There's one thing I learned a long time ago about competition.  I sensed it, but could not articulate it until I read it from Stephen Schiffman in Getting to 'Closed.'

It is very important to know that our number one competitor is not other loan officers, real estate agents or whatever segment of the industry we are in.  Our number one competitor is the status quo.  Prospects need to keep things as they are and not make a change is your number one obstacle to overcome.  

If the prospect is talking to you then there is in them a desire for change.  By taking a consultative approach and helping them lay out their needs, wants, desires, you can help them get past their need need to leave things as they are.  In the end it may be best for them to leave things as they are but this is unlikely.  If they are in conversation with you about change then they are dissatisfied with their current situation and they are looking for trust worthy guidance.  If you are consulting with them then your job is to help them come over that very difficult hurdle to help them make the change they want to make. And that, I believe, is you you beat out your competitor.