Mortgage Leads, The Hotter the Better

May 17th, 2010 - 
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If you are a loan officer or mortgage broker and you are considering purchasing leads, or you are disgusted with the leads you are currently receiving, you may want to consider looking into real time leads.

Real time leads are something to consider because they are hot leads. Meaning you will receive the lead within seconds of your prospect submitting their on-line form.

Another thing to know about real time leads is that you know that when you receive your lead, you know it will be of good quality.

Many lead companies sell recycled leads, or what is better known in the industry as junk leads.

Recycled leads move from one lead company to the other, being purchased at a discount, and than being sold to loan officers at a profit.

By the time a lead of this type ends up on a loan officers desk, it has already been passed through the hands of at least a dozen other loan officers.

The chances of closing a loan on a lead like this are slim to none.

When considering a lead company that deals with real time leads, be sure to do your research. Call the mortgage lead company and speak with someone in customer service.

Find out how hey obtain their leads. If they are not obtaining the leads from web sites they own and operate on their own, than most likely they are obtaining them from third party vendors. In this case, it would be in your best interest to move onto the next lead company.

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Mortgages

Mortgage Leads, Overcoming Objections

May 10th, 2010 - 
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If you are a loan officer or mortgage broker, and you are obtaining leads from a mortgage lead provider, it is important that you get the best return on your investment that you possibly can.

For starters, understand that a lead provider does just that, they provide you with leads. It is entirely up to you to make the sale.

When you call potential customers, it is not unlikely to be confronted with objections, regardless of where your leads are coming from.

Here are a few tips for overcoming some of these objections.

If you call a customer and they say that they are no longer interested, it is most likely because they lost their nerve.

Purchasing or refinancing a home is a very big financial deal, so it is understandable if your customer gets cold feet.

Say something to this effect in the nicest voice you have . . .

Oh, Im very sorry to hear that, after looking at the on-line form you filled out, I was able to fit you into one of our programs that I am sure you would be interested in.

If a customer tells you that they are working with someone else. They either really are, or again, they have lost their nerve.

Say something to this effect . . .

Im really sorry to hear that. We offer some really nice products and I only wanted to take a minute of your time to go over some of our programs.

Although these approaches will get the customer talking the majority of the time, there are the times when it does not work.

Here are a few other things you can do . . .

Most lead providers supply you with an e-mail address, so e-mail them with some attractive products and tell them briefly about the benefits of working with you and your company.

Also, you can mail them out some flyers with some products that you believe would meet their mortgage needs along with some of your business cards.

Whatever happens on your sales call, do not give up after one objection. If you have not been having success with your leads, than you need to change your approach.

Remember. The lead provider cant do the selling for you. Best of luck with your leads.

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Mortgages

Mortgage lead generation

May 3rd, 2010 - 
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If you are a loan officer or a mortgage broker looking for a good lead source, one of the first things you will want to do when considering a mortgage lead company is find out how they go about generating their leads.

How a mortgage lead company generates their leads is very important because it has a lot to do with the quality of the leads you will be receiving.

If a lead company is buying their leads from another source, than what they are doing is recycling leads. And who knows how many times that third party company has sold the leads to other companies.

Your chances of closing a loan on a lead that has gone through the hands of fifteen other loan officers before it reached your desk are slim to none. So steer clear of recycled leads.

Some lead companies have one data base with thousands of leads that they continue to sell over and over again. They will sell them cheap, but most times you are required to buy in bulk. These leads are usually six months to a year old and sometimes more. This is also known as recycling. An even better way to describe this is selling junk.

Look for the lead companies that obtain their leads from web sites that they own and operate them selves. These types of companies receive fresh leads on a daily basis and will sell them in real time. So, by the time you receive the lead, it is only a few seconds old.

The best way for you to determine where a mortgage lead company generates their leads is to call and speak with someone in customer service.

Ask them the direct question, how do you obtain your leads? If you are not satisfied with the answer they give you, than chances are, you will not be happy with the leads they send you.

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Mortgages

Live Transfer Leads Mortgages

March 22nd, 2010 - 
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If you are a loan officer or mortgage broker, you may be on the market for live transfer leads mortgages.

This particular type of lead is not such a bad choice when you are determining what type of lead you want to work with.

The live transfer lead works like this.

You sign up for an account with a live transfer lead mortgages company. You determine what type of lead you would like transferred your way. Such as the type, purchase or refinance. The state, the credit rating, the ltv, etc.

The lead provider will make contact with the prospect for you and transfer the prospect to your direct line at your office.

This is a very good deal, but as always, there may be some unforseen challenges you will have to deal with.

Suppose you step away from your office for a few minutes, and that live transfer you just paid for ends up in your voice mailbox.

Remember, once the lead provider makes the transfer, they are out of the picture.

Suppose you work in a large mortgage office and the transfer is retrieved by your secretary or operator. Or lets say the call is taken by another loan officer in your office. If this happens, than that live transfer will have to be transferred again.

We all know how annoying it is to be transferred, not only once, but now twice. Your customer probably wont sit so well with this.

This is not to say that live transfer leads mortgages are not good. Just make sure you know what the lead providers policy is, if your transfer ends up not being live.

You may also want to consider purchasing real time leads. Real time leads are delivered to you by way of e-mail according to a filter you have previously set up specific to the type of lead you are looking for.

You can receive your lead literally seconds after the potential customer hits the submit button on the on-line form, cutting out the middle man all together.

To sum it all up, if it is quality that you are looking for, live transfer leads, and real time mortgage leads are the way to go.

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Mortgages

100 Mortgage Financing – No Money Down Programs

February 1st, 2010 - 
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Buying a new home with no money down has never been easier. If you are unfamiliar with 100 mortgage financing, it may help to contact a mortgage broker before applying for a conventional loan. At one point in time, buying a home with no money down was unheard of. Today, the majority of mortgage lenders offer a range of zero down loan programs. These loans are ideal for families trying to buy a home with little or no money for a down payment.

Benefits of 100 Mortgage Financing

The benefits of applying for a no money down home loan are obvious. Ordinarily, mortgage lenders would ask new home buyers to have a down payment of 20%, 5%, or 3%. Rising cost of living makes it difficult for middle class families to save money for a home purchase. Instead of alienating the majority of working class people, lenders chose a smarter approach and begin offering a variety of home loans for every need.

With a 100 percent mortgage financing, down payments are not required. The downside is that these loans may carry a slightly higher interest rate. However, if your credit rating is high, the rate increase is barely noticeable. Of course, good credit is not required for getting a no money down home loan. Fortunately, there are loans available for all credit types.

Different Types of No Money Down Loan Programs

Another option for obtaining 100 percent financing involves getting a mortgage loan for 103 percent or 107 percent financing. 107 percent financing is perfect for homes that need a lot of cosmetic repairs.

If applying for more than 100 percent financing, a good or fair credit rating is a must. Typically, 103 percent full document loans require a score of at least 600. A credit score of at least 680 is required for 107 percent home loans.

Self-employed homebuyers can get approved for a stated income no money down loan. These individuals will likely need 12 months of banking statements, tax returns for the past two years, and a credit score of at least 650. Having bad credit will not disqualify you from getting 100 percent financing. Full document bad credit no money down home loans are available to those with credit scores as low as 580.

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Mortgages