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3 questions brokers should be able to answer

12 May 2017, Author: Brokers Red Rock Group
3 questions brokers should be able to answer

If you've decided be a mortgage broker, you already know the benefits of what we do. Mortgage brokers help buyers make their home ownership dreams a reality. We save our customers time and ensure they get the best mortgage deal. 

Prospective clients, however, might not be as clued in. There's so much misleading information out there from greedy lenders trying to convince buyers to negotiate directly. Even if buyers do know they want to work with a broker, they'll want you to show them why you're the right one.

There's a lot of competition, so make sure you can answer these three questions when potential clients ask.

What sort of training do you have?

To satisfy your customers, you need to do more than rattle off a curriculum vitae of training you've done, you should be able to explain what you know and how you can use it to help them get a better mortgage. Standing with a reputable brokers group will automatically alleviate some of your clients' concerns.What your clients are getting at with this one is: what can you do that I can't? Many people are on the fence about hiring a mortgage broker because they don't understand what we do. 

Which lenders do you work with?

The more lenders you partner with, the more options your customers have, so consider joining a broker's group with access to a broad lender panel. You'll also want to make sure you partner with reputable institutions. A good mortgage broker should be able to easily explain to customers why they choose to work with some banks and not others.One benefit of working with a broker is that clients get to shop across a variety of lenders, something that a lack of time and insight doesn't allow them to do on their own.

And how do you decide which ones to show me? 

If a mortgage broker works with 50 lenders, they obviously aren't going to show their clients 50 different loans. Brokers are trained to evaluate which loans work best for certain clients. A loan that is suitable for a first time buyer is not the right loan for an investor, a person with terrible credit, or someone looking to refinance.

If you recommend a loan, you'll need to be able to explain exactly why it is suitable and what it will look like for them in the long run. Buyers need to know you understand them and their goals.

Clients will have hundreds of questions for their broker. That's why they hire us - to help navigate the home loan process. If you can start by answering these three, however, you'll have gone a long way to convincing them to work with you.

Want to take the next step in your mortgage broker career? Get in touch with our team