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
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
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.