Sunday, June 27th, 2010 at
8:08 am
Mailing Lists make a difference with Mortgage Marketing
When it comes to using direct mail for mortgage prospecting, targeting the right audience can make the difference between success and failure. In today’s market, you not only want to reach a responsive audience, but also one that will ultimately qualify for the loan. Below are some of the choices available for the savvy mortgage marketer.
The Property Mortgage Database allows you to pinpoint households by filtering property and mortgage loan related elements, such as property type, home assessed value, loan origination date, and the original loan amount. Estimated home value is also available on this file, which allows you to predict the LTV or equity position. This database is compiled from the County Courthouse records department and is only as accurate as the county records are kept.
The Credit Bureau Database allows you to pinpoint households by filtering the credit worthiness of the potential borrower. Some of the selects are actual credit score, loan balance, revolving credit card amount and loan origination date. Estimated home value is also appended to this file, which allows you to predict the LTV or equity position. This database is compiled from the credit bureau and is considered to be very accurate. Since the FTC governs access to this type of data, a firm offer of credit must be made in order to be compliant.
The ARM Reset Database allows you to pinpoint households by filtering the actual day in which the adjustable rate mortgage holder will experience an interest rate change on their mortgage, and therefore, a payment increase as well. Some of the filters are month of initial reset, property type, interest rate, estimated (combined) LTV and loan amount. This database is compiled from the ARM Riders in the loan documentation at the County Courthouse.
The more you know about the people on your mailing list, the better you can communicate to them. The ideal scenario is to identify clusters of potential prospects within the mailing list and version your message differently to each one. It’s been proven, time and time again, that message versioning to the right audience will typically give significant lift in your response rate.
For more information on targeted mailing lists for the mortgage marketer, you can reach Jerrad Jordan with BB Direct, Inc at (866) 501-6273. You can also find more information one of their websites at www.armresetleads.com, www.triggerleadsdirect.com, or www.bbdirect.com.
Mortgage Marketing in a Down Market
Times are tough in the mortgage industry. Over the past several years, many lenders have extended more money to sub-prime borrowers. Additionally, an over-built America has caused the price of new home sales to slump, eating away at the equity of many homeowners who have been depending on that savings for retirement. The outcome is a very finite amount of quality prospects from which to offer your loan products.
So what’s a mortgage broker to do in a down market?
Get back to the basics.
Focus on your referral agents by keeping them informed with the changes in the market and how these changes might affect people they know.
Reach out to the builders needing help selling their inventory.
Sit down with these builders and listen to them. Get a full understanding of how many properties they will have available in the next 6 to 12 months and what they expect to sell. How many homes are reserve high-end homes, second homes and starter homes? Put together definitive solutions for meeting your builders’ lending goals.
Get a firm grasp of who you can loan to and focus solely on these individuals.
It’s been said that the FHA is the new sub-prime loan. Managing your lender relationships is just as important as managing your customer pipeline. Take inventory of specifically what you can and cannot do, and hunt for clients that fit within those guidelines.
Never stop marketing.
It’s vitally important to keep your name in front of your prospects. It’s even more important when the market is lean and mean. With fewer brokers vying for the same business, your message has a greater chance of getting attention and making a lasting impression.
Never do lunch alone.
If you’re plan is to build your mortgage business, you must develop your ability to invite people to lunch, and be able to tactfully engage in a productive dialog. Ask questions and get to the heart of who they know and how to move forward. Connecting with people on a personal level is important to many business professions, but is vital to the mortgage broker. If you don’t have this gift, develop it or find a new career-your livelihood is depending on it.
If you would like to learn more about mortgage marketing, you can reach Jerrad Jordan with BB Direct at (866) 501-6273 or find them on the web at one of their websites: www.BBDirect.com, www.ARMResetLeads.com, or www.TriggerLeadsDirect.com.
By: Brian Berg
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Friday, June 25th, 2010 at
2:59 pm
What is the direction of Direction of Texas mortgage rate?
Down…which is why this is the best time for homeowners in the Lone Star State to refinance their mortgages, pay off unsecured debt and enjoy lower payments every month.
