So I have a borrower that says he doesn't want to get out of a thirty year fixed, I want to sell him an I/O loan becuase they are shopping like crazy so I figured this would distinguish myself from the others.
Basically I just now thought of this, I am still pretty new so dont give me too much crap.
I am going to start it off by saying. Sir do you know how much you'll be paying by the total of this 30 year fixed loan. So ill take his payment and calculate it by 360 and then Ill show him the number, and ask how do you feel about paying the amount of your loan amount now in interest. Does that make you feel good? It doesn't make me feel good sir.
So then after he says he is still listening I am already going to have this link in his email.
Extra Payment Calculator - Amortization Schedule
And tell him to copy and paste in into his browser while I am still on the phone with him.
(This link is a calculator that shows how much you can save in interest if you prepay a certain amount of money. Towards your principle balance. This is a perfect set up and kill.
So to not get him confused I am going to be on the site at my desk, and I will be holding his hand through this process.
Then I am going to say scroll down to the bottom, and tell me if you want to spend this. on your 30 year your on that you love. Or you can take my proposal and save this amount of money and pay off your mortgage 9 years early.
Any other IDEAS???
