A loan officer who assumes eveyone wants a 30 year fixed mortgage won't last long in the mortgage business. Is a 30 year fixed the most popular loan out there right now? I don't know the exact figures, but I would imagine it's up near the top.
My point is, why does every LO feel that quoting the rates for a 30 year is what every borrower is looking for? Because it's the way we were first trained. I'm here to tell you to STOP THINKING THAT WAY!
Is it easier to quote a 30 year mortgage rate and move on to the next borrower? Sure it is, that's exactly what a lot of Loan Officers in the last several years thought as well, but where are they now? I'm not saying that was the cause of the current mortgage situation, but I am saying that if you a Mortgage Professional don't learn how to ask the proper questions to your borrowers to begin with, you value in this business isn't that great and you could be replaced fairly quickly. Is that what you want?
Have you ever asked a borrower what's the purposed of the refinance? What about this, "What's more important to you, rate or payment?" Few Loan Officers ask their borrowers how long they plan on staying in their home.
Do you think any of these questions would help conclude which type of mortgage product is better suited for the borrower? Oh, you can still offer a 30 year mortgage, it's always available, but why only offer one product? If the answers to the above questions merrit other mortgage product options, why not present those options?
So what if the borrower doesn't take the options, that's not your decision anyway. BUT, it does make the borrowers perception of you greater because instead of just quoting a rate and moving one, you cared about them and what they wanted. Which is always good for future referals.