You pick up the phone. The person on the line starts the conversation by asking what the interest rate is on your 30-year fixed rate loan.
Well, after you've given them the interest rate, most loan officers ask if they have been pre-approved with another lender. If they say yes, then what do you say?
Here's a “second opinion” telephone script that I had used religiously that helped me attract at least one out of five prospects who had already been pre-approved with another lender.
Second Opinion Telephone Script
Prospect: What are your interest rates for a 30-year fixed rate mortgage?
You: (Ask the loan amount, give them a rate and ask if they have been pre-approved for a mortgage—which we really know there is no such concrete approval thing nowadays.)
Prospect: I've already been pre-approved for a mortgage….
You: That's great, however I have found that just like when I have to make a major decision, I always ask for a second opinion and as a mortgage originator, I specialize in giving people who call me a “second opinion” just to make sure that you are getting the best advice. I promise you I'll be honest with you and if your loan is structured correctly, I'll let you know that too.
You: Would you like a second opinion?
If they say no, ask them why not? Like any good sales person, you need to know their objections before you can overcome them.
If they say yes, here are some of the loan structure type things you can go over in the review with them:
You: Some of the things that I would cover with you would be:
1) Should you decrease your down payment and use the cash to pay off high balance credit cards?
2) Should you pay points or look at a no point loans
And, this statement always peaks their interest—
3) Did anyone show you how to save thousands of dollars in interest by taking out a 25-year versus a 30-year mortgage?
End by saying; “if your lender did not talk with you about any of these issue, then you definitely need a second opinion. Would you like to set up a time to meet or do you have time to talk about it over the phone right now?
The script is pretty self-explanatory. You've got to find out what their objections are to doing business with you (instead of the other guy) before you can offer your solutions.
Hey, sometimes the other guy has a better deal. So what? At least it's one less person you have to spend time with so you can concentrate on those you can really help. What script do you use to when someone asks you your interest rate?
