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By Rob Lawrence
Loan Officer & Creator of the Sink or Swim Loan Closing System
In
any sales position, objections are the roadblock to making the sale.
And, in order to succeed, you must find a way to overcome and
satisfy the prospect. In
the mortgage industry, we face a unique challenge—getting the customer
to “believe” us, and not the other loan officer/broker (who may just
be stretching the truth to get a sale, and may never deliver as
promised). Gaining
commitment early-on is what I teach in my Sink or Swim Loan Closing
System at http://www.loanclosingsystem.com
But,
getting the customer to trust you over somebody else, is not an easy
task. Here are some of the
most common objections I hear, the reasons behind them, and what I say
to put the borrower at ease. Even when I think I’ve heard them all, people surprise me!
1.
Not ready to do anything 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 is an absolute must.
Here are some things I say:
When do you think you will be ready to make a decision?
What day this week can I expect to hear back from you?
As you know the interest rates change everyday, this is the best
deal that I see as of today. If
I see anything else, I will let you know, but remember we could lose
this rate. What other information do you need before you can decide?
2.
Interest rate not low enough.
This means that the prospect doesn’t see the value of the transaction
or that they are simply wanting a rate that isn’t available given
their situation. Here are
some things that I say: What
rate are you looking for? How
much more would you like to save per month?
What is your motivation for doing the transaction?
I understand that you don’t think the rate is low enough, but
if I could show you a way that you would still benefit, would that be of
interest to you?
3.
Still want to look around.
This means that the prospect isn’t satisfied that they are getting the
best deal available in the marketplace.
Here are some things that I say:
How many other lenders or brokers have you spoken to?
What rates/closing costs did they offer you?
I want you as a client, what would it take to make you satisfied
to do business with me? If
I spend some more time, and can get you a better deal, would you be
willing to give me a day or two before you make a final decision?
There are many thousands of lenders and rates available, we deal
with about 300 of them, this was the best deal I saw we can offer you as
of today.
4.
Don’t want to go through all the hassle.
This means that the prospect still doesn’t see the benefit or is lazy
and unorganized. Here are
some things that I say: Don’t
worry; we handle all of the paperwork and the loan process.
All you have to do is gather a few documents that prove your
income and assets and we will do the rest.
The process is quick, easy, and pain-free.
At closing, you simply have to sign your name, and you will (save
X amount per month, or in interest over the life of the loan, or etc.).
When do you think you can get these papers to us by?
O.K., I will be sure to look for them on that day and will call
you if I don’t see them.
5.
I have to talk to my (husband or wife)./My (husband or wife) doesn’t
want to do it or hasn’t made a decision.
This means that the prospect isn’t the decision-maker or is simply
trying to pass the buck. Here
are some things that I say: Would
you prefer it if I spoke to your (husband or wife) for you and explained
what it is you are considering? When
do you think you can speak to them by?
Please give them my phone number and have them call me if they
have any questions. How long will it take for you both to make a decision?
6.
I can’t find all the paperwork./Why do you need all this?
This means that the prospect doesn’t have everything in one
place, is unorganized, or just making an excuse.
Here are some things that I say:
We only ask for documents that we need.
I don’t like to collect more paperwork than is absolutely
necessary as it clutters-up the loan process.
The underwriter is asking for it, so when do you think you can
get 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
financial institution or bank and have them simply print one out for
you. (By the way, my system
at http://www.loanclosingsystem.com
tells you exactly what documents to ask for upfront from the customer).
7.
I found a better deal elsewhere.
This means that the prospect is still “shopping” you.
This is the most common objection I hear.
Here are some things that I say:
Mr. (prospect), I know you may think you have found a better deal
elsewhere, but did you review carefully what they offered?
How do you know 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
you switch lenders when too far into the process, you risk losing the
whole deal, don’t you? You
don’t want to do that. Do
you have a lock-in confirmation or a GFE (Good Faith Estimate) you can
send me? Maybe I can beat
their offer? I want to make
sure you get the best deal you can get.
8.
I‘m not saving enough./I don’t see the benefit of this.
This means that the prospect doesn’t think that $50 or $100 or
more saved per month is worth the trouble.
Here are some things that I say:
Your monthly savings of X, is a night out with your family, money
saved, a potential vacation fund, etc.
In addition to the monthly savings, you are also saving X
thousands of dollars over the life of the loan and X amount in
additional interest payments. Although
you aren’t saving a whole lot, remember you are cutting X years off
the life of your loan and the savings to you will be X.
9.
Closing costs are too high.
This means that the prospect isn’t fully educated on what closing
costs comprise of or wants a no-closing-cost loan. Here are some things
that I say: Did you know
that if you pay the closing costs on your loan, you may be able to get a
lower rate? Do you know
what all of the closing costs mean and are comprised of?
How much did you pay on your last refinance or home purchase
transaction? What part of
the closing costs do you feel are too high?
We showed you some ways of saving on closing costs, was that of
value to you? Did anyone
else do this? Are they
telling you all the facts? If
we could offer you reduced closing costs, or even no closing costs, and
still get you a decent rate, would you reconsider our offer?
The
important thing to remember about objections is that they signal that a
prospect hasn’t fully been sold, or that a borrower isn’t completely
on board. By uncovering
objections early, eliminating them, and continuing to build trust, you
will close more loans in less time and make more money.
Use my examples above and you will get more loans to the closing
table. Use my Sink or Swim
Loan Closing System at http://www.loanclosingsystem.com
and your income will skyrocket!
What
objections have you heard? Email
me at roblawrence@battlecall.com
and tell me your most common objection, and what you have done to
overcome it. I will publish
the best responses in an upcoming issue, and give full credit (a great
way to get free advertising for your mortgage firm).
:-)
Click
here to read just some of the success stories from users of the Sink or Swim Loan Closing System ®...
Click here to see a printout from a recent commissions report with my biggest
month ever!
Download
the entire system now and start earning more money immediately.
Click here...
 
  
 
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MR. ROBERT LAWRENCE
Chief Mortgage
Warrior & Principal
of Firm
INTERMAGINE,
LLC.
28 Bayley
Street, Suite
104
Pawtucket, RI 02860
USA
Tel: 401-316-4670
* Fax: 401-633-7572
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"The Sink or Swim Loan Closing
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Designed for loan officers, loan processors, mortgage processors,
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industry. If there is a potential pitfall or deal-killer out there
that could derail your loan, chances are it is already covered in the
closing system. Invest in your business."
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