…should be to an existing client or prospects whose renewal is as far out as Nov 1st?
The clients current lenders are doing the same, be better and be faster. Start six months out.
Dealing primarily with variable rate clients and several 2.49% 2yr fixed, the majority of my clients are not able to early renew into a better rate than they currently have and so their current lender has significantly less firm of a hold. Although if the current lender can plant fear into hearts of the client with regard to ( arguably nonexistent) concern rising rates and push to ‘lock in a rate today’ – then we have a problem.
I offer my clients a locked in rate with a new lender, which keeps their options open.
It should be noted that I try to do this only if another lender truly has a product offering that the clients current one cannot offer, and so I find myself booking October business already.
By ‘product offering’ I do not mean a slightly lower rate, I am talking about prepayment privileges, HELOC structure, something unique to a specific lender.
Will I close these clients 3-4 months from now? Will interest rates and clients needs shift in such a way as to make their current lender get competitive? Perhaps.
At least in the meantime I am being pro-active and having a dialogue with my clients, and being top of mind for them over the next 3-4 months which will hopefully result in a referral or two along the way.
Go type that ‘Happy Mortgage Anniversary’ e-mail now.
Likely, I should have been typing a few myself, rather than this blog post.
Make it Happen!