As a mortgage broker or loan officer, have you wanted to scream and pull out your hair? Market conditions have hit the industry hard and many have been affected in a painful and significant way. Like with many negative events, however, there are lessons we can learn to prepare for the future. And there are positive actions you can implement to improve your current situation.
How can I make the most of things right now?
1. Be careful of lenders who discount rates. Ask yourself -- "Why is this lender so hungry for my business?" The lenders who are instable and less likely to be around tomorrow are also the ones most likely to discount.
2. Remain current with the constant changes in loan products and their guidelines. In today's marketplace this means investing extra time, but knowing what's out there could mean the difference between closing a loan and not closing it. Ask your lenders for updated guidelines -- and be sure to read them. You should also take advantage of any product training your lenders provide.
3. Become aware of your self-talk and attitude. There are things we cannot change and things we can. If we cannot change something, being pessimistic and gloomy will not improve anything. On the other hand, a hopeful, happy attitude and positive self-talk can improve a situation. For one, you'll feel better. Second, you'll have less stress, which translates into a clearer mind and the ability to make better decisions. Third, your clients will feel your positive attitude and are more likely to do business with you than if you were pessimistic.
What can you do for a better future?
1. Stay out of personal debt and keep business debt to a minimum. Pay off your house as quickly as possible. Purchase a car you can afford. Spend less than you make. You've heard it before, and there's a reason -- because it's good counsel.
2. Build up your financial savings. By keeping business and personal savings accounts, you'll be better prepared for both opportunities and emergencies, have greater peace of mind, and be better able to weather the market storms that will surely come. Financial reserves will also help you make decisions based on a longer-term perspective because you won't be as worried about immediate survival.
3. Make decisions with a long-term perspective. This includes maintaining your integrity, focusing on quality loans, and looking out for the best needs of your borrowers. A good reputation with both lenders and borrowers is priceless and will benefit you now and in the future.
In summary, work with quality lenders, stay up-to-date on loan product changes, and maintain a positive attitude; stay out of debt, build up your savings, and make decisions based on long-term perspective. Taking these steps can help you survive today's storm and prepare you against difficult times in the future.
How can I make the most of things right now?
1. Be careful of lenders who discount rates. Ask yourself -- "Why is this lender so hungry for my business?" The lenders who are instable and less likely to be around tomorrow are also the ones most likely to discount.
2. Remain current with the constant changes in loan products and their guidelines. In today's marketplace this means investing extra time, but knowing what's out there could mean the difference between closing a loan and not closing it. Ask your lenders for updated guidelines -- and be sure to read them. You should also take advantage of any product training your lenders provide.
3. Become aware of your self-talk and attitude. There are things we cannot change and things we can. If we cannot change something, being pessimistic and gloomy will not improve anything. On the other hand, a hopeful, happy attitude and positive self-talk can improve a situation. For one, you'll feel better. Second, you'll have less stress, which translates into a clearer mind and the ability to make better decisions. Third, your clients will feel your positive attitude and are more likely to do business with you than if you were pessimistic.
What can you do for a better future?
1. Stay out of personal debt and keep business debt to a minimum. Pay off your house as quickly as possible. Purchase a car you can afford. Spend less than you make. You've heard it before, and there's a reason -- because it's good counsel.
2. Build up your financial savings. By keeping business and personal savings accounts, you'll be better prepared for both opportunities and emergencies, have greater peace of mind, and be better able to weather the market storms that will surely come. Financial reserves will also help you make decisions based on a longer-term perspective because you won't be as worried about immediate survival.
3. Make decisions with a long-term perspective. This includes maintaining your integrity, focusing on quality loans, and looking out for the best needs of your borrowers. A good reputation with both lenders and borrowers is priceless and will benefit you now and in the future.
In summary, work with quality lenders, stay up-to-date on loan product changes, and maintain a positive attitude; stay out of debt, build up your savings, and make decisions based on long-term perspective. Taking these steps can help you survive today's storm and prepare you against difficult times in the future.
