In this tough times, everyone wants to get a good deal out of their money and effort. When you are engage in a mortgage business and competitions among mortgage brokers is stiff, some mortgage brokers often fall victims of false mortgage leads that only waste their time, effort and money in trying to work it out. Some mortgage leads include inaccurate information, incomplete and false. 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 an internet mortgage lead is real and fresh? Here are some guidelines to lessen your chances on not falling into any difficult or worthless mortgage lead:
- Check if the mortgage lead is fresh. It means that the mortgage lead was given to you in real time, meaning instantly or within 48 hours from user request. Upon receiving it, is best to act upon it while the user is interested. When you don’t, clients become disinterested when the difference from the time they gave their interest and the time you respond increases.
- 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
- city
- state
- Zip code
- E-mail address
- Work phone
- Home phone
- Type of house
- Current value
- Purchase price
- Year purchase
- 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
- Employer
- Years of Stay
- Income
- Monthly Debt
- Loan Type
- Loan n Amount/Cash out Desired
- Call time
- Comments and Questions
Users sometimes send in inaccurate information about themselves. However, there are software incorporated by mortgage lead generating companies to reduce errors in 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. These softwares may exist, but inaccuracy still arises as a common problem.
One solution to this is to check the mortgage lead generating companies and evaluate which company uses some guidelines in order to address inaccuracy. Check out different mortgage lead websites and the reviews made about them. MortgageLeadGuide.Com offers a comparison and review of these Internet mortgage lead generating 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 names are their leading prices for exclusive leads, non exclusive leads and custom filters. The table also contains brief backgrounder about the companies and how they work. They also provide lead links to user reviews on the different mortgage lead generating companies.
Finally, check if the mortgage lead is real. The best way to avoid bogus or false mortgage leads is avoid those websites that offer incentives to clients. This incentives are in the form of points for discounts on purchases or in the form of money for clients who fill out forms for a mortgage. Remember, if a person wants a mortgage he would not simply negotiate thru the internet but rather look for the company who could do the real job for them.
If you follow these steps, you’re sure that you will not fall into following worthless leads. But, it doesn’t mean that mortgage leads from the internet are totally worthless. Some experienced brokers who have used 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%. Moreover, expect accuracy of data to always fall to 80%. Fortunately though, if you are able to close 8% of these Internet mortgage leads, then you can consider yourself to be doing very well.