How to Close a Loan
There are plenty of ways closing a loan can go wrong. Many of these can be avoided by showing that you care for each of your clients. Help each and every client feel like your number one priority. Use your sales skills to successfully determine who the decision maker is in a group, then discuss their objectives, time frame and exactly what they find important. From there, you can use the following five tips to ensure you close the loan successfully.
Tip #1: Provide a Speedy Response
In this day and age, buyers expect quick responses to their questions. They might not have time to meet with you every time they have a question, so it’s important to make yourself available through phone, email and text message. If you reply to your clients quickly, they feel valued and you can earn their trust even faster. Buyers will believe they are making the right decision moving forward with you as their mortgage professional, if you prove that they are your priority.
Tip #2: Know Your Stuff
Be an expert at every stage of the mortgage process. Showing off your valuable knowledge and skills by providing the right information to clients when they need it builds goodwill. Do so, and buyers will feel confident that they’ve put their trust in the right professional. If necessary, brush up on your skills and knowledge by attending seminars, conferences and trainings or earning extra certifications to stay current. Read through mortgage guidelines often, as they are constantly changing.
Tip #3: Go the Extra Mile
Prove to each client that you’re doing everything you can to get their mortgage application approved. Keep buyers informed during every part of the process. Explain the steps you’re taking or plan to take on their behalf to get their application to go through. Listen to your clients’ questions and concerns and address them professionally with full disclosure. That way, clients will know that you’re not keeping them in the dark or hiding any step of the process from them.
Tip #4: Sit at the Closing Table
Stay with the buyer at the closing table. In case anything goes wrong, you’ll be there as damage control and to answer any last-minute questions the buyer may have. Face-to-face contact is absolutely crucial to building and maintaining trust between you and your client. As much as today’s buyers value speed and convenience in communication, they still want the human touch to assure them that they’re making the best decision possible.
Tip #5: Follow Up with Borrowers
Following up with your clients demonstrates that you weren’t just trying to make a sale. Prove that you care about your buyers as people and check to make sure everything went smoothly after a close. Following up completes the communication loop and brings closure and satisfaction to customers at the end of a business transaction. Clients will feel reassured that they made the right decision choosing you as their mortgage professional, making them more likely to refer friends and family members to your services later on.