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Successful Online Mortgage Shopping- Do You "Dress For Success?"

Good grief! I suggested that you, as a borrower, put your "best face forward" when shopping for a mortgage online and a hockey game broke out in the comments section. It seems that REALTORs and loan originators were DYING to show you, the online consumer, that they don't care about your dress or appearance.

They obviously didn't read the full article. I referenced the Rice University study that suggested that pictures on a profile lent credibility to borrowers on an online lending site. Armed with that bit of information, I explained that bias towards appearance was natural. More importantly, authenticity online lends credibility to both sellers and buyers alike. If you want a mortgage loan, you'll judge my online efforts by the way I look, write, and interact with you. Loan originators will do the same towards you...WHETHER THEY INTEND TO OR NOT; bias towards appearance is a natural emotion.

Nobody cares how you "dress" online, right? Well...while we can't "see" you shopping for your loan in your pajamas, we can see your online "presence". Google has made online privacy a thing of the past so...I'm gonna find out eventually when I "Google" your name.

Why not "dress for success" when you apply for a loan online? Here are three things you can do to give you an edge over hundreds of thousands of borrowers looking for a loan online

1- Link to an online profile in your email to me. I can't tell you how useful this is. If I know information about you, I'm more apt to speak with you than the nameless, faceless e-mails that inquire about loan programs each day. I'm on Facebook and LinkedIn. If you connect with me there, I'll learn more about your career and family. I'm eventually learn about this stuff in the loan application (a mortgage is a VERY personal financial transaction) so get it out in the open.

2- Be clear and concise in your communication with a loan originator. Loan variables include:

value of the home (link to your Zillow Zestimate and you'll provide some "social proof")
capacity to pay the debt (link to your LinkedIn profile to show your employment)
credit- no link necessary but you might guess at how your credit is.
loan amount requested along with a the purpose of the loan (purchasing a home, refinancing an original loan, refinancing and paying off high interest debt, etc).

3- Offer multiple contact points: phone numbers (cell phones sound tinny) and email.

Here's a great example of a loan request:

Hello. My name is Brian Brady and I'm in escrow to purchase the home at 413 Bay Meadows Way, Solana Beach for $450,000. The Zillow Zestimate shows it for sale at $535,000 but I it was on the market for over six months so I got a deal.

I'm looking to put $33,000 down and buy the house with a $417,000 loan. I earn $90,000 as a Managing Director for a financial services company (see my LinkedIn profile) and fell my income will justify my loan. If you sign into LinkedIn, you'll see my picture that shows I have a trustworthy face (haha)

I have good credit although I don't know my score. I just know that I pay cash for most things and pay off my credit card balances quickly.

You can contact me at brian@12mortgage.com or 858-777-9751. My home number is 858-222-XXXX. I'm talking to a couple of mortgage companies and would appreciate any insight you might give me.

PS: I've attached a family picture with my new baby- We can't wait to move into our new home and hope you can get us affordable financing.

Why should you be "selling yourself" to a lender? Contrary to popular belief, we aren't hurting for business in the mortgage industry; we're hurting for good, clean business. Finding borrowers who need money isn't the problem; funding borrowers is. The "mock" e-mail, while admittedly extreme, would open a loan originators eyes. When followed up with a phone call, you would COMMAND attention.

Put your best foot forward when you want a loan. It could save you thousands of dollars.

Posted by Brian Brady- America's VA Home Loan Broker on 03/18/2009 01:57 PM

Comments (20)

Shopping for a Mortgage in the Mortgage / Finance Channel

Originally posted at: America's #1 Mortgage Broker: Successful Online Mortgage Shopping- Do You "Dress For Success?"

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20 Comments on Successful Online Mortgage Shopping- Do You "Dress For Success?"

MAR

I can see where you're coming from on this. It's becoming a more competitive world and we all need to put our best foot forward...guess I'm going to have to do something about that unprofessional profile photo of mine!

MAR

we aren't hurting for business in the mortgage industry; we're hurting for good, clean business.

Yep. That about sums it up. Be the stand out applicant and you have a VERY good chance of being on top of the stack of files.

Love this train of thought Brian.

I didn't have a problem with the study. I had a problem with you discriminating against your clients based on how they dressed and how well prepared they were.

Thank god at my office we have a suit/tie requirement. great boss too.

Brian, when we quit judging a book by it's cover, then people can quit thinking that how they present themselves matters.