Because the economy has been so badly managed for the past seven years, the Federal government now has to scramble to find a way to keep everything from collapsing. As a result, the Federal Reserve (which is not a government agency, but a private corporation that controls the nation’s money supply) now has to increase the availability of money by lowering rates yet again. Currently, we’re seeing mortgage rates lower than they’ve been in several years – as low as 5.5% in some cases.
Can your Texas mortgage broker help you? Undoubtedly. Mortgage brokers represent hundreds of companies and loan programs, and are therefore in an excellent position to find the program that can fit your situation the best.
Take advantage of the direction of mortgage rates in Texas and you’ll enjoy:
- Lower payments. Credit card companies (not your legislators) wrote laws that allowed them to double minimum payments. They are also legally able to charge interest rates as high as 29%, even for customers who pay their bills every month (it’s in the fine print of your credit card agreement). A home equity line of credit has a lower interest rate that will remain the same for the life of the loan – resulting in lower payments.
- A Better Credit Score. High levels of unsecured debt are great news to the credit bureaus, because it gives them another excuse to stick it to the working American by keeping him/her in that “sub-prime” category. When you pay off that unsecured debt, it looks a whole lot better on your credit report – and every retired debt helps.
- Tax Benefits. Before 1982, there was a tax deduction for credit card interest. President Reagan took that away from working people in his tax reforms of 1982. The interest on a home equity loan is usually tax deductible however, meaning substantial savings when April 15th rolls around (consult your tax advisor).
It takes little time to find and contact a Houston mortgage broker and get the process started. The bad news is that nobody really knows how long these low rates will last, so now is the time to take action – especially if you are carrying an adjustable rate mortgage. Those rates have nowhere to go but up. Bail out of that ARM and get the security and stability of a fixed rate mortgage today.w
By: Jonathan Blocker
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Wednesday, June 16th, 2010 at
12:52 am
If you’re feeling the credit crunch too, then its time to think about getting a 2nd mortgage loan, even if you have bad credit. Bad credit or a bad credit score doesn’t preclude you from finding a loan institution who can finance your 2nd Mortgage loan with bad credit. But just because you have bad credit, doesn’t mean you must put up with a bad offer.
Some things to look out for to avoid a shady or unfair deal for a 2nd Mortgage loan with bad credit are:
1. Beware of 2nd Mortgage loan bad credit lenders who offer you an incredible deal, extremely low interest rates, or a deal which looks to good to be true – if it does then it probably is. Where rates offered are much much lower than current rates then you can be sure that you are dealing with an adjustable 2nd Mortgage loan with bad credit and you can be sure that when the rate adjusts you’re going to be in for a major shock.
2. A lender encourages you to exaggerate your income for the application for the 2nd Mortgage loan with bad credit or falsify the loan application
If you need to falsify info chances are you can’t really afford the amount you’re trying to lend. Remember that most lenders work on a commission basis and they’re watching out for their own bottom line first not yours.
3. Never, EVER, sign a blank form when applying for a 2nd Mortgage loan with bad credit
A lender should never ask you to sign a blank document. In fact, never ever sign a blank document, period. A document can be as good as signing a blank cheque on your cheque account. Never do it. There are plenty of lenders out there looking for your business.
4. The lender pressures you to sign for a 2nd Mortgage loan with bad credit If the lender pressures you to sign even though you’ve expressed reservations or puts sales pressure on you then back away. Always take your time to make sure that you are getting the best 2nd Mortgage loan with bad credit deal for you and never sign a document unless you’re one hundred percent sure.
5. Promises not kept.
Where a lender makes promises but make excuses where it comes to making those promises in writing then get out. If they won’t put it in writing then you can sure that they won’t do what ever they’re promising
6. Arbitration
Where a contract for a 2nd Mortgage loan with bad credit has an arbitration clause then know that if you sign that contract you are giving up your legal recourse to the courts. IF you have to sign that can kind of document then make sure the Arbitrator is from an accredited association.
For more information please visit http://www.low-interest-second-mortgage-rates.com for more information
By: Brigitta Schwulst
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