Mortgage industry experts, how do you tailor your communication style when explaining complex mortgage terms to clients with varying levels of financial literacy?

It always starts with asking great questions. When I ask great questions I receive a lot of information that bank advisers or other brokers often miss. The answers to these questions then dictate the flow and level of the conversation. I have to go into every conversation with an open mind as I don't know what they don't know and they don't know what they don't know, so I have to discover their blind spots and fill in the gaps. If I make assumptions on what they know or what they believe I need to know then we can run into misunderstandings. Asking great questions builds trust and with trust comes sharing.

For active clients in the quote or workup stage, I send a detailed Loan Estimate or written quote showing rates, terms and costs and walk them through all the numbers. For prospects who don't move forward, I tailor my email communications to their specific area of interest or need determined at the time of interview. For example, credit or debt-challenged buyers are put on a credit repair/financial education drip, and I check in from time to time to see if they are ready for another look.