Hi Brian - There's a cool tool out there that can help us all track and manage our online presence (or reputation). It's called steprep and of course, it's free and you can sign in with your google account. It shows you where you pop up on line and allows you to mark each instance as good, bad, not relevant, etc.. It's fun and intutive and could help someone gain that edge for a job or loan app!

I think you are walking on egg shells here. I've received emails with poor grammer that turn out to be good clients and professional emails from people who turn out to be flakes. I see your point, but "judging a book by it's cover" is not practical over the internet or in person for that matter. From a lending perspective I wouldn't judge anyone until I've seen their credit report. You can always make yourself look good, but your credit score is the key to your responsibility.

I never judge a book by it's cover, as they either qualify, or they don't. Communication skills are not optional, nor is someone being honest and open.

Rumor has it that Bill Gates once went into a remote island, his expensive yacht moored offshore, and came in Bermuda shorts and a t-shirt. He got the cold shoulder based on how we was dressed. He went to the next realty company, and he ended up buying a multi-million dollar property.

Not the norm, yes, but one never knows. My mom has a friend who dresses in very old, dated clothes, is pretty thrifty, but not cheap, drives an old car, and is worth millions.

Brian, The only concern I would have is about attaching family photos...Fair Housing Laws would prevent us from doing that with an Offer to Purchase Contract...just a thought.

Hey Brian - I can't think of a single reason why anyone wouldn't want to make the very best impression when submitting a loan application. And, for that matter disclose as much information as possible. There's more to a loan application than a 1003. There's the personal side. The way I see it, people tend go out of their way for people they like. The human element can make a big difference.

I see your point here, and I like it. ;-)

Be the stand out applicant and you have a VERY good chance of being on top of the stack of files.

Thank God for you, Janet.

Here's a comment I left on Sara Washburn's interview with Glenn Kelman, two years ago. Perhaps this will explain it:

I do not profile my clients before I work with them. Everyone is created equal.

That's not really true, is it? i discriminate all of the time. I won't target borrowers with less than a 620 credit score. I won't target borrowers with dubious income documentation. I won't target borrowers who want to borrow less than $200,000.

That doesn't mean I won't help those borrowers if they come to me. I discriminate and so should you. Businesses of all kinds discriminate. McDonald's discriminates against healthy people. Insurance companies discriminate against smokers. Hell, Active Rain discriminates against Luddites.

There is nothing wrong with discrimination- its called niche marketing. Glenn's problem, in my opinion, is that his niche is too small to be profitable.

I never really thought too much about it on an individual basis.

But... it does remind me of a time when I witnessed a developer with a long history of flaking out on their obligations get a $10 Million dollar construction loan with a handshake on the golf course because he looked good.

Needless to say... he was defaulted on for ordering up furniture for his home on the construction draws among other things... and flaked on a lot of people he owed money to.

Regardless... your original blog post just suggests to "Dress for Success" that was put in one of your real life experiences.

"Beware of Good Looking men in Armani Suits trying to sell you something"... Some Norwegian Mayor said that when it came to her town being bankrupted after investing in Credit Default swaps.

You are right... it's amazing what you can get done when you dress the part...

I've gotta go and clean up my Facebook profile... LOL!!

Too many people taking you literally!

Too many people taking you literally!

Whew. Thank you, Drew.

Hi Brain, When I went to comment , the image of Kaye Thomas popped in my mind again and would exclaim "who'd a thunk it" referring to the change in our lives that is evolving in the housing markets and all this different in the ways we need to respond to it.

Brian, I think this is good advice, and I'm going to link to your post from one I have in draft for my FocusOnCrofton.com blog.

MAR

A little hot potato here...I see that in a perfect world it would be nice to have such thoughtful clients that go the extra mile to inform us of their situation and needs. I think you make some great points for me to think about but I also know that you really never know somebody by the way the talk, dress or communicate. Thank you for your ideas

Brian, you still don't get the point. You should not discriminate against any one of your borrowers. Each and every single one of them, no matter their credit score, income, or dress, should be given the "red carpet treatment".

Each and every single one of them, no matter their credit score, income, or dress, should be given the "red carpet treatment".

I think I get your point; you think I am bound by some code to respond to every loan inquiry I get. Sadly, I can't help every single person as I am only one man. I must discriminate between who could actually "get funding" versus who just "needs help". If I didn't I would be out of business and nobody wants that (except my competition).

I have to be REALLY careful of whom I engage now.

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