The “Sales Through Education Method” aka STEM
There are so many mortgage lenders that it’s very difficult to choose. Some people default to the realtor’s preference of lender, or simply end up choosing the cheapest service provider. But it is easy to forget that the lowest price is not necessarily the best value.
Consumers should look for a value-add, something that is a differentiator. Below is the definition of “value-added” taken straight from Investopedia:
Value-added as defined by Investopedia.com, “describes the enhancement a company gives its product or service before offering the product to customers.”
Many lenders will do the same thing. They pre-qualify you, quote you an interest rate, help you fill out paperwork, call you occasionally with an update, and they may explain a few things along the way. There’s nothing different about that.
I have developed something called STEM, “Sales Through Education Method”. Instead of “selling” my clients, I prefer to methodically educate my clients, gain their trust, and earn business. Below is the transparent, educational process that I take people through.
Pre-Qualification:
- Thorough online pre-qualification process that realtors and sellers will trust and respect.
- A clear discussion of the maximum loan amount you are qualified for using standard methods of determining housing and debt ratios, subject to a satisfactory appraisal, and further verifications of income, employment and credit history.
Information and Education:
- Videos online.
- PMI versus LPMI discussion.
- Walkscore is discussed as needed.
- Housing statistics for your marketplace will be sent.
- Historical rate chart sent.
- Condo analysis when buying a condo.
- Owners’ coverage title insurance discussion.
House Hunting:
- You’ll have an experienced, direct lender to represent you well during an offer. I send updated pre-qualification letters as needed, help choose appraisal and financing contingency dates, and discuss the closing date timeline.
- You’ll work with a highly reviewed, well-rated loan officer.
Tools:
- Things to consider when selecting a realtor.
- “Schedule A Call” online tool to schedule calls at your convenience and get your questions answered.
- Access to mortgage and home buying resources on my blog.
- Online mortgage calculators.
- Online loan transaction education.
- Tools to help educate your realtor.
Your Transaction:
- Multiple lending sources yield competitive pricing.
- We are not a broker, we process your loan in-house.
- Regular loan updates at each important milestone of the transaction.
- Secure transfer of your financial documentation.
- I stay involved from start to finish.
- Rapid response to any questions.
Post-closing:
- Post-closing discussions if interest rates drop to see if you can save money by refinancing.
- PMI drop discussion and reminders after your loan closing if your loan has PMI.
- Contact me with questions anytime after closing, the relationship does not end after your mortgage transaction closes.