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Planning & Strategy in the Perfect Loan Process

We continue our deep dive into the Perfect Loan Process (PLP) series, focusing on the critical Planning and Strategy Session. This session serves as the backbone of your client’s mortgage journey, offering detailed guidance and advice, whether they are seeking a pre-approval, refinance, or renewal.

What is the Planning & Strategy Session? The Planning and Strategy Session takes place after the loan specialist completes the review summary of the client's file. It’s where mortgage advisors meet with clients to discuss the most important aspects of their mortgage, ensuring everyone involved in the application is on the same page.

For maximum efficiency, this session is often conducted via Zoom, although some brokers prefer in-person or phone consultations. It’s crucial that all borrowers attend the meeting to avoid any miscommunication. Key elements such as income, credit, debts, and assets are reviewed to make sure everything is accurate.

Why is This Step Crucial? This session is vital because it establishes clear communication with the client, providing them with the strategy and advice they need to move forward. It involves going over income details, liabilities, assets, and even potential next steps, like co-signers or gifts if their qualification isn’t sufficient.

Tips for Brokers:

• Control the Conversation: Leading the session and setting clear expectations ensures the meeting stays on track.
• Ask the Right Questions: Ensure you’ve asked about co-signers, down payments, and other aspects that could improve the client’s buying power.
• Pre-Approval and Rate Holds: Clients must understand that the pre-approval numbers can change depending on factors like market rates or any updates to their financial situation.
• Strategy & Customization: Brokers should tailor the mortgage options to the client’s needs—whether it’s a short-term fixed rate or a variable rate mortgage. Always provide the pros and cons of each option, and let the client decide.

Next Steps: After the Planning and Strategy Session, brokers finalize the notes in their CRM, preparing the file for the next phase—whether it’s a pre-approval with a rate hold or a live deal submission for approval.

NEXT SESSION:

#6 - Live Deal to Approved

In this session, we focus on submitting the deal and all the steps required in order to obtain an approval from a Lender.