Sunday, February 5, 2012

Scripts

Some scripts can be as good as a script for a movie or a play or like reading a poem where each and every Loan Originator is asked to follow it verbatim but here at CPA Mortgage Services we know each person does it a little different.  Here are some "scripts" or "improv" guidelines on what to say when a client asks you a question! 

RATES

  • Caller:  I'm thinking about doing a loan and I wanted to see where interest rates are at?
  • Loan Originator:  Well, before we talk about rates, you need to know that there are a variety of factors that determine the actual rate.  Credit; Is this a Purchase or a Refinance; If it is a Refinance are you doing a Rate & Term Refinance or a Cash-Out; Can we document your income; What is the Loan-To-Value; How much are you thinking about borrwing, and so on.  With that being said, do you mind if I ask you a few questions so that I can give you a more accurate and appropriate rate?

LOCKING A RATE

  • Caller:  Should I lock in my rate?
  • Loan Originator:  First, understand that if you don't lock you are at the mercy of a volital market.  If rates go down a little - Great!  However, if they bounce up - Oops!  However, if they go up are you prepared to take the higher rate and payment?  Keep in mind a couple of things - First)  If you choose to float, you will be able to lock-in at any time up to 3 days before you close, at whatever current rates are, and Second) if you choose to lock, you are locked.  If rates go up or down, you made to decission to not gamble on the possiblity that rates would come down.  You are LOCKED!

CLOSING COSTS

  • Caller:  I have been told that I wouldn't have to pay any closing costs?
  • Loan Originator:  Can I ask you a question?  You understand that there are real costs associated with doing any loan, right?  There are title costs, appraisal fees, loan officers make income and so on.  If you are told that you won't have to pay them, who do you think will?  Your Loan Officer won't pay them just because he is a good guy.  With that in mind, you have a couple of options;  Pay cash, include them in your loan (refinance), have the Seller pay them (purchase), or raise the rate high enough to cover them.

Please feel free to e-mail your requests for additional scripts to Dan Densley, Debi D'Amico or Sara VanRoosendaal.  We would be happy to review & post them here for others to use as well!!

MEMBERS ONLY...

 
 

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