Ever talk to a loan officer and wonder what the hell, why won’t he take no for an answer? Or better yet, ever end the conversation and just be stunned you gave the information you gave to a stranger? It wasn’t luck peoples. It was done by design.
As salespeople were trained to get information from you. We create scripts filled with rebuttals for your main objections. So here ya go. A list of common rebuttals. The next time you deal with a salesperson you will be better prepared and see them coming from a mile away.
Rebuttals and Objection Stoppers
What are the closing costs?
Rebuttal 1: Cost is never an issue for our clients. Our job is to put you in the best financial position possible, including any costs that might be involved. We know that if the costs outweigh the savings, that doesn’t help you at all. That’s why we have over 250 lenders available to us. It allows us to find you the best program you qualify for. (Back to script)
Rebuttal 2:( don’t speak too fast!!) Well (Client), I’ve seen loans that cost next to nothing and I’ve seen loans that cost several thousands. Fees are determined by loan to value, debt to income, and credit score. I need to ask you a few more questions to give you an educated answer on what your fees will be.
________________________________________________________________________
I want a No Closing Cost loan.
Rebuttal: Of course you do, but obviously you know nothing is free. Even if you called a retail bank like Wells Fargo or US Bank, their not going to do anything for free. There’s 3 different ways you can pay for a loan. Some banks make you pay up front. Some banks offer a no-cost loan with a higher interest rate…. This will cost you thousands of dollars more in the long run. What we’ve found is to give you the best program you qualify for and have any closing costs rolled into the loan so there’s no out of pocket costs for you… (Back to script)
________________________________________________________________________
Satisfied or Happy with where I am at.
Rebuttal: That’s because you have nothing better to compare it too! If we could show you on paper how we could put you in an even better financial position, you’d want to know about that, right? … (Back to script)
________________________________________________________________________
Other Company said “No”
Rebuttal: Yes, I’ve heard that a lot… what happened… (See manager)
________________________________________________________________________
I have Bad Credit
Rebuttal: What makes you think you wouldn’t qualify? Anything else… (See manager)
________________________________________________________________________
I’m not interested
Rebuttal: (Name), I’m not here to sell you anything or waste your time. I know you get enough of that already. (Quickly move on to next question)
_______________________________________________________________________
I am still not interested
Rebuttal: Hang on, if we had a program that fits your needs as far as rate, payment, and costs are concerned, and it provides you with $300-$500 in monthly savings plus a tax deduction, you’d want to know about that, right? I need to ask you a few questions to make sure I am not wasting your time…. (Name), how long have you owned your home?
________________________________________________________________________
I just refinanced
Rebuttal 1: Great, most everyone has, but it’s never too late to save more money. That’s the bottom line, right? (Strategic pause, then back to script)
Rebuttal 2: Yup… 9 out of 10 people I have talked to have and we’re still able to save them more money. I need to ask you a few more questions to make sure I am not wasting your time… (Quickly back into script)
________________________________________________________________________
I’m busy; I don’t have time to talk
Rebuttal: Should I call back in 45 minutes or just be brief? (Wait for answer and go back to script).
________________________________________________________________________
What’s your rate?
Rebuttal: That is a great question. Our rates are determined by loan to value, debt to income ratio and credit score. I need to ask you just a few more questions so I can give you an educated answer on what your rate will be. (Back to script quickly).
________________________________________________________________________
I have a pre-payment penalty!
Rebuttal: Sure. Most everyone does. What they don’t tell you is that a pre-payment penalty is pre-paid interest. So therefore, (name), it is tax-deductible by law, which basically makes it a wash. (Back to script quickly).
________________________________________________________________________
What’s your Rate1?
Rebuttal: That’s a great question (name). Rates are determined by loan to value, debt to income ratio, and credit history. During your application we’ll find 2 or 3 of the best programs available and guarantee them in writing… (Back to the script)
________________________________________________________________________
What’s your Rate 2?
Rebuttal: That’s a good question (name).
We actually don’t rates over the phone, which isn’t a bad thing…. It works to your advantage. If you called a retail bank like Wells Fargo or US Bank, I’m sure they’d quote you a rate right now. Is that the best rate you’d qualify for? Of course not, but it’s the only one they’ve got, because they work with only one lender, themselves. We have access to over 60 different lenders to find you the best rate and program out there… (Back to the script)
________________________________________________________________________
Can you Beat ?.?? %
Rebuttal: We beat _____% all day long.
Can I guarantee we’ll do that over the phone? Of course not. What I CAN guarantee, that after you answer a couple more questions you’ll know if you qualify too…. (Back to script).
________________________________________________________________________
What’s the Lowest Rate?
Rebuttal: In today’s market rates change 3 to 4 times everyday. So while I don’t know what your exact rate will be, I can guarantee you the best rate you qualify for in writing… (Back to the script).
________________________________________________________________________
Can you Give Me a Range?
Rebuttal: I can do better than that. By asking a few questions I can put the lowest rate you qualify for on paper… (Back to the script)
I need to talk to my wife/husband
Rebuttal 1: Of course you do… your home is your biggest investment and these benefits are not something you would want to do without. In fact, the state requires your spouse to be part of the process… and our customer service policy dictates that I have to provide customer service to all parties on title. You couldn’t do it without him/her even if you wanted to. We’ll do a basic application… and… if you qualify for the loan, we will work through all the details with both of you.
Rebuttal 2: Of course you do! But first you need something to talk about. What we need to do first is have you go over 2 or 3 of your best options to see if there is even a benefit. That way you can go over them with your spouse, and discuss them in the comfort of your own home… (Back to the script)
I think I’ll pass
Rebuttal: Well (name), we can both see that you can be in a stronger financial position, and I’m not the one who’s benefiting from it. So I figure it is one of two things, either you don’t believe me or you just don’t like me! Which one is it? (Do not speak first)
Social Security # 1
Rebuttal: Okay, I understand how you feel (name); a lot of people have felt the same way at first. The way that this process works is that after I take all of your information, I will be calling you back tomorrow with an educated answer on what you qualify for with our wholesale programs. I have not ever had a client call me back disappointed with our service, Honestly, I think that we are getting way ahead of ourselves, what we need to do, is have me crunch some #’s and find out if it is even worth it for you to refinance, so what is your soash?
Social Security # 2
Rebuttal: There is nothing to worry about (name). We are a member of the Better Business Bureau. I am not interested in your SS# (name); I just need to look at your credit report to provide you a personally tailored program and to determine how much money I can save you based on your credit, so what is your soash?
Social Security # 3 (if they still don’t bite)
Rebuttal: (Name), I am not here to hurt you in anyway, I am here to put you in a stronger financial position. So what is your soash?
People I hope this helps. Come check out my site at www.thecrazybroker.com. Check out the site, get any free information you want and click a sponsors link so I can make a buck or two.
