Being a mortgage broker is a challenging profession in the best of times, but it is especially demanding during difficult economic times such as now.
However, there are tried and true methods that brokers can follow which will increase their chances for successfully closing a deal.
Below are the Top 5 ways that brokers can improve their odds of closing a deal:
Get to know your borrower
The first step in closing a deal is getting to know your borrower. You need to understand their needs and wants in order to find the right mortgage product for them. It is also important to build a rapport with your borrower so that they feel comfortable working with you.
Educate your borrower
Once you have identified the right mortgage product for your borrower, it is important to educate them on the details of the loan. This includes explaining the interest rate, term, and monthly payment. It is also important to explain any potential risks associated with the loan so that your borrower can make an informed decision.
Shop around for the best deal
Not all lenders offer the same mortgage products or terms. It is important to shop around so that you can find the best deal for your borrower. This includes getting quotes from multiple lenders and comparing interest rates, fees, and terms.
Negotiate with the lender
Once you have found the best deal for your borrower, it is important to negotiate with the lender in order to get the best terms possible. This includes negotiating on interest rates, fees, and terms.
Get everything in writing
It is important to get everything in writing before you close the deal. This includes the mortgage agreement, as well as any other documents related to the loan. This will help to protect both you and your borrower in case there are any issues with the loan down the road.
We are a lender who is dedicated to helping mortgage brokers grow their businesses by offering a variety of programs and services that are designed to increase broker productivity and profitability.
By becoming a partner with A&D Mortgage, your odds of closing more deals will definitely improve.