Cold Calling script for past clients sitting on low-rate mortgages

When To Use This

Use this script when reaching out to past clients who currently have a low‑rate mortgage and may be considering a refinance, home‑equity line, or purchase‑money loan for a new property. It is not appropriate for prospects who have never worked with you or who have expressed dissatisfaction with your service.

The Opener

Hi [Name], this is Edi Shek calling from [Market] Mortgage. I hope I’m not catching you at a bad time—I just wanted to touch base because you helped me close a loan on [Address] a few years ago and I’ve been thinking about how your situation might have changed since then.

The Qualifying Questions

1. How has your home‑ownership goals evolved since we last worked together? Note: Reveals any new property plans or life changes.

2. Are you still enjoying the benefits of your current low‑rate mortgage, or have you started to feel constrained by its terms? Note: Identifies pain points or satisfaction level.

3. Have you considered tapping into your home equity for renovations, debt consolidation, or other investments? Note: Gauges interest in cash‑out or HELOC options.

4. If you were to explore a new loan today, what would be the most important factor for you—rate, term, closing costs, or speed? Note: Prioritizes what matters most to the client.

5. Are you planning any major life events in the next 12‑24 months, such as a career change, relocation, or family expansion? Note: Signals future financing needs.

6. Would you be open to a quick, no‑obligation review of your current mortgage to see if any better‑fit solutions exist? Note: Measures willingness to engage further.

Handling The Three Objections

Objection: "I’m happy with my low rate; I don’t want to mess with it."

I completely understand that a low rate is valuable, and many clients feel the same way. My goal isn’t to push you into a refinance but to see if there are any opportunities—like accessing equity or adjusting the term—that could complement your current loan without sacrificing that rate. Why it works: Validates their satisfaction while opening the door to ancillary benefits.

Objection: "I don’t have time to talk about loans right now."

I respect your time, and I promise to keep this brief—just two minutes to see if there’s anything worth noting. If now isn’t good, I can send a short email summary and follow up at a better moment. Why it works: Acknowledges their constraint, offers a low‑pressure alternative, and sets a clear time limit.

Objection: "I’ve already talked to another lender and I’m set."

That’s great to hear you’ve explored options. I’m not here to replace that conversation; I’d simply like to compare notes to ensure you’re seeing the full picture—especially any programs that might be specific to past clients like you. Why it works: Positions you as a complementary resource rather than a competitor, reducing defensiveness.

The Close

Based on what you’ve shared, would you be open to scheduling a 15‑minute review next week to look at your current mortgage and any potential options? I can send a calendar invite that works for you. If they say not yet: No problem at all. May I check back with you in about a month to see if anything has changed? I’ll send a quick reminder then.

Delivery Notes

• Speak warmly and at a relaxed pace; aim for 120‑130 words per minute to keep the opener under 30 seconds.
• Pause after each question to let the prospect think; silence shows you’re listening.
• Use the prospect’s name frequently to personalize the conversation.
• Avoid jargon like "LTV" or "DTI" unless the client brings it up; keep language simple.
• Never guarantee a specific rate, approval timeline, or closing date.
• Stay neutral about other lenders; focus on how you can help the client.

Compliance Reminders

• Do not imply or state that a lower rate is guaranteed; discuss only potential options.
• Ensure all statements about loan products are general and not misleading; avoid claiming superiority over competitors.
• Include an equal housing logo or statement in any follow‑up email or material, as required by Fair Housing regulations.