Chapter 1: Questions for a Refinance With Debt Consolidation

[arscherer]

If you haven’t read “Phase 1: Your First Contact With A Client” then please feel free to do so prior to reading this post which is an extension of the first contact.

I briefly mentioned that the first contact with your client should be a relationship building experience. You should be getting to know your client, and your client should be getting to understand that you care about him/her.

With that being said, we have to remember that relationships aren’t built on standardized questions from a blank paper (or Calyx Point 1003). Relationships and trust between two individuals are built with the sharing of emotion. Dictionary.com defines a relationship as, “an emotional or other connection between people”.

So, how can you stand apart from Joe LoanOfficer who is looking to make a quick buck on these “borrowers”? Simple…ask the right emotionally attached questions in order to establish a caring relationship, and always build toward closing questions.

For a refinance for debt consolidation, instead of asking how much they are looking to pay off and be done with that part, dive into the subject a little deeper. Try asking:

• About each individual debt that they want to consolidate (what school was the student loan used at, what was the credit card used for – vacation, etc)
• What kind of credit cards are they? (if applicable…Visa, MasterCard, etc)
• How high is the interest on each of those debts?
• How much money are you paying out per month?
• How much of that money that you are paying is actually going towards the balance?
• If you didn’t pay these off with the refinance, when do you think you could be free of these debts?

All of these questions build to an emotionally-tied closing question prior to filling out the entire application. And, guess what…you just got the liabilities section of the 1003 filled out.

Here’s an example of how you can close this topic: “I definitely understand where you are coming from, Mr. Smith. I can see how consolidating that high interest credit card debt is going to relieve quite a bit of stress from your life, and make your life a lot easier with regard to your monthly financials. Along with that, paying off your car loan to make that an added tax deduction is going to be a nice benefit as well. I’m sure you are looking forward to the day of not making those payments anymore and having that extra tax deduction, right”?

Simple questions can lead into some of the most emotionally driven conversations for these clients. The bottom line is to keep driving home benefit and try your best to tie emotion to every question that you ask. Lastly, make sure that your questions are building toward an overall buying sign….a “YES” at the end of a simple closed-ended question.

I will come back to this example in later posts when I will touch on the sales aspect of the process. Each of those questions plays a key role in the proposals, so they definitely hold a huge role in a debt consolidation refinance.

[benny_g]

Andy,

My hat is off to you, as you really are trying to teach us new ways of doing our job. This is a great post I even printed it out, made some notes and put this into my marketing book.

[nepamortgage]

Some great stuff Andy! I enoyed reading both of those and look forward to the next exciting installment.

I'm going to start working internet leads and it's been over two years since I've done that, so I'm relearning everything. This helps.

[arscherer]

Originally Posted by benny_g

Andy,

My hat is off to you, as you really are trying to teach us new ways of doing our job. This is a great post I even printed it out, made some notes and put this into my marketing book.

Thanks, Bernie...I appreciate that! I hope all is well on your end!

[arscherer]

Originally Posted by nepamortgage

Some great stuff Andy! I enoyed reading both of those and look forward to the next exciting installment.

I'm going to start working internet leads and it's been over two years since I've done that, so I'm relearning everything. This helps.

The next installment will be coming up at the end of the week. Internet leads are a different animal, but if they are "worked" properly, they can be an excellent investment!

[benny_g]

[QUOTE=arscherer;34709]The next installment will be coming up at the end of the week. Internet leads are a different animal, but if they are "worked" properly, they can be an excellent investment!


Ok I would love to hear what your thoughts are on this Andy. I'm looking forward to it.

[arscherer]

[quote=benny_g;34796]

Originally Posted by arscherer

The next installment will be coming up at the end of the week. Internet leads are a different animal, but if they are "worked" properly, they can be an excellent investment!


Ok I would love to hear what your thoughts are on this Andy. I'm looking forward to it.

Bernie, I was planning on doing the different lead types in a couple of weeks, but I think I might be able to give you a sneak peek.