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Online Mortgage Leads

Internet mortgage leads are provided by online mortgage auction sites, and can be a real help for borrowers. However, there are some things about online mortgage leads you should consider before you even turn on your computer.

First, you should have some idea about the type of loan you want. You should know if you want a fixed rate or adjustable rate mortgage, or a mortgage of another type. You should also know roughly how many points you want to pay, the preferred term of your loan, and the down payment you anticipate making. If you don’t have any ideas about these basic areas, you will want to do some online research before jumping into the lead market.

You’ll also want to make sure to fill out the mortgage site’s questionnaire with as much accuracy as possible. Because the site uses the information you provide to match you up with lenders, providing incorrect or partial information only hurts your chances of finding the right mortgage for you.

Also, remember you won’t get price information immediately, but after offers have been made by lenders. You should also remember that when looking for an adjustable rate mortgage, you’ll need to know about the index, margin, adjustment caps, and maximum rate in addition to the rate, points, and loan fee information you’ll need for fixed rate loans.

You’ll also want to remember that the prices quoted to you on these sites are only good for that day. Prices for the same lender will change, and comparisons over a week’s time will be worthless.

If you decide to lock in a rate you are quoted, you will have to provide your lender with some assurance you will actually close the deal. This may be only a signed agreement, but it could also take the form of a small upfront fee. You’ll also want to make sure you know all the lenders requirements before agreeing to the deal, and make sure the lender is bound to the rate he quoted to you.

If you follow this relatively simple advice, you should have no trouble whatsoever getting mortgage leads online.