Tips for Mortgage Brokers
When dealing with credit challenges, it is advantageous to address your client’s financial goals beyond their current mortgage. By creating a strategic plan, you can better guide them through the process of improving their long-term situation and truly make a difference in their lives.
Here are a few tips that can make the difference:
Create an action plan, put it in writing. Work with your client to create a clearly defined, step-by-step plan that will get them on the path to improving their credit. It should provide clear direction on what steps they should take at 30, 60, 90 days, etc., and what the expected outcome will be (e.g. improved beacon score, qualify for A-lender programs).
Follow up 30 days after closing. Call your client 30 days after the mortgage is in place. This proactive check in will allow you to answer any questions they might have about the mortgage and/or their action plan and keep them focused on their goals.
Follow up 90 days from renewal. Book a face-to-face or phone meeting outside of the 90-day window of the mortgage renewing. At this stage, you will evaluate the progress made and determine what options are available to them.
As your client’s credit score improves, you will have even better options to offer them.
Recommended Reading: Hard Questions Mortgage Brokers Should Ask Clients with Credit Challenges