Written By: Karen Deis & Brenda Robles, East West Mortgage, McLean, Virginia.
Have you ever heard this? "I'm shopping for rates...but have already been pre-approved for a mortgage."
You answer: "What rate are they giving you and which company has pre-approved you?"
I don't know about you, but when I was a loan officer, I felt that I was being used because if they were already pre-approved, why are they calling me for rates? Could it be just to make sure that the loan officer they are working with has given them the best deal?
Let's start this phone call over again!
Prospect: "I'm shopping for rates...but have already been pre-approved for a mortgage."
Loan Officer: "That's great! However, before I quote you any rates or mortgage programs, I have found that just like when you find out you need major surgery, you will want to get a second opinion from another doctor, right?"
"Since your mortgage is a major financial decision, what type of loan program and interest rate are you being quoted now and do you mind if I give you a second opinion to make sure it's the right one for one?"
Then, go on to ask the normal pre-qual questions!
This strategy is used to make sure you are the in the running - even if they have been pre-approved by another company.
View the previous article (Is Second Place Really the First Loser?) for all the details and in this issue, read the sample ad you can place in real estate magazines and newspapers in both the English and Spanish Version (thanks to Brenda Robles for translating the ad into Spanish).
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