Words are fun. But how you use them can be extremely powerful. They can immediately change your image from a rookie loan officer into a top producer instantly. Here’s how; the words you use when dealing with a mortgage prospect affect the conversation, and can even be the deciding factor in whether or not you get the loan. Yes, what you choose to say and how you say it, will decide how much money you earn this year.

Here are some key phrases I always teach my students, to ask their customers:

“Have you seen any other rates that interest you?”

This is a great question to ask, in order to gauge how much the prospect has been shopping around. If they have a rate already in mind, you can see if you can beat that rate. If they tell you an interest rate that seems too good to be true, and they are dead set on that rate, you’ll want to know this upfront so you don’t waste your time. Using this phrase gets the prospect to unknowingly show their cards.

“How soon would you like to close?”

This gives you an idea of the customer’s timeframes and motivations. If they are ending a lease/selling a house in the near future, and are buying a property, you’ll want to make sure you are aware of the timeframes. Can one lender close faster than another? Yes. And with experience, you’ll know who to place the loan with. You’ll want to set the customer’s expectations regarding the loan process and the timeframes involved. Asking this question puts you on the same page as the prospect, and lets them know that you are working with them to get the deal done.

“When would you like to get started?”

When the sales call is going well, and you can feel the conversation flip over from “you and me” into “us and we”, use this phrase to get the customer to say “yes” to you. When you can feel the sale about to be made, the response is almost always, “I’d like to get started right now. What do I have to do?” This is your green light. Take it.

“What else should I know regarding your finances? I want to make sure I can get you the lowest rate possible.”

I love this phrase, and it’s even included on my Sink or Swim Worksheets, http://www.loanclosingsystem.com I use it to uncover all those little nasty “surprises” that seem to come-up along the way. Customers won’t tell you their dirty secrets, but this sentence will diffuse financial bombs before they explode. Believe me, it will save you a tremendous amount of time and countless headaches!

“How does that sound?”

I use this phrase to gather a response from the customer and get feedback. When the conversation dies down and you are the one doing most of the talking, stop yourself. Ask, “How does that sound?” and wait for a reply. It gives the customer a chance to catch his breath and respond.

“Which loan program do you prefer?”

This phrase changes a “yes-no” decision into to a “yes” decision, and assumes that the prospect is moving forward. By using wordage that ASSUMES that the loan is underway and heading to the closing table, the customer will come along with you for the ride. Like magic, the loan process has begun!

“To get you the lowest rate, I’ll need to gather a bit more information from you. Do you have a few minutes?”

Never, ever, EVER say the word “application”. It scares people, and can cost you the loan. What I always say is, “I’ll need to gather a bit more information to see how low a rate we can get you, do you have a few minutes?” This way, you begin filling out the 1003 application, without the prospect knowing that it’s an APPLICATION. Also, you’ve re-emphasized the benefit of a LOW RATE. And it’s the rate incentive that propels them to complete the next step of the process.

And my all-time favorite key phrase… “Ok, now we’ll just need to take a quick peek at your credit. What’s your social?”

With identity theft at an all-time high, getting over this hurdle is the most difficult in the application process. You can do the loan, or quote an accurate rate without the credit report, but getting it can be troublesome. Never, ever say, “we need to pull your credit”. To a loan prospect, this is scary talk. They think…“PULL MY CREDIT!, Oh my god! That means that there will be inquiries on my report, my score will drop and I’ll be blacklisted and never get a loan”. Instead, just say “We need to just take a quick peek at your credit, what’s your social?” Can you see how non-threatening this better phrase is? It isn’t so scary after all, is it? Just a little, itsy, bitsy, teenie weenie, small, tiny, short, sweet, quick, mini peekie weekie. ;-)

How many deals have you lost by using the “wrong” words? I bet it’s more than you care to count. On your next loan, try some of my phrases, and you’ll immediately see an impact to your bottom line.