It’s telling that the number one response to our poll asking what people are doing to survive current market conditions was to pull their hair and scream. While the negative consequences of this fallout are real and painful, there are actions you can take right now to improve your own situation. And there are lessons all of us can learn to prepare us for the future.
What can you do right now?
1. Be wary of lenders who are discounting rates. Ask yourself – “Why are they so hungry for my business?” Remember the example of other lenders who cut their rates before closing their doors.
2. Remain educated in what loan products are available and what scenarios they are best for. With the constant changes in the marketplace today, this means putting in extra time, but knowing what’s out there may mean the difference between closing a loan and not closing it. Direct Mortgage provides live training on a specific loan product every Thursday. Additionally, product guidelines are available for download from within its secure site. You can also call or email broker support for answers to your questions.
3. Become conscious of your attitude and self-talk. There are things we can change and things we cannot. Being pessimistic and gloomy does not improve the things we cannot change. On the other hand, positive self-talk and a hopeful, happy attitude can improve a situation. First of all, you’ll feel better. Secondly, you’ll have less stress, which means your mind will be clearer and you’re likely to make better decisions. Third, your positive attitude will be apparent to your clients. If you were a borrower, would you rather do business with someone who is optimistic or pessimistic? Me too.
Good luck in taking those measures that will help you make it through this difficult time. Tomorrow we’ll post some suggestions for preparing for the future.