If you are a loan officer or mortgage broker looking for mortgage leads, you can choose from a few different kinds.
The most important thing to think about at first is your budget. If you don't have a lot of money, you should look at the lead companies that let you get started with a small deposit.
In the mortgage lead business, a $100 deposit is considered to be a low minimum deposit.
Exclusive and nonexclusive leads are the two most common types of leads.
Exclusive leads can only be sold once. You and only you will get the lead.
On average, mortgage lead companies sell non-exclusive leads up to five times. So, if you want to buy leads that aren't exclusive to you, you should be ready to compete with other loan officers.
One of the most common ways to buy mortgage leads is to pick and choose the best ones. When you cherry-pick your leads, you can look at them before you buy them.
Real-time leads are another type of lead that people often buy. Real-time leads are sent to your email box through a smooth process.
This is how it works...
You sign up for an account with a company that provides real-time leads and set up a filter for the kind of lead you want. Lead type, loan-to-value (LTV), loan amount, credit score, state, etc.
When a lead comes in that fits your filter scenario, you get an email about it. After the customer sends in their online application, the lead arrives in your email box in a matter of seconds.
When you buy real-time leads, you can be sure that they are good because they are new.
Try to stay away from recycled leads, which loan officers in the mortgage industry call "junk leads."
These leads are bought and sold from one lead company to the next, and then they are sold for a profit to loan officers.
There is almost no chance that a junk lead will turn into a loan, so stay away from them.
Doing research might be the best way for you to find the best lead company for you. Talk to a customer service person and ask them a lot of specific questions. If you don't like the customer service or how your questions are answered, you probably won't like the leads.
