If you think you may lose a deal because you’re “pushing” your client, guess what, you will. You’re afraid of loss and people can sense that. If you have the opposite attitude, guess what, people sense that as well. You have to have NO FEAR of loss.
Hey Mortgage folks, has this ever crossed your mind? “I’m afraid if I push someone too hard, they may not use me to get the deal done, whether it be the Pay Option Arm or something else. I don’t want to seem too pushy. I know the POA is a great product, but pushing it on someone just isn’t my thing.”
I do understand where you’re coming from. You’re coming from a place that every LO goes through at least one time in his/her career. It’s a place called FEAR.
Fear is a funny thing. It will make you do something, but it will also take things away. That choice is yours and no one else’s. I’ll even take it a bit further, it’s not so much the Fear that’s causing the concern, it’s the fear of losing the deal. Here’s a big tip, you need to develop a NO FEAR OF LOSS attitude.
For instance, if you think you may lose a deal because you’re “pushing” your client, guess what, you will. You’re afraid of loss and people can sense that. If you have the opposite attitude, guess what, people sense that as well. You have to have NO FEAR of loss. I’m not saying be rude and arrogant because that’s a big no-no, I’m saying develope a confident attitude.
If you honestly feel the POA is the best thing for your borrower, make sure the borrower knows it. Make sure you relay that attitude to them.
Please don’t misunderstand what I’m saying, if the borrower doesn’t like the POA concept, or just doesn’t understand it, or even if he doesn’t want to hear about it, don’t dig your heals in the ground and say “it’s either this product or no product”, that’s the wrong attitude and you’ll NEVER gain business that way.
Always have a backup plan. If the POA doesn’t fit the bill, present something else, but present it with confidence. Also, keep this in mind; no matter if the product is a Pay Option Arm or a 30 year fixed, you’ll have some sort of competition out there. How you choose to compete with this is totally up to you. If you choose to have lower fees, which includes negotiable fees, you may get more business volume (which isn’t always a good thing). If you choose to have higher fees, be prepared to have more new people walk away from you. (past customers usually come back and refer to you because of your confidence and friendly attitude)
In my case, I feel the POA is the best product on the planet. It can run circles around any other kind of product. Any objection that comes up regarding the POA I can handle. Does that client always get it? Nope, but that’s not the point. I now have their attention as being the “expert” in the mortgage business and who doesn’t want to deal with the “expert”?
My point is, whatever it is you choose to do, do it! Stick to it and don’t waiver. Have the pride and confidence to stick to whatever it is you choose to do and have no fear of loss.
Fixed Rate vs. Adjustable Rate vs. Pay Option Arm
I’m sure the question “Why should I get an Adjustable Rate Mortgage when I can get a 30 year fixed rate at XX interest rate?” has been asked about a zillion times ever since the two types of mortgage were pitted against each other. Of course, no matter what anyone ever says or does, there will always be advantages and disadvantages on both sides.
Mortgage Professional or Blind Dog
You’re chances of selling the Pay Option Arm are GREATLY increased if you are in front of your clients, face to face. Also, at that point, you can hook them with your great personality and go for referrals from them as well.
Mortgage People, Are You In Control?
Is it an easier to sell the Pay Option Arm face to face or over the phone? IMHO, it’s best face to face, because you can always react to body language and cater to what your client's reaction is. Remember, to sell properly in this business, you MUST be in control.
