Building trust with borrowers is essential for a smooth mortgage process. Consistently communicating key information, regardless of their existing knowledge, fosters confidence in your expertise. Here are crucial questions borrowers frequently have, along with effective ways to address them:
1. **What are the total costs involved?** Transparency is key. Thoroughly explain the Good Faith Estimate, detailing all fees and charges. Ensure borrowers understand what they’re paying for and why. Discuss funding options for these expenses.
2. **Why should I choose you?** Establish your credibility. Share your experience and track record. If you’re new, highlight your company’s success and resources. Reassure them of your ability to navigate the complexities of their loan.
3. **When will the loan close?** Manage expectations realistically. Provide a conservative estimate for the closing date. Delivering earlier than expected creates a positive experience, while delays can lead to frustration.
4. **Who will be my point of contact?** Clearly identify the individuals involved in the process. If you’re the primary contact, emphasize your personalized service. If a processor will be handling much of the communication, introduce them to the borrower and explain their role. Ensure borrowers know who to contact for assistance.
5. **What are the next steps?** Proactive communication is vital. Outline each stage of the loan process, including anticipated timelines. For instance, inform them about the underwriting review period to minimize unnecessary inquiries.
6. **Is this the most suitable option for me?** Explain the rationale behind the recommended loan terms. Demonstrating that you’re prioritizing their best interests will prevent them from seeking alternatives and strengthen their confidence in your guidance.