Sales Tactics Your Loan Officer Should Not Use

Even though I work with people who are interested in getting a VA loan, I work on loans for all types of borrowers. It seems that no matter what kind of loan scenario program I work on, every once in awhile I come across several competitor sales tactics that I have to address with my loan applicant.

It still amazes me that I hear these things even with the heightened education requirements that loan officers have to go through in the US since the recent mortgage crash of 2007-2008. In fact, I’m around a lot of mortgage and real estate people everyday and I kind of hear these things on a regular basis which scares me a bit. Mostly these things stem from promises and sales tactics that loan officers use to get and keep business. It is a wonder why mortgage people have gotten the rap that they have over the years.

I can’t figure out whether these tactics are from poor education or devious intentions – I’m going to side on poor education and this article is designed to set the record straight on one of these tactics that gets under my skin the most.

The sales tactics that gets under my skin the most is: “don’t let anyone else pull your credit.”

Let me say that again: “Don’t let anyone pull your credit – it will hurt your scores.” Without going into too much detail, having several mortgage companies pull your credit while you shop for a will not significantly hurt your credit scores.

If you think about it, why would the credit reporting companies hurt your scores if you are shopping for a mortgage and the only way for you to smartly shop is to have several mortgage companies get your credit.

What will hurt your credit scores while you are shopping for a mortgage is having your credit pulled by car dealers and credit card companies. The moral of this story – if you are shopping for a mortgage – don’t go car shopping at the same time and stay away from the 10% sales discount offers from credit card companies.