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Nov 29, 2018

We dive into the topic of consulting with your clients about their financial situation in this episode. Find clients who may be able to use the equity in their home to restructure their debt by refinancing and consolidating what they currently have. We share statistics about average debt and ideas for where to look for clients. Build your business by putting your borrowers in a better financial situation going into 2019.

Show Notes - Consulting with Your Clients

It’s a great time of year, in between the Thanksgiving and end-of-year holidays, but it’s also a tough time of year because, in my experience, it’s a time of year that many Loan Officers stop working. But this is a great time of year to do business because some of the greatest deals are reached by buyers in December. Best purchase price opportunities due to lack of demand and sellers are looking to close deals by the end of the year. 

Complete a mortgage check-up with your current and past clients to see what their goals are for the next year and what their debt load is currently. They may have credit cards, student loans, co-signed student loans or other lines of credit. See if you can use the equity in their house to restructure their debt by refinancing and consolidating.

Some surprising statistics, sourced from LexingtonLaw: 

  • Average student loan debt is $34,000 
  • Average credit card debt is almost $7,000 
  • 48% of people with credit card debt only make minimum payments 
  • 15% of Americans spend more than they make each month 
  • Credit card debt has increased 18.5% between 2013-2018 

Some of the places you should consider looking for these leads are your civic groups, realtors, referrals, and closed loans. It’s common for 4 out of every 10 loans to be a refinance, that’s a solid chunk of business. Also, you’re building trust with previously closed borrowers by following up regularly to check in on their financial health, especially when they’re not currently in a financial crisis. 

In a contracting market, which is what Fannie and Freddie are reporting, you still want to grow your business. Refinance opportunities are a solution that will put your borrowers in a better financial situation and bring in additional referrals. You’re giving your borrower a better lifestyle, a less-stressful lifestyle. 

In future episodes of the podcast, look forward to information about where to look for your referral partners, ideas for hosting or sponsoring events and activities to build your business, and an interview with a realtor partner who we'll ask for feedback about what he likes and doesn’t like from his Loan Officer partners. Build your business and earn repeat clients and referrals from everyone you work with.