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.
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