Anyone that owns a television has heard the popular opinion that mortgage brokers are not always on the up-and-up. The news is never short of stories about crooked mortgage brokerage firms. It is no wonder that most people are not very trusting of their mortgage broker.
Your Ravenwood Services Remortgages sales opportunities are going to come from two sources, refinances and buyers. Realtor relationships are where new purchase customers come from. Learn a lesson from the struggling mortgage brokerage industry in the U.S. Learn to back off of the hard sell. Recognize that the realtors you are contacting may be getting calls from other brokers as well. The harder you push, the more resistance you’ll face.
Banks are fundamental institutions in our economy and they provide a plethora of essential products and services to their customers. That being said, there is a great deal of incentive on the employees of banks to make sure that you buy their products, including mortgages. If you are asking a bank to give you options on mortgages you will hear about the products that they have to offer and not much of anything else. It’s in your best interest to get out there and shop around – if you don’t you could end up paying a lot more for a Mortgage broker than you should be.
Some of the mortgage brokers work for the specific company and hence you should make sure that the person whom you are talking is from a reputed company. This is certainly a very important point. If this will be the case then he will be able to let you know about some of the best mortgage schemes as his company is the best.
Another flaw in the Liar’s Rate Sheet is in the APR’s that are listed. A simple definition of APR is, the true cost of the loan including certain designated closing costs. There are some loan officers that do not know how to calculate APR correctly. So do not base your decision on choosing a mortgage broker solely on the APR quoted.
Take a few hours to find out which realtors are moving properties. These are the realtors you want to meet and work with. At the same time, recognize that realtors who are only selling three or four properties per year can still be a source of customers. Get to know all the realtors in your area and nurture your contacts with them.
This leads me to my next point on how to improve your mortgage broker career. Networking. This is so crucial for mortgages brokers that it simply cannot be put into adequate words how important networking really is. Think about it this way… all sales people need to network and it’s a given. The difference is that sales people network to gain sales, but your networking has to be about gaining the latest information before anyone else. If a special offer of low low interest rates with other benefits is coming out in a week – you need to know about it beforehand so that you can sell it to prospective clients quicker than your competitor. That way, when people talk about who got the best deal, you’re always a step ahead and more clients will naturally drift towards you.