How to Handle Clients Who Are Aggressively Refinance and Mortgage Shopping

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May 26, 2015 | By RGR Marketing Blog

Mortgage Sales in a Connected World

When it comes to shopping, the technological revolution has completely changed the game. Today’s consumers are able to learn a great deal about products and pricing without ever leaving home. If you’re in the mortgage business, you can rely on the fact that your clients have done plenty of research long before they set foot in your office or send you an email.

And it isn’t just mortgage-related sites that are educating your clients. Even search giants are getting in on the action. Yahoo and Google now both offer mortgage calculators as part of their search programs. All they have to do is plug in the mortgage amount, the interest rate, and the mortgage period, and the calculator will spit out an estimated monthly payment and the total cost of the mortgage.

Is Cost the Only Thing That Matters With a Mortgage?

The Consumer Financial Protection Bureau estimates that nearly 80% of all mortgage borrowers only shop one lender. Many consumers decide based solely on referrals or existing relationships with financial institutions. But there’s no doubt that comparison-shopping for mortgage rates is on the upswing, and that’s a trend that’s sure to continue.

Of course, as a mortgage or refinance professional, you know that there’s more to consider than the monthly payment. There’s also the down payment, not to mention closing costs, mortgage taxes and mortgage insurance.

But even those factors aren’t the most important, when it really comes down to it. Your mortgage prospects care about monthly payments and interest rates. They’re concerned about the long-term costs, and why wouldn’t they be?

It’s Really About the Home

Still, all of those variables are secondary to the primary goal: homeownership. Everyone wants a place to call home, a little corner of the world that’s theirs, and theirs alone.

Do you know what else they want? They want to do business with someone they trust. Sure, they’ll ask about interest rates and down payments, monthly payments and all the other financial matters, and you’ll need to be able to answer those questions in a satisfactory manner.

Nothing Compares to You

But if you establish a relationship of trust and show your clients that you’re on their side, they’re going to want to do business with you. They’ll choose a concerned ally who has their best interests at heart over a mortgage broker who seems to only care about the dollars and cents, every time.

It’s also important to remember that your potential clients are researching more than the interest rates you can offer; they’re also checking up on your reputation. In this day and age, it’s of the utmost importance that mortgage originators carefully manage their online reputations.

Don’t be afraid to ask for reviews from satisfied customers. Deal with less-than-happy former clients with empathy and professionalism. Establish yourself as a thought leader in the industry by building a library of content that house-hunters will find useful, engaging, and entertaining. Even the most price-conscious clients will want to deal with you, because you’ve already helped them through part of the process.

Comparison Shoppers Are Still Shoppers

Mortgage professionals may not particularly enjoy being comparison-shopped based on price, but there’s no avoiding it. It’s how you deal with price shoppers that really matters.

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Mortgage Sales in a Connected World

Is Cost the Only Thing That Matters With a Mortgage?

It’s Really About the Home

Nothing Compares to You

Comparison Shoppers Are Still Shoppers

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Is Cost the Only Thing That Matters With a Mortgage?

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