If you are a mortgage broker or loan officer you know how difficult it is to find viable mortgage lead list opportunities. With the housing market in the condition it is in, finding customers that are qualified and potential leads is the key to success. If your information on the front end is good, then the closing of a sale will happen more times than not. In order to succeed, as both a lender and a potential customer, it is important to understand the difference between the different types of loans available. As a customer it is important to know if you qualify for any of these existing programs to save money.
A Federal Housing Administration, or FHA, loan is geared towards lower income individuals who would like to purchase homes that they otherwise would not be able to afford. FHA mortgage leads are an excellent opportunity for any lender to assess the appropriateness for a loan based on risk. If the lead appears to be a low risk, the lender can decide to offer a mortgage at a lower cost. This allows individuals who have acceptable credit to access otherwise inaccessible mortgage opportunities.
The Home Affordable Refinance Program, or HARP, loan targets individuals who already have a home, but the value of the home has declined and they are now unable to refinance. HARP mortgage leads allow a mortgage broker to work with customers to enter into a lower cost, more stable mortgage. The broker must first confirm that there was no previous HARP refinancing, and can then work with the clients to find a more affordable loan.
Most mortgage lenders are approached by clients who are looking to refinance their mortgages. Customers who had purchased homes at high interest rates have the opportunity to refinance at a lower rate. Refinance mortgage leads are an excellent opportunity to work with clients that have a good payment history and credit to lower their monthly rates. A good refinance mortgage lead is someone who currently has a mortgage at 6.5% and is eligible to reduce the interest rate to 3.5%, ultimately saving a significant amount of money.
Whether your goal is to target mortgage refinance leads, HARP, or FHA, there are a large number of legitimate opportunities. The economy and housing market has changed, creating additional opportunities, both for lenders and home buyers. A good lender will target leads of qualified buyers and refinancers, helping them to find a better solution and save them money.