Another lender quoted me a lower rate: mortgage sales
The short answer
Ask for their loan estimate before you say a number. A lower rate can come with points, fees, a short lock or a different loan type. Move the talk from rate to total cost over the years the buyer will keep the loan. If the other lender is better, say so. If not, show the line that differs.
Take this call against an AI buyerWhy buyers say it
The rate is the number on every ad and every call, so it is the easiest thing to compare. The buyer has an accepted offer and a deadline, and cannot afford a mistake. A lower rate looks like an easy saving until the fees appear.
How reps lose the deal on it
- They drop the rate on the spot. The buyer asks why the first number was higher, and trust ends.
- They promise a rate with no loan estimate in hand. The buyer cannot check it and does not believe it.
- They talk about their service and their people. The buyer is reading lines on paper and wants numbers.
Stronger lines to say
- “Can you send me their loan estimate? I’d like to compare the rate, the points, the fees and the lock period line by line. Then I can tell you if they’re better.”
- “A lower rate is worth a look. Let me show you the total cost over the years you plan to keep the loan, not only the rate.”
- “If they beat me on cost, take it. If we’re close, I’ll show you where the difference sits, so you can decide with the paper in front of you.”
Questions reps ask about it
Can I quote a rate before seeing the other estimate?
Follow your company's rules on what you may say before an application. Whatever you quote, attach its assumptions: the loan type, the lock period, the points and the day. Do not promise a rate. Ask for the other loan estimate and compare the same loan on the same day.
How do I respond when the buyer says the other rate is locked?
Ask for the lock confirmation and what it covers: the rate, points, lock period and loan type. A locked rate still sits next to fees and a closing date. Compare the full estimates, say plainly if theirs wins, and never suggest breaking a lock to chase a number.
How do I compare two loan estimates on the phone?
Read both in the same order: the rate and loan terms, then points and fees, then closing costs, then cash to close. Ask the buyer to read each number aloud. Mark every difference and ask what each one pays for.
Related objections
Practice this objection out loud
Get a link to a free practice call. An AI buyer raises this objection and you answer in your own words.
The buyer is AI and the company is fictional. Read the AI disclosure and the privacy policy. Want the whole team practicing? See pricing.