Strategy and Planning

Strategy and Planning

Now that you have a full application, all of their documents and the review has been completed this is where you add value.  You need to block out uninterrupted time to review a file, build out mortgage option, create scenarios and look at things from their point of view.  The parameters that I use are:

  1. I always build programs for the price they mentioned, a little lower and a little higher. If they have flexibility with assets I even include options with a little more or a little less of a down payment than they told me. Why? They need to see a full scope of what is possible in many cases their strategy could change from house to house.  How many people say I want to put 20% down, then they see a fixer-upper and cross it off the list because they wouldn’t have enough to remodel? If you showed them 10% down it might open up options to buy different houses.
  2. I always include options with paying points, at least 1 arm and possibly adjust the term if they could financially afford it.  Quite often people equate your name with a rate because it’s easy.  If I include options with points and with arms my name will be equated with much more than a rate it will be equated with lots of rates and some are really low. It also puts in context what rate really means and they can see the differences rather than just arbitrarily saying lower is lower.
  3. Send this out to your clients now, have the rate conversation now.  You need to get this in front of them if you want to have a great planning meeting but you also want to find out now if they are only concerned about the rate.  Being transparent with your clients is what matters and you need to get that back from them.  Believe me, someone that only cares about rate will tell you right away. Someone that values your planning will also tell you that right away.
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