I promote offering an Annual Mortgage Review to my clients...in fact, I take it a step further, I'm offering to adopt mortgages. Adopting a mortgage means that I'm going to review a home owners mortgage that I did not originate. 9 times out of 10, this does not result in a transaction--it does result in adding someone to my data base who trusts me because I provided a free service of value to them. My annual mortgage review includes:
- review of their current mortgage (ideally reading their Note). Many home owners do not know the terms of their mortgage, especially if it's an adjustable rate mortgage.
- review of their credit report with advice if there is room to improve their credit scores.
- review of their financial goals to make sure their current mortgage still suits their needs along with a comparison of their existing mortgage to current products (these days, odds are their existing mortgage is better than current rates).
- property profile from my preferred title company (this is where you could come in!)
I encourage you to contact your past clients to see if they are interested in an updated Market Analysis. Most home owners are lost right now when it comes to estimated the value of their homes and do have questions about it. This is another opportunity to reach out to your clients -- even if the news isn't good. I think it's important to show that we are there for our clients during all times of market cycles.
I'm happy to adopt your client's mortgages in Washington State if their loan originator is no longer in this business (many are and will continue to leave).
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