What's The Diff?

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Talking about mortgages: too boring? too personal?

no-word-of-mouthOh, Seth, you’ve done it again. I think you have our office bugged. We’ve been pondering something here on the Quicken Loans marketing team: With a 94% client satisfaction rate, how can we encourage people to share the love with others?

Well, we know mortgages aren’t the most exciting topic in the world, unless you’re buying your first home. But what about everyone who let us help them refinance their mortgage? Seth came up with lots of good
scenarios where word-of-mouth
may not be happening
. Hoo boy, did these hit home.

So, we have some good ideas why mortgages and refinancing may not come up in everyday conversation. We’ll give you ours, but we’d love to hear yours. Let’s get the list started with these:

  1. We’ve seen many people get competitive about their mortgage rate. We hear about – and have experienced! – the excited guy at a party proclaiming the great mortgage rate he got on his refinance. Well, what if your credit score isn’t that great? That score affects the mortgage rate for which you qualify. Do you admit that you didn’t get as great of a rate as Mr. Braggard?
  2. Seth lists fear in many of his reasons. Fear of being exposed, fear of not being cool enough… If you’re talking about how much you liked working with Quicken Loans, it just might come out that you needed to refinance to shore up your budget or pay off debt, and we certainly understand how sharing that would be a bit uncomfortable.
  3. Haven’t we all been told it’s rude to get into the details of your finances with friends and family? Maybe you decided that you wanted to pay extra points to get a better mortgage rate. Ms. Nosy may just ask where you came up with that much cash. Who wants to deal with that?

These reasons make a lot of sense to us. Your home finances are a personal matter. And to others it’s extremely boring. Too much of today’s talk about mortgages and refinancing revolves around the minute details of your monthly budget for you to be shouting from the rooftops if you’re happy.

So, if you don’t like talking about your mortgage rate or payment, what is it that will get you talking?

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  1. Christy asked, “if you don’t like talking about your mortgage rate or payment, what is it that will get you talking?”
    Is there a way to transform the conversation clients’ have with friends, family, co-workers, etc. from their personal, specific rates and payments on their mortgage towards a conversation with a much broader focus on a topic such as the U.S. economy and interest rates? For example, “Stagflation has been hurting me when I go to the grocery store and put gas in my car. However, my mortgage banker at Rock Financial helped me take advantage of the low federal funds rate. He/she refinanced me into a mortgage with a rate that is 2% lower! Now I have more money to pay for gas every time I fill-up my tank. Have you thought about refinancing, too, since interest rates are so low in our current economy?”
    That’s just one suggestion that I can think of. By the way–just on a personal note–I’m currently in the application process to work as a mortgage broker for Quicken Loans in the Livonia, MI office, so if you haven’t bumped into me in the hallway or during lunch, that is probably why ;-) I am very glad that this blog is here so that I can learn more about Quicken Loans and, hopefully, apply what I learn on this blog to my new career.
    I hope that you’ll still allow me to participate in this discussion because I have worked in sales before, so I understand that word-of-mouth is the single *best* way to generate revenue for any business. When I worked in insurance, quality, worthwhile leads would cost about $20 each, while word-of-mouth is free!

    Posted by: Dan Mobbs | May 18, 2008
  2. Dan, we’re glad to hear what you have to say! Good luck with your application!
    Of course we welcome your opinion here! Thanks for taking the time to write all this out…
    Yes, you make a great point. However, we don’t really have a lot of power to steer those conversations unless we can get involved with them. I think the trick is more just getting people to talk with us in the first place. Mortgage companies have classically been these big, stuffy monoliths that listen about as well as a brick wall. So, we might have to take a step back and figure out how to get conversations started.
    Then, absolutely, what we’re looking at all day long is how these mortgage payments affect people, their budget, and how it affects the rest of their lives. We are broadcasting this kind of talk on our web site, and in some of our videos on YouTube, too.
    But, the bottom line is that before people close on their loans, they are hyper-focused on the mortgage rate, because that’s what they’re told is important. We really want to *talk* to people, understand their entire picture, and figure out if rate really is the most important thing. Maybe it’s the fact that they don’t have a lot to put down on the house, so they’ll pay a little higher rate. Otherwise, they wouldn’t be able to buy the house at all if they had to put more down. I think of this as “chasing the rate.” If your final goal is to have the lowest rate, you could still end up with a higher monthly payment, because there are so many terms that go into a mortgage.
    Thanks for starting the conversation, Dan.

    Posted by: Christy | May 19, 2008

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Sunday, January 21, 2018