| Mortgage Minute Newsletter From
Sam Thompson, your mortgage
advisor.
July 2007- Vol 1, Issue 5
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     Happy 4th of July week! Did you know that the 1st signature on the Declaration of Independence was that of my namesake "Charles Thompson", the Secretary of Congress? I wonder if we were related? |
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Quick Links
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| Dear Sam, |
 "You will become, what you think about." - Earl Nightingale, the greatest motivational speaker of all time!
The power of positive thinking is so important and can help you
and your business in so many ways. Keep your goals in front of you and
always strive for excellence and you are going to become that person
that you want to be.
Sam Thompson
PHH Mortgage
Senior Mortgage Advisor 843-230-7929
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| Don't let the 'But' objection stall your next deal! |
 The next time your buyers or sellers tell you they are almost ready "BUT" they want to think it over, that's when you have to readjust your sales hat and get to work a little harder to find out what's bothering them. By not probing this and attacking it head-on, you are likely to lose your deal. The longer they wait, the less likely you are going to close them so take the bull by the horns and put your pen down and look them squarely in the eyes and ask "what do you need to think over?" If you show your buyers what they
really want they will move heaven and earth to get it! So, you have to
make sure the benefit to them is there up front to avoid these stall
tactics.
Help them understand that the information is not going to be as
clear the longer they wait and if they can't make a decision now,
chances are that it is not going to get easier as time goes on...
Remember
that by not understanding the stall now, you are putting the ball in
their court and you are losing control of the sale.
So, anytime this happens to you, keep control of the sale by
trying to tie them down to a specific reason and follow-up time that
you will be calling them back for a decision. If you don't do this,
you are going to have to call them to see if they have made a decision
and that makes you come across as a peddler and a pest and not a
professional.
And sometimes the stall is due to their worries about financing so
that is a perfect time to tell them that they might want to call me to
review other programs or if another lender pre-approved them then ask
them to call us for another opinion on their mortgage options!
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| Our Own Superman! Making our jobs easy!! |
 Brian Grzebin
Brian Grzebin, the LPC Director over processing and closing for my region recently spoke at a regional meeting and gave us some sales ammunition about what separates us from our competition in terms of closings. Here are a few things that you should know about our closings that will absolutely "wow" you:
Above all of this, we have Brian over our team to make sure the South Region continues to be #1! |
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Hot Summertime Prospecting Tip for You!
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Before I tell you this tip, let me ask you, what
industry throughout the country is hiring professionals from May up
until the end of August? Did you think of it? The education
industry!! That's right!
    So, now that you are focused on this segment that will be doing a lot of interviewing and recruiting AND causing people to RELOCATE, think about how you can get in front of these folks BEFORE they start looking for a Realtor. How can you do this? One way is to put together a nice
informational relocation package customized for this segment and call
the Central Office of the school system and ask for the HR manager.
Then ask them to lunch so you can tell them of your idea that will help
them be more successful in their recruiting efforts. HR Managers love to get taken to lunch!! What is your idea? That you are willing be on their recruiting team to help SELL the community to the prospects so the administrators can focus on the candidate, the offer and what they know best, education! With you taking the prospects out on the town and educating them on the housing market, the things to do, the shopping, the dining, the night life, etc., you are going to be a huge asset them to in ensuring that all of the open positions are quickly filled. Don't forget to call the principals of all the local schools too! They are going to be doing most of the interviewing and trying to land the best teachers they can. They are going to love your idea and then they are going to be calling you throughout the year and for years to come!! While I am on the education industry, don't forget the tech schools, community colleges and universities. For them, you'll want to include the Department Heads for the different schools. I hope this tip helps you get some prospective buyers soon. And, don't forget that this concept applies to ALL INDUSTRIES so get out and start talking to Human Resource Managers everywhere you can. Also, don't forget for every relocation, there could be a listing referral opportunity too. Call me anytime if you need me to pre-approve your buyers over the phone up until 9PM EST M-F and 7PM S-S. Our pre-approvals include closing conditions so you'll know what issues you are going to be up against within 30 minutes of giving me the referral. Call me and try us out! |
| Weekly Mortgage Market Commentary |
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| Don't let the financial markets squash your clients and your transactions! Stay informed by reading my new daily "Daily Rate Lock Commentary" or just call me to find out what is going on! If you want to be included in this distribution, just call or email me. Remember, knowledge is power and the more educated you are in your industry, the higher quality buyers you are going to attract and that means easier closings, bigger houses and more money in your "hip national bank!" And since rates are still climbing, call us to get your clients in our 90 day rate protection as soon as possible!  Rate Lock Advisory - Sunday Jul. 1st
This week brings us the release of very few economic reports for the markets to digest. There are only three monthly reports scheduled for release that are likely to affect mortgage rates, but one of them is arguably the most influential single piece of data that we see each month. This is a shortened trading week with the markets closed Wednesday and an early bond market close Tuesday in observance of the Independence Day holiday. The first of the week's three reports is of fairly high importance to the bond market. The Institute of Supply Management (ISM) will release their manufacturing index for June late Monday morning. This index measures manufacturer sentiment by surveying trade executives on current business conditions. A reading above 50 means that more surveyed executives felt business improved than those who felt it had worsened. Analysts are expecting a reading of 55.0, which is no change from May's reading. That would indicate that manufacturers felt business remained unchanged from the previous month. Good news would be a weaker than expected reading. The Commerce Department post May's Factory Orders data late Tuesday morning, which is similar to the Durable Goods Orders report that was released the week before last. The biggest difference being that this week's report covers both durable and non-durable goods. It usually doesn't have as much of an impact on the bond market as the durable goods data does, but can lead to changes in mortgage pricing if it varies from forecasts. Current expectations are showing no change in new orders from April's levels. A decline in orders would be considered good news for the bond market and should help lower mortgage rates slightly Tuesday. The only other important release of the week comes early Friday morning. The Labor Department will give us June's unemployment rate, number of new payrolls added and average hourly earnings. These are considered to be very important readings of the employment sector and can have a huge impact on the financial markets. The ideal scenario for the bond market is rising unemployment, a small increase in payrolls and no change in earnings. Weaker than expected readings should help boost bond prices and lower mortgage rates. However, stronger than forecasted readings could be disastrous for mortgage pricing. Analysts are expecting to see the unemployment rate remain at 4.5%, 120,000 new jobs and a 0.3% rise in earnings. Overall, I am expecting to see the most movement in rates the latter part of the week. Monday morning should bring some volatility with the ISM index, but Friday's report is definitely the most important of the week and can single handily lead to an improvement or increase in mortgage rates for the week. If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers. |
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Let me know if I can take an application for you anytime! And,
please let me know if you like the format of this email service. I
hope you are reading these so you can stay up on your profession and so
you can make more money too!
*Also, I am available to do a "Hit the Ground Running"
seminar with any agents interested in learning tons of things they can
do to help them succeed in Real Estate. Call me to schedule this. I
need at least 5 agents, brand new or experienced, looking for some
motivation to put this on for you that will take 2-3 hours, depending
on the involvement!
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I hope you have a great week this week in real estate. Call me if I can help you with that!!
Sam Thompson 843-230-7929
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