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Outbound Script – Mortgage Agent (Purchases)
Hi, is _____there?
Hi _____ this is ______ calling from Search Mortgage, I’m calling with regards to your inquiry on (mention the ad they inquired on). Do you have your financing in place yet?
If yes, go to Section A. If no, the lead already has a mortgage or no longer needs financing anymore go to Section B. AND if you’re conversation falls outside of the script. Go to Section C.
SECTION A
If Yes: (If the lead has already has financing in place)
Oh, ok, just curious…What was the interest rate and amortization they quoted you for?
The reason I ask is because 9 out of 10 times we can get a lower rate, a lower monthly payment or even a higher approval amount for you.
You see the banks always approve you on the lower, conservative side where we approve our clients at the maximum amount allowed.
[lead gives answer]
That’s great, are you comfortable with the rate and terms…and have they explained the terms to you…The reason I ask is because my goal as an agent is to get you not only the greater savings but ensure you’re in a mortgage that provides the flexibility you may need in the future. I just had a call where someone had a great rate, but he wasn’t able to pay off the mortgage even if he won the lottery.
How much do you have to put towards a down payment? [if the figure is too low ask if they can get gifts or RRSPs, if not end call quickly, if its reasonable carry on]
Great, well I always recommend getting a second opinion, an application only takes 5 minutes, do you have time now? or is Monday at 6 pm [offer your next available time slot] to get started?
[if lead is not willing then offer the online app] I can also send you an application link so you can complete it online.
[Objection Handler]
I understand _(client name)__ just to note, I work for you, not the lender. In most cases my services are free to you and my office hours are not 9-5. We also have access to exclusive deals your bank won’t make available to you. Our Scotiabank partner sends us deals they can’t do all the time.
I always recommend getting a second opinion, an application only takes 5 minutes, do you have time now? or is Monday at 6 pm [offer your next available time slot] to get started?
[if lead is not willing then offer the online app] I can also send you an application link so you can complete it online.
If No: (If lead has NOT been approved yet)
Ok Great. Just so you know, getting approved for a mortgage should be your first step when shopping for a home, so that you can be confident with your budget and affordability. How much do you have to put towards a down payment? [if the figure is too low ask if they can get gifts or RRSPs, if not end call quickly, if its reasonable carry on]
Great, I would be happy to go over some options and solutions with you, an application only takes 5 minutes, do you have time now? [wait] or is Monday at 6 pm [offer your next available time slot] to get started?
[if lead is not willing then offer the online app] I can also send you an application link so you can complete it online.
(Objection Handler)
I understand, however doing a approval as soon as possible will save you headaches down the road because 1. You’ll find out how much the banks are willing to lend you, 2. Your interest rate, 3. Your monthly payments and 4. Your credit score is right on the spot. You’ll be much more prepared for when you do find that perfect home, does that make sense?
Great, an application only takes 5 minutes, do you have time now? or is Monday at 6 pm [offer your next available time slot] to get started?
[if lead is not willing then offer the online app] I can also send you an application link so you can complete it online.
(Objection Handler)
I totally understand what you’re saying and the reason I brought this up is because we often have clients who don’t get approved, go home shopping, find a home and submit an offer at let’s say $800,000. Then they go to the bank and find out the banks are only willing to lend them $700,000. Then they realize the entire time they were shopping for homes at that price was a waste. And because this is an emotional process they don’t even want to shop for homes at all after.
And in the current market, many buyers are purchasing with unconditional offers. You wouldn’t want to lose your deposit or the home you wanted because you weren’t approved before purchasing.
It’s very disappointing to see on my end and I’d hate to see this happen again to you. Does what I’m saying sound reasonable?
Great, an application only takes 5 minutes, do you have time now? or is Monday at 6 pm [offer your next available time slot] to get started?
[if lead is not willing then offer the online app] I can also send you an application link so you can complete it online.
SECTION B
If they already found financing, not looking to purchase any more
ASK THE FOLLOWING QUESTIONS: (Solicit home equity loans or refinances up to 80% LTV)
- Do you currently own a home and for longer than a year?
- When is your mortgage coming due for renewal?
- What’s the current balance?
- what is the estimated value of your home?
- What’s your current interest rate?
- Fixed or variable?
- With what bank?
- Have you ever tried refinancing your home or getting a home equity loan?
- What month and year?
- Do you know a rough idea of what your home is worth? If you don’t know, I can find out for you, I just need to know:
- Your address
- # of bedrooms
- # of bathrooms
- Basement situation
- Any Renos
- Do you own any other properties? (try to solicit business for a refinance on another home they own)
Based on everything you’ve told me, I can let you know how much money we can get you and at what rate. Does that sound good?
If you know the value of the home today use this formula:
Value X .80 = Max Loan Amount
Take the current mortgage balance and the difference is what we can get them.
e.g. if the home is worth $800,000 we can get them $640,000 and since they have a mortgage already at let’s say for example the balance is at $400,000 then we can get them $240,000 new money.
$800,000 X .80 = $640,000 – $400,000 = $240,000
It looks like I’d be able to get you an extra $240,000. Mr. Home owner, do you think you’d be able to consolidate your debt or perhaps pay for your child’s education or perhaps a new car with $240,000?
Great, plus I’ll be able to get your total monthly payments lower than what you’re already paying and at a lower interest rate than what you’re paying right now. And if you act now, we have a promotion where we pay for your legal fees so that this entire process will have no out-of-pocket expenses for you. Sound fair enough?
So let’s set up a time to meet. How’s Monday at 6p?
SECTION C
When the conversation falls out of the script, here are some fillers that will make you sound professional:
Benefits of getting a pre-approval:
- Removing or shortening your financing condition will make your offer look more attractive and get you a lower final price.
- Don’t fall in love with something you can’t afford.
- Won’t waste your time shopping for homes you can’t afford.
- Qualify for more than you think by using our maximum approval limits and low-interest rates.
- Plus if we find any spots on your credit, we can address them now as it may take 6-12 months to fix. Just so you get the lowest interest rate possible and get the dollar amount you want. Sound fair enough?
Benefits of using a mortgage broker:
- All our services are free of charge.
- We only pull 1 credit bureau and can send them to as many lenders as we can. Versus you pulling your credit every time you shop for rates at different banks. Did you know every time you pull your credit bureau it lowers your credit score?
- The best interest rates are only offered to mortgage brokers. Major financial institutions such as First National or Street Capital only work directly through mortgage brokers and they usually have lower rates than the big 5 banks.
- 2 in 1 service. Not only do we shop around to the top 30 lenders and have them fight for your deal, we also provide credit counselling. I can tell you simple actions you can do to improve your credit score. Remember your credit score is what yields you a lower interest rate. Most people don’t know that!