REFINANCE "WISH LIST"

Here is a tip that always works!

While many people can currently benefit from refinancing, most can not intelligently refi at current market levels due to their excellent first mortgages obtained within the past few years. However, with a small market improvement, many of them can. Rather than telling them you cannot help them because the rates have gone up or are not yet low enough, try this time tested tactic...

Analyze their situation and do everything you normally would as far as asking questions and building rapport. Then explain the situation in regards to interest rate volatility and offer to watch the rates for them and call them if and when the rates are such that refinancing would be wise. Then enter their name in any computer file that can be sorted. In this file be sure to include all of their basic information, current loan information and their desired loan.

Lastly, add a column for what the going "par rate" would probably have to be in order for their refinance to make sense. Sort your file by that required par rate and whenever rates go down, you will have an entire list of ready, willing and able borrowers who will be thrilled that you remembered them!