Predictive Refinance Scenario - MBai136 - Script & Playbook

Contact has a Freddie Mac loan with a high estimated rate for today's market. Good time to discuss a refinance before they start looking elsewhere.

Alert Background: 

This contact meets the minimum credit criteria set by your organization. The current mortgage is a Freddie Mac loan.  Based on their estimated rate and today's current market rates, they may have a net tangible benefit by refinancing to a lower rate with a low-cost rate and term.  They may be able to refinance without paying for an appraisal.  Make sure to discuss ways to refinance so they can apply more to the principal each month and shorten the length of their loan, for example, refinancing to a lower term, or paying more toward the principal that they would have been paying to interest. Don't forget to ask if they are planning to sell in the near future. You have a new conversation if they say they have been considering selling! Listings are your friend and will help you make friends with your referral partners.  

Script Example:

This script is one example; feel free to make it your own and communicate the message in your own words. 

"Hi (First Name),

It's (Your Name) from (Your Company)." 

Make the Connection: At this point, you want to remind them of how you know each other. This will change the tone of the conversation from a cold call to a warm call. For example, if you helped them with financing to buy a home two years ago, bring that up. If this is a contact that an agent provided to you, let the client know the connection, for example:

"We worked together a couple of years ago to purchase your home..."


"I work closely with (Agent Name)'s clients..."


"We went to high school together..."  (you get the picture, right?)

Now that the conversation has relevance, it's time to start talking about them...

"You may have seen the letter or email from me recently; my system periodically reaches out to clients that may benefit from adjusting loan terms, and your name popped up, so I thought I would give you a quick call. Rates have decreased since you got your current mortgage, and you may be able to refinance with no out-of-pocket cost."

Let them talk, and ask follow-up questions that will get them talking about their plans, for example... 

"Would you like me to do some quick math and see how much faster you could pay off your loan by lowering your rate and applying more to the principal?"

"Are you interested in lowering your term and paying your mortgage off faster or lowering your monthly payment?"

Give Value: Let the conversation continue from here, with you asking questions about them. Then, let them tell you how you could help them. All you are looking for in the initial call is whether they are interested. The more value you can give, in the form of insight or answering questions, the more likely they will open up and have a meaningful discussion.  

Differentiate Yourself:  Tell them how unique you are compared to other lenders and why you like helping clients save long-term money.

Possible Next Steps:

The homeowner is interested in refinancing in the next 1-3 months:

  • Answer any questions they have and tell them you will put together a comparison. 
  • Send them a follow-up email so they have your contact info on hand.
  • Ask them about their preferred communication channel: phone, text, or email. 
  • Keep in touch often throughout the process.

The homeowner isn't quite ready but is considering selling in the next 12 months: 

  • Answer any questions they have and tell them you will follow up and help them get pre-qualified before their house goes on the market. For example, ask when would be an excellent time to get them a pre-qualification letter.
  • If they don't already have a listing agent, ask them if it's ok if you introduce them to a good agent you know and trust! The sooner you do this, the less likely they will find a listing agent you don't know.
  • If possible, introduce the agent so the client has a warm intro and the agent knows that the referral came from you. Let the agent know they aren't ready at the moment but are considering it shortly, so you thought it would be good for them to connect.
  • Keep in touch often throughout the process.

The homeowner isn't quite ready, but thinking about a refinance, maybe within the next 4-8 months or if rates decrease: 

  • Send them an email thanking them for the time and let them know you will check in in 60 days or if rates decrease. This will ensure they have your contact info if they have any questions along the way. 
  • Set reminders in your CRM to follow up with an actual check-in email or call once a month or if rates decrease.  

The homeowner isn't interested at this time:

  • Send them an email thanking them for their time, and leave your contact info. 
  • Add them to your value-driven nurture campaigns in your CRM. 
  • Set a reminder to follow up in 6 months or if rates decrease.