Mortgage rates are changing daily, and these changes tend to impact borrowers significantly. Thus, lenders must ensure that their clients’ borrowers get informed of the changes when due and with the right approach. Although the rate change has seen an upward trend over the last few months, still giving mortgage rates a close look as Lenders could mean good news in some periods.
In communicating rate change to borrowers, lenders should ensure they are not so focused on the inflation data and the nitty gritty of why pricing may have gone up. Borrowers rely on lenders to help them understand the process as simple as possible rather than get buried in inflation data themselves with little to no use. The goal is to help your clients get the best loan scenario depending on the rate in the market with prospects into how pricing may be altered in the future.
Ensuring your client are duly informed is essential in a business such as the lending industry, where the client base is mostly dependent on trust and word of mouth. You should aim to position yourself as a trusted professional on issues such as mortgage rate change to your clients since you most likely will be originating their loans. There are several ways you can go about that, which include re-strategizing your communication approach to include digital techniques such as podcasts and media for easy and fast access.
For clients who almost got an offer accepted or have an accepted offer already, ensure you communicate directly with them regarding their loans and rates before locking it in. Click here to read more.