Mortgage Lead Companies, Eight Features To Consider

So now the time has come to invest in Mortgage Lead companies, but how do you know which one is the right one for you?



When I was a new loan officer, finding a mortgage lead company was not easy, I can remember logging onto major search engines, typing in the key word "mortgage leads" and being bombarded with links leading me in the direction of mortgage lead companies all claiming to have the best mortgage leads and the best mortgage lead program for me!



But what was the best mortgage lead program for me? That all depended on what I was looking for.



So, taking my time, I began to right down exactly what it was I was looking for, did I want refi's, purchases, or both. Did I want mortgage leads from several states or just one, how much could I afford? Etc., etc.



Before I invested any time or money, I decided I was really going to do my home work, I went to sites of the mortgage lead companies I was considering to read their terms and conditions, I spoke with reps in their sales department and asked many questions, I went to mortgage lead site reviews posted on the web to see what kind of experience other loan officers had with the mortgage lead companies I was considering.



One thing to keep in mind, No mortgage lead company can guarantee you a 100% closure ratio, and they are very up front about that, if that is what you are looking for, you can end your search now.



Still with me? Good!



Here are a few things to consider before committing



1) Pricing



If you are on a tight budget, and have, lets say, $100.00 to spend, you will have to narrow your search to the mortgage lead companies that accept a $100.00 or lower minimum or will meet whatever spending limit you have set for yourself.



Some mortgage lead companies have deposit requirements, not allowing you to deposit less than $500.00, so this would not be the mortgage lead company for you.



2) Lead Generation



Find out where the mortgage lead company is generating their leads from. Some mortgage lead companies recycle their mortgage leads and sell them many times over to many different loan officers. They also buy their mortgage leads in bulk off of other mortgage lead companies and resell them, so make sure you ask this very important question up front.



3) Return Policy



Look for a mortgage lead company with a liberal return policy, the best way to find out this information is through lead site reviews.

If you receive a mortgage lead with incorrect contact information, there is no reason why you should not receive a refund.



4) Quantity vs. Quality



Be careful when you buy in bulk, when you can spend $100.00 and receive 50 leads, chances are the mortgage leads are old and are being recycled, and the closing ratio isn't so good.



If you can spend $100.00 and receive five to ten fresh mortgage leads, you may be better off, and also have a much better closure ratio.

5) Cherry Picking vs. Filters



Cherry picking is a nice feature, and a very popular one, it allows you to go into a site and view a mortgage lead before you purchase it, some sites even let you know how many times it has been sold.



Filters are also very nice features also, they allow you to predetermine what kind of mortgage lead you want, and when a mortgage lead comes in matching your filter criteria, it is sent directly to you via e-mail or fax.



6) Customer service



As in all business', customer service is key, and the way they handle themselves on the phone can be perceived as a good indication as to how their company is run.

If you are struggling to get a hold of someone, or your phone calls are not being returned, they are most likely not worth doing business with.



7) Referral



One of the best ways to find a mortgage lead company, is to have one referred to you by a co-worker, or by someone within you organization who has had success with a mortgage lead company.



Ask around and see what you can come up with.



8) Exclusive vs. Nonexclusive



If you want to receive mortgage leads exclusively, you will pay a steeper price, however this mortgage lead will be sold to you only, doing away with your competition.

Non exclusives mortgage leads are sold on average three to five times, it usually will cut the cost of the mortgage lead in half, but keep in mind, you are now competing with other loan officers.



Remember, you get what you pay for.



One last thing..



By considering these eight features of mortgage lead companies, you are well on your way to choosing the best mortgage lead company for you, and at the right price. But don't stop here, continue to gather as much information as you can before you invest your money. I can't stress enough just how important the mortgage lead review sites are, check them out, it will be worth your time.

A Few Minutes Could Save You Thousands on Your Mortgage Refinance

With interest rates at historic lows, homeowners across America are refinancing their home mortgage loans. By refinancing into a lower interest rate, they expect to save thousands of dollars over the life of their new mortgage loan. But how do you determine whether to refinance? How do you know if it is worth it to refinance? Refinancing can be complex, and a few minutes of careful planning could save you thousands on your refinance. Here are three key guidelines to follow when refinancing.



1. Is your mortgage adjustable-rate (ARM) or fixed-rate? If you have an adjustable-rate mortgage, your lender can raise your rate on a regular basis over the life of your loan. There probably is a rate cap, but it may be very high. While rates are currently low you should convert to a fixed-rate mortgage as soon as possible.



2. For how many years have you been paying your mortgage? With a typical 30-year mortgage, for the first ten years you are paying primarily interest.



Then the balance begins to shift and you will pay proportionately more principal. At the end of your 30-year mortgage you will be paying mostly principal.



Why does this matter? Because when you refinance, you are essentially taking out a new mortgage. If you have been paying your mortgage for fifteen years, you 're halfway to the final payoff! If you refinance, you will be starting all over again, and paying mostly interest.



