Getting a Good Mortgage Lead on the Internet
Sometimes, mortgage brokers often fall into prey on mortgage leads that could only waste their time, effort and money in trying to work it out. Some mortgage leads could be filled with data that is inaccurate, incomplete and not completely true. Some leads could not also be new or fresh and could have been handed out already to other mortgage brokers.
So, how do you figure out when to take a bite on an internet mortgage lead without any fear that you are wasting your time and effort working on it? Here are some guidelines to lessen your chances on not falling into any difficult or worthless mortgage lead:
The initial step is to check if the mortgage lead is fresh. When you say "fresh", the mortgage lead is supposed to be with you in real time, meaning instantly or within 48 hours from user request. Within the time, you receive it, is also best to act upon it while the user is interested. Oftentimes, clients become disinterested when the difference from the time they gave their interest and the time you respond increases.
Second is to check if the mortgage lead is accurate. A mortgage lead should contain all of the information below:
- the name of the applicant
- the co-applicant's name
- street address
- Zip code
- E-mail address
- Work phone
- Home phone
- Type of house
- Current value
- Purchase price
- Year purchased
- First mortgage balance
- Interest rate
- Type of Loan: Fixed or Adjustable
- Second Mortgage Balance
- Second Interest Rate
- Type of Second Loan: Fixed or Adjustable
- Monthly Payment on Second Mortgage
- Behind on Payments
- Number of Late Payments
- Credit Rating
- Years There
- Monthly Debt
- Loan Type
- Ln Amount/Cashout Desired
- Call time
- Comments and Questions
Users sometimes send in inaccurate information about themselves. Some software are incorporated by mortgage lead generating companies to reduce erroneous data such as those which check area codes of the telephone numbers supplied by clients against the state they are calling from or those that check their employment companies from the data they enter. Although this software may exist, inaccuracy still poses some problems.
An indirect solution to this is to check on the mortgage lead generation companies and evaluate among them who has employed some guidelines in order to address inaccuracy. There are some pages in the Internet dedicated to this undertaking. Check out various mortgage lead websites and the reviews made about them. MortgageLeadGuide.Com offers a comparison and review of various Internet mortgage lead generation companies.
In their review, they've listed the various mortgage lead companies such as LeadBull.Com, Eleadz.Com, mLeads.Com, LeadStore.com and others. Next to each company name are their leading prices for exclusive leads, non exclusive leads and custom filters. The table also contains brief information about the companies and how they work. And, links to user reviews on the different mortgage lead generating companies are also provided.
The third and final step is to check if the mortgage lead is true. The best way to avoid bogus mortgage leads is to stay away from those that come from websites that offer incentives to clients. This incentives come in the form of points for discounts on purchases or are even given in the form of money for clients who fill out forms for a mortgage. You have to keep in mind that clients who really want a mortgage would not fall into this but rather seek out the company who could do the real work for them.
Following these steps can assure you that you will not fall into following worthless leads. But, you should also take note what other experienced brokers who have worked with internet mortgage lead generating companies recommend that expectations should not be high in closing a mortgage lead from the Internet. Their statistics for closing such deals is 8 to 14%. Also expect accuracy of data to always fall to 80%. And, if you are able to close 8% of these Internet mortgage leads, then you can consider yourself to be doing very well.