Colorado | Home Loan | Mortgage | Refinance

Archive for February, 2010

Mortgage Leads, Choosing the Best Option

When it comes to buying mortgage leads, there are many good companies out there for you to research, and many avenues to travel down when considering which lead type will work best for you.

While working as a loan officer, I dealt with my fair share of mortgage lead companies. Along the way, I bought my leads in bulk, I bought them fresh, and I bought them with a live transfer.

Researching lead companies is an important aspect when deciding to invest in one, but lets be honest with each other, we really don’t know what we are getting until we begin to purchase them.

When I would purchase my leads in bulk, I would take $100.00 of my hard earned money, find what I believed to be the best cherry-picking site out there, and by about fifty leads at $2.00 each.

Now I know that you get what you pay for, and my goal was to close two at the most, and at the very least, one. Over the years this approach would occasionally pay off, but I had the feeling of working harder, and not smarter.

The next approach I took a shot at was the purchase of “real time leads,” or “fresh leads.” I would take that same hard earned $100.00 and receive approximately three to five fresh leads consisting of purchase leads and refinance.

These leads I did not cherry pick, I would set up a filter before hand. The filter would be specific to state, type of loan, credit, ltv, loan amount. Etc.

When a lead came in and matched my filter, it would be stream lined directly to my e-mail account, and it would be roughly ten minutes old. I had a lot of success with these leads, but continued to keep all of my options open.

The other type of lead I decided to take a shot at was the live transfer lead. I believed this to be a wonderful concept, and a very efficient way of obtaining leads and increasing my applications.

I basically sat at my desk and waited for the lead company to transfer customers to me by way of the telephone. Sometimes this worked and sometimes it didn’t. The problem was, there was no guarantee that I was going to answer the phone. I worked in an office with ten other loan officers, if I stepped away from my desk, they would end up in my voice mailbox, or if the phone went unanswered, the potential customer would hang up.

It is pointless to go into further detail, I think you get the picture, the live transfer at times could be a mess. Again, I felt as though I was working harder and not smarter.

Before investing with mortgage lead companies, make sure you do your home work thoroughly. Read the companies “terms of service,” find out what their return policy is, call and speak with a representative, ask about a free trial. Does it consist of a free lead or some type of credit toward your first deposit? If they are confident in the quality of their leads, than they should not have a problem accommodating you.

I have had, and know loan officers who have had success with all of the above mentioned lead type scenarios. Some may work for you and some may not. But remember, if you find yourself working too hard to make the lead work for you, consider a different type of lead!

Jay Conners has more than fifteen years of experience in the banking and Mortgage Industry, He is the owner of http://www.jconners.com, a mortgage resource site, he is also the owner of http://www.callprospect.com, a mortgage lead company.

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Refinancing mortgage loan is one of the best debt consolidation options available in the market if you already have a mortgage loan. None of us wish to have debts in our financial profile. It is a possibility that due to any emergency in the past, you have accumulated several high interest loans to cover yourself but that can harm your monthly bills in a big way. However, if the cloud cover of debt is more than you can handle monthly as well as your monthly expenses are more than you are earning currently, then you should seriously look to consolidate your loans as early as possible. You should not look for a miracle next month.

If you have a good repayment track record then you can easily apply for a refinancing mortgage loan where you can get a loan up to 125 percent of the current appraised value of your home. The repayment duration of a refinanced mortgage loan is usually 5 to 25 years with comparatively lower interest rates. Due to this nature of the loan, your monthly bills will certainly come under your control and you can plan for better cash flow habits.

Now considering, you have your refinanced mortgage loan for your debt consolidation needs, you need to make a monthly budget for yourself and organize your monthly cash flow in an effective manner. You can also take help of an experienced financial planner in this regard. A debt consolidation loan should be your last debt in your life, as there is nothing like a good debt or bad debt. As per my experience, unless you have an enterprise where you need cash to expand your business, you should not opt of a debt to fulfill your daily needs.

Vikash Kumar is the webmaster of http://DebtConsolidationDetails.com who loves to share important Debt Consolidation Tips, News and Tips in an effective manner.

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If you are in an unaffordable mortgage, you should consider a home loan mortgage modification. Millions of Americans will take advantage of this assistance in the 2009 Stimulus Bill and manage to save their home.

The Stimulus Bill funds 75 billion dollars to rescue the plummeting housing market and help reduce the growing foreclosure rate. Home foreclosure is at an all-time high in the United States. The Bill provides financial incentives to banks and lenders to actually rewrite existing mortgages and provide a monthly payment that homeowners can afford.

The goal is a payment that less than 31% of the gross monthly household income. The banks achieve this new payment through using one or all of the following methods: interest rate reduction, lengthening the term of the loan, waiving late fees, and even forgiving a portion of the actual principal.

To apply, homeowners must meet the following guidelines: