
Cold Calling script for past clients sitting on low-rate mortgages
By Edi Shek (NMLS# 216981)A coldâcalling script for reâengaging past clients who currently hold lowârate mortgages, designed to uncover new financing needs while staying compliant and respectful.
Use this script when reaching out to former borrowers to see if their housing goals have shifted and they might benefit from a mortgage review.
When To Use This
Use this script when reaching out to past clients who currently have a lowârate mortgage and may be considering a refinance, homeâequity line, or purchaseâmoney 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 Iâm not catching you at a bad timeâI just wanted to touch base because you helped me close a loan on [Address] a few years ago and Iâve been thinking about how your situation might have changed since then.
The Qualifying Questions
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How has your homeâownership goals evolved since we last worked together? Note: Reveals any new property plans or life changes.
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Are you still enjoying the benefits of your current lowârate mortgage, or have you started to feel constrained by its terms? Note: Identifies pain points or satisfaction level.
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Have you considered tapping into your home equity for renovations, debt consolidation, or other investments? Note: Gauges interest in cashâout or HELOC options.
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If you were to explore a new loan today, what would be the most important factor for youârate, term, closing costs, or speed? Note: Prioritizes what matters most to the client.
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Are you planning any major life events in the next 12â24 months, such as a career change, relocation, or family expansion? Note: Signals future financing needs.
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Would you be open to a quick, noâobligation review of your current mortgage to see if any betterâfit solutions exist? Note: Measures willingness to engage further.
Handling The Three Objections
Objection: "Iâm happy with my low rate; I donât want to mess with it."
I completely understand that a low rate is valuable, and many clients feel the same way. My goal isnât to push you into a refinance but to see if there are any opportunitiesâlike accessing equity or adjusting the termâthat could complement your current loan without sacrificing that rate. Why it works: Validates their satisfaction while opening the door to ancillary benefits.
Objection: "I donât have time to talk about loans right now."
I respect your time, and I promise to keep this briefâjust two minutes to see if thereâs anything worth noting. If now isnât good, I can send a short email summary and follow up at a better moment. Why it works: Acknowledges their constraint, offers a lowâpressure alternative, and sets a clear time limit.
Objection: "Iâve already talked to another lender and Iâm set."
Thatâs great to hear youâve explored options. Iâm not here to replace that conversation; Iâd simply like to compare notes to ensure youâre seeing the full pictureâespecially 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 youâve shared, would you be open to scheduling a 15âminute 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? Iâll send a quick reminder then.
Delivery Notes
- Speak warmly and at a relaxed pace; aim for 120â130 words per minute to keep the opener under 30 seconds.
- Pause after each question to let the prospect think; silence shows youâre listening.
- Use the prospectâs 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 followâup email or material, as required by Fair Housing regulations.
More Scripts
Got the Appointment? Send Me the Loan.
Edi is licensed in 14 states and closes FHA, VA, Conventional, DSCR and Non-QM.
