Ideally, for first-time homebuyers, the software should calculate dollar values for renting versus owning and compare fixed- and adjustable-rate loans. Although good mortgage software can enhance your business, it alone won't convince borrowers of your trustworthiness.

Field concerns

Beyond answering questions, brokers must field prospects' concerns. For more than two years, consumers have been bombarded with negative news about mortgages, brokers and the industry at large. Ask prospects their opinions about the industry and how they feel about working with a broker. Welcoming an open dialogue will help address fears they may have. It also demonstrates your genuine concern about their opinions.

In addition, by allowing prospects an outlet to voice their feelings, you place their needs ahead of your own, which can go a long way toward building trust and rapport. After they've told you how they feel, speak to their worries individually. You can do this by putting the current market in context, serving as an objective voice, and admitting the role some mortgage brokers may have played in helping perpetuate the mortgage crisis and economic downturn.

Generally, mortgage prospects wouldn't be sitting in your office if they weren't looking for leadership from you. Prospective borrowers seek solutions and a path to homeownership or beneficial refinancing.

If you think borrowers aren't in position to take out a mortgage, don't tell them otherwise. If troubled homeowners face an uphill struggle to achieve improved mortgage terms, tell them as much. Failure to so or painting a false picture will create suspicion and harm your reputation.

When you look out for clients' best interests, you can earn trust even when delivering news they may not want to hear.

Manage expectations

Explaining the pros and cons of every decision can go a long way toward managing borrowers' expectations. You also can offer insights about the risks of homeownership, thus allowing first-time homebuyer clients to consider whether they want to buy right away.

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