Option Arm - Broker Objection - I Don't Like The Option Arm

I was talking to a friend of mine who said her brother was in the mortgage business and she mentioned how he just doesnt sell any ARMs because he doesnt like them. He doesnt feel the POA is good for his borrower. That got me thinking about a few things, so I figured I would discuss them.

Lets go over why some brokers will NOT present the POA to their clients because they dont agree with it or dont like it. Have you ever heard the term Sell what you know? Most of us that have been in sales for a while have heard this in one form or another. Another way to say this is to stay within your comfort zone. At least in the mortgage business, once you get out of your comfort zone, there is a lot of not-understanding going on with some products. With this comes confusion which could possibly be interpreted as the product just isnt good for the basic consumer. Which is what some brokers say about the Pay Option Arm.

My question is, whats wrong with gaining more knowledge of different products in this industry? If you feel the POA is only sold because of the minimum payment, you are only slightly right. The minimum payment is designed to give borrowers the option to free up extra cash flow each month. Legally, we as Mortgage Professionals cannot control what people do with the money they free up each month. One of our jobs Mortgage Professionals is to analyze the borrowers situation and put them in the best possible mortgage product for their needs.

If you dont agree with the POA thats your problem, that doesnt mean the borrower cannot benefit from it. If you feel having deferred interest is a bad thing because of the balance going up, then you had better NEVER do a cash out refi. Why? Because if you do, you have just caused the borrowers mortgage balance to go up, which is another way to define deferred interest. But thats a whole other article.

My point is, just because you dont know a good mortgage product when you see one doesnt mean you didnt see one. If you dont know about it, then you cant determine whether its good for your borrower or not.

If you dont agree with the POA thats fine, but just because you dont agree with it doesnt mean its not a good product fit for your borrower. Each borrower is different, learn to have different products available whether you agree with them or not.

Dont limit yourself, sell what you know!

You are invited to find out what the Top Broker Objections to the Pay Option Arm are and the Mindset needed to overcome them. It's a special report from RealMortgageTraining that can be accessed at http://www.apoletto.info

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