Ready to Use Mortgage Sales Scripts

As a mortgage broker or lending professional, there’s no shortage of opportunities to connect homebuyers with the perfect loan product. 

In January 2021 alone, there were approximately 923,000 new home sales in the United States. Add this to the nearly 20 million mortgage holders who are refinance eligible, and there are plenty of leads to go around. 

Now for the million-dollar question: what’s your plan for connecting with buyers and homeowners who need a mortgage or want to refinance?

There’s no shortage of answers, with popular strategies including:

In this article, we focus on how to build your business through cold calling. But not just any type of cold calling. Cold calling that’s powered by mortgage sales scripts designed to help you close more deals.

Traits of a Good Mortgage Sales Script

Plain and simple, a good mortgage sales script generates results. It doesn’t matter exactly what you say, as long as it works.

Of course, it’s finding what works that has the potential to bog you down. 

The best mortgage sales scripts share these traits:

  • Clear and concise
  • Focus on pain points
  • Emphasize your unique selling proposition (USP)

Mortgage Sales Scripts: Examples

No two cold calls are the same, so you never know what you’re getting into when a prospect answers the phone. However, with the right sales script, you’re more confident in your ability to hook the lead.

Let’s examine a handful of mortgage sales scripts, broken down by scenario.

1. First Contact: New Mortgage

When you purchase mortgage leads, you don’t have any previous contact with the prospect. So, you must have a targeted sales script to lean on.

Hi, (first name). This is (your name) calling from (your company name). 

I understand you’re in the market for a new home, so I wanted to reach out to share more about our services. Do you have a minute?

At (your company name), our focus is simple: to help our customers secure a low rate that saves them money. We do this by using advanced technology to shop more than 500 lenders across the nation. 

This script has all the traits shared above. It’s clear and concise, touches on pain points (finding a low rate), and emphasizes your USP (technology and a large network).

2. First Contact: Refinance

The approach you take with a new mortgage lead shouldn’t be identical to a refinance lead. 

Someone who is refinancing their mortgage is likely to have a different set of requirements, thus calling for a unique sales script.

Hi, (first name). This is (your name) calling from (your company name). 

I received your information as a homeowner interested in refinancing their mortgage. A quick glance shows that we’re able to not only secure you a lower rate but also save you thousands of dollars over the term of your loan. 

Can I confirm some information with you to provide an accurate quote?

While similar to the new mortgage sales script, the key here is the sentence touching on a lower rate and thousands of dollars in savings. Most people who refinance do so to save money, so this should be the focus of your conversation. 

3. Follow-up: New Mortgage

Every so often you’ll make a deal the first time you call a lead, but this is far from the status quo.

Here’s a script for following up with a new mortgage lead: 

Hi, (first name). This is (your name) from (your company name), following up on our call from (date of call).

If you’re still in the market for a mortgage, I have a few lenders in my network that meet your requirements. Do you want to learn more?

Maybe the prospect wants to hear from you. Maybe they don’t.

Either way, quickly get to the point and let the person know that you’re still able to help them.

If the prospect turns you down once again, reiterate that you’ll follow-up soon. You should make at least six follow-up calls before moving on from a lead. 

Should they express their interest, move the conversation to the next stage, which is gathering the information necessary to provide a detailed rate quote. 

4. Follow-up: Refinance

Someone interested in refinancing their loan isn’t always in a hurry, as they already have a home and a loan. So, regular follow-ups are very important to keep them engaged. 

Hi, (first name). This is (your name) from (your company name), following up on our call from (date of call).

Refinance rates are still below your current rate, so I wanted to touch base to better understand where you are in your search. 

By focusing on your ability to secure a lower rate, you give the prospect something to “hold onto.” If they’re still open to refinancing, it’s this type of language that will engage them.

Just the same as following up on a new mortgage lead, take cues from the prospect as to what they want to do next. 

5. Information Request

If you’re buying leads or generating them online, you’ll regularly find yourself face to face with information request emails or text messages. 

You know these people are interested in securing a new mortgage or refinancing their current loan. After all, they reached out to you for more information. 

But here’s the downside: they’ve likely contacted other brokers and lenders, too. 

Speed is of the utmost importance. The longer you wait the less chance there is of landing a new customer. 

Hi, (first name). My name is (your name) and I work for (your company name). I received your information through our online request form.

If you’re still searching for a mortgage, I’m happy to explain our process and how we’ve helped people just like you save thousands of dollars. 

You’re speaking with someone who requested information, so you already know they’re interested. As a warm lead, you don’t have to do nearly as much convincing on the first call. 

Introduce yourself, assess the person’s needs, and then proceed accordingly. 

Final Thoughts

These ready to use mortgage sales scripts will put your nerves at ease, provide direction, and help boost your conversion rate. 

As you make more calls and chat with more prospects, consider how you can tweak these scripts to better suit your business and the types of individuals you typically speak with.

If you’re ready to take your sales and marketing plan to the next level, contact our partner Kaleidico to book a discovery session.

Image by Niek Verlaan from Pixabay

About Chris Bibey

Chris Bibey is a freelance writer with 15+ years of experience in the insurance and finance industries. Clients include Sales Hacker, Outreach, Discover, PayChex, and Moran Insurance. He has also worked as Head of Sales for Verma Media.