3. There are five key elements that will affect whether or not it pays to refinance.



These are: the term of the new mortgage (15-, 20-, or 30-year); the amount you need to borrow; the fees you will pay to refinance; the current interest rates; and your credit history.



All of these five elements are variable. Consider the term. If your goal is to reduce your monthly mortgage payments, then you may want to consider a 30-year mortgage, because the monthly payments will be lower than what you're paying now. If you are capable of making the same monthly payments as you are now and hope to pay off your mortgage sooner, then a shorter term, with correspondingly higher payments, may make sense.



For example, let's say you have a fixed-rate 30-year mortgage at 8% and your initial loan amount was $180,000. Your payments, not including taxes and fees, are $1,320 per month. You've been paying for six years, so you have 24 years left on your loan. You go online and see that you might be able to get refinanced at six percent. You need to borrow the principal amount left on your current mortgage, which is $165,000. Using one of the free online mortgage payment calculators, you plug in the numbers.



You see that you have choices.

Mortgage Leads - Importance of Its Quality

Mortgage leads are valuable data that anyone can obtain from potential loan consumers. There are many mortgage brokers that utilize loan lead data as this information provides them with important ideas on the mortgage specifics that customers might want.



Internet is recognized as a significant tool that many loan searchers and as well as loan brokers can use in order to obtain data and information pertaining to loans and mortgages.



Applications done on the internet is now becoming a popular trend. As potential applicants accomplish such application forms, this generates a great number of mortgage loan leads useful to many brokers. Such leads are readily made available by way of various kinds of loan lead generators found on the internet.



When it comes to quality, mortgage loan leads must be fresh although it is not automatic that if leads are of good quality, they can close. The fresher the leads are, the bigger is the chance that they can close.



In order for a mortgage lead to be considered fresh in quality, it must be at least younger than 48 years.



Accuracy of loan lead information is likewise very important. These days, one of the biggest challenges that generators face is ensuring the quality of the information that they obtain from users. Today, there exist numerous software programs that ensure lead accuracy. One of the most recent developments in this field is the development of a program focused on phone and location verification.



Another criterion that generators must consider when looking for good mortgage loan lead is the truthfulness of data. It can only be considered true if the lead generated came from a person who possesses genuine interest in getting loans. How to verify truthfulness can be quite difficult, but when done with the right research, this can be successfully achieved. For example, some websites provide bonuses and incentives to anyone who accomplishes generation forms. If you really want quality loan lead, you must stay away from these types of lead generators.



Closing percentages on leads especially ones that are available on the internet are low. As it is, closing rates of leads at 8 to 14% are considered good rates already. On the other hand, accuracy of data on online leads is expected to be at around 80%.



Mortgage leads may be closed depending on how a person is quick to respond to the loan lead. The quicker he responds, the higher is the closing probability. The very first thing to do is contact the lead generator. Questioning him with regards to the lead will give you answers about the specific client needs.



After the queries, quotes can now be offered immediately to keep the client from dangling.

Tips Mortgage Companies Don't Want You To Know!

Mortgage brokers have a huge advantage when you are applying for a loan, this is because mortgages are their life. They know everything about mortgages and so can make a lot of money due to your lack of knowledge.



Mortgage brokers know all about the wholesale interest rates that you will qualify for, and are able to add on as much commission as they want, just to make some extra money. Mortgage brokers don't want you to know that there are certain tips to help avoid paying the full price of the interest rate that the broker gives you at first.



Here are a couple of tips that should be able to help you to avoid paying the full price of your refinance loan.



Before you look into refinancing your loan, you should first check your credit rating. Your credit rating is what lenders will look at in order to assess how risky you are.



You should request copies of your credit report from all of the credit agencies, then you should carefully study all of these documents and try to spot any errors. There are three credit reporting companies that are responsible for maintaining your credit records, because there are three different companies that manage the credit reports, it is very easy for them to develop errors.



Any errors in your credit record will negatively impact on your credit score, and so will mean that errors will cost you much more money in interest charges. By ridding yourself of errors, you should be able to get much better interest rates, and so save yourself much more money.



The best way to improve your credit score, is simply by paying all of your bills on time. If you don't already make all the payments on time, you should start making them on time and then wait for at least six months before you apply for a new refinance loan.



For more info see http://www.mortgagerefinanceloanhelp.com/Process_to_Refinance_Your_Mortgage_Interest_Rate/ on refinance mortgage interest rate



Make sure you stop using your credit cards as much as possible, by maintaining as low balances as possible you should be able to prevent getting poor credit. Also avoid taking out new credit cards as these can also impact on your credit worthiness.



Your mortgage company doesn't want you to know about the mark up that they put onto the interest rate that you could really get the loan for.



You are effectively paying for the services of a mortgage broker twice, once up front, and then every month for the life of the balance.



You should compare the rate that you are offered to the rates that you have received from other mortgage brokers, or companies.



By learning how to prevent yourself having to pay the mark up, you can save yourself a lot of money.