Predictive Refinance Scenario - MBai27 - Script & Playbook

Contact pays more than their scheduled monthly mortgage payment on a 30-year term. They might be interested in lowering their term to a 15 or 20 year.

Alert Background: 

This contact meets the minimum credit criteria set by your organization. Their credit data shows that they are paying more than their minimum monthly payment on their mortgage, probably in an attempt to reduce their principal balance faster. Have a conversation with the borrower about refinancing to a 15-year mortgage. We see these refinances happening even if the market is in a higher rate environment because 15-year rates are lower than 30-year rates, so they may be able to lower their interest and apply mortgage of the payment to reduce their principle monthly that they will with a 30-year loan. The borrower may also be able to eliminate monthly mortgage insurance in the process. If they aren't interested in a term reduction, ask if they plan to sell anytime soon.  

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)" 

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 a referral partner 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 were on the chess team together in high school..."  (you get the idea, right?)

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

"You may have seen a letter or email from me recently; my system periodically reaches out to clients that may benefit from a refinance, and your name popped up, so I thought I would give you a quick call. Are there any housing or mortgage questions I can answer for you?"

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

"Have you looked into a 15-year mortgage recently? 15-year mortgage rates are generally lower than 30-year rates."

"Would you like me to put together a comparison to see if you could get a better rate and lower your principle balance faster?"

"Are you planning on staying in your home for some time, or do you have any plans to sell anytime soon? This is important because a refinance before a sell wouldn't be worth the fees (It's a good thing if they tell you they are planning on selling, now you have a listing).."

Give Value: Let the conversation continue from here, with you asking questions about them. Let them tell you how you could help them. All you are looking for in the initial call is if they have any interest in comparing their current terms to new possible terms. 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 to a lower term 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 their preferred communication channel: phone, text, or email. 
  • Keep in touch often through the process.

The homeowner isn't quite ready but is considering selling in the next 4-8 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, make an introduction to 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 through 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 30 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 if rates decrease.