Refinance Mortgage Lead

The housing boom at the beginning of the last decade was financed by many adjustable rate mortgages (ARMs) and balloon mortgages. With balloon mortgages about to burst wide open, and with the excellent low interest rates now available for fixed rate mortgages, many people are looking to refinance their mortgages. This has generated a large industry of companies who offer mortgage leads to real estate brokers.

With up-to-the-minute new leads and a good list of persons who are likely to be interested in refinancing their old ARMs and balloon mortgages, realtors and mortgage brokers can cherry pick off the best of their mortgage lead lists and make money faster than with cold calls or other methods of lead generation.

Top quality lead management software programs and outsourcing of computer technology make all this possible. The refinance mortgage lead industry offers valuable information to realtors and brokers for a small fee per lead. The quality of a list is the most important thing. Just as it is important for direct mail lists to be up-to-date, it is even more important for hot leads to be up-to-date and fresh.

Mortgage and title information is readily available with research from public records, but it takes time to look them up. Important information like whether or not a loan has already been refinanced and interest rates on current mortgages may not be listed in public records. There may be missing or outdated phone numbers for homeowners. Phone solicitors also need to know if a telephone number has been put onto the National Do Not Call Registry list. Roughly 80% of public records telephone numbers are on the DNC Registry; calling those numbers can result in hefty fines.

Other information that is included on paid lists of mortgage refinance prospects includes data verification and lead matching. Leads are compared to telecom and U.S. Postal records for matching information for accuracy. Names, addresses and telephone numbers must be correct on each lead for it to be good. Better lead providers will guarantee to replace any bad leads with good ones.

Getting hot leads is also important to those who want to reach ready prospects. When inquiries about refinancing are made to the lead generation companies, that name goes onto a list immediately with a record of when the inquiry came in. These are called real-time leads. There is, of course, a high chance of duplication of names on lists from various companies that now generate mortgage refinance leads. Names may be sold a few times, but some companies do not sell names to more than 4 brokers.

Facts about current loans or mortgages are important for prospecting new leads. If there is a high loan-to-value (LTV) ratio, it means the prospect is more likely to be of higher risk because they have less equity in the home. It may also be a factor in the loan creation if the buyer is required to purchase mortgage insurance because of their high LTV. Knowing the LTV of a prospect can help the caller decide whether or not to pursue a sale to that borrower.