We showed you some tips of saving on settlement costs, was that regarding value to you personally? Did other people try this? Are they hinting every one of the facts? If we will offer you reduced closing costs, or perhaps no high closing costs, whilst still being enable you to get a decent rate, could you reconsider our offer?
The essential thing to consider about objections is that they signal that a prospect hasn?t fully been sold, or which a borrower isn?t completely aboard. By uncovering objections early, eliminating them, and continuing to develop trust, you may close more loans in less time making more income. Use my examples above and you will acquire more loans on the closing table. Use my Sink or Swim Loan Closing System at and your income will skyrocket!
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Rob Lawrence is ranked certainly one of top national trainers within the mortgage industry. Personal Loans Orange County Ca He will be the typically the CEO of Battlecall.com, coaching, tools and resources to change mortgage professionals into mortgage warriors. Visit for his free ?Sink Or Swim? weekly newsletter, mortgage training, marketing advice and much more! Jumpstart your work in the mortgage business, starting today.