Friday, June 18th, 2010 at
2:17 am
Mortgage Refinance has created a surge in the financial lending sector, creating a somewhat unexpected but welcome spike in business during the lending’s struggling economic times. Rates have dropped below 6% as soon as the Federal Reserve mentioned they were going to buy mortgage-backed securities to stimulate consumer financing once again. The dramatic drop in mortgage rates has had a direct influence over mortgage finance and has proven some lenders under-prepared.
The purchase of mortgage-backed securities has started taking place as of the second week in January of 2009. This has spurred a wave of activity for the mortgage finance business, also adding to the workload lenders are currently experiencing after the Fed’s announcement in November of 2008.
Some contacting lenders for mortgage refinance have been unsuccessful in speaking to anyone directly. And with some left only with the option of leaving a message for a return call, this has frustrated consumers even more as they are unable to simply leave a message as lender mailboxes and voicemail are unable to support the volume of callers.
Other department employees experienced in finance within the lending institutions have been temporarily transplanted to handle the increasing mortgage refinance applications. The anticipation of rates climbing and back to their previous position has created a sense of urgency in people looking to refinance. It is possible to see change from hour to hour after tracking the history of rates over the past years so the concern is understandable.
Some consumers have been told it could be weeks before lenders can follow up about mortgage refinance. In this situation, take the time to contact several lenders as it may take more effort than usual to get through and actually get a response. This is a good time to benefit from knowing someone in the lending Industry.
If there are contacts directly related to the lending industry or connections with a real estate agent that can act as a liaison to help deal with a mortgage refinance, this will offer a stronger start. There is also the possibility some lenders may not have the time reply to the message or to an online application before some are able to lock in a great rate.
As the refinance business continues to see growth, it would be wise to seek out a lender that will be able to process the application right away and not have get through other applications while you wait for a couple of weeks before they can get to it. Some customers are told to fill out the form or application on the lender’s website for a mortgage refinance.
It would be wise to know the most current rate available, as some online lending sites purposely do not post the their rates just in case they should change. If it is obvious that going through the trouble of getting to a live person is not getting anywhere, take a different approach as soon as possible.
By: Madeline Hernandez
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Tuesday, June 8th, 2010 at
3:05 pm
How To Channel Your Entire Mortgage Marketing In One Direction For Maximum Results
It doesn’t matter whether you’re using business cards, fliers, door hangers, reports, postcards, newspaper/yellow page advertising, direct mail, or a call-capture system…all of your marketing efforts should be designed with a single purpose and objective…identify and capture the information of new mortgage prospects.
The easiest way to do that is to channel everyone to one place, and that place is your personal mortgage website. When you think about it, it makes perfect of sense.
You’re already involved in a marketing programs that are generating mortgage leads for you, and you also have a personal mortgage website (or at least you should). Combine them effectively and watch your mortgage business grow even faster.
Here’s a specific example using fliers along with your website:
Now, if you’re like most Mortgage Professionals you use fliers or brochures periodically to promote your products and services and generate leads. Unfortunately, you may not be getting the maximum benefit from your marketing material. To do that, you need to combine your flier with your website with “your call to action.”
The most common “call to action” that I see on mortgage marketing material is the infamous statement “Learn more at www.yourwebsite.” There isn’t a single reason given to visit the website, other than the “learn more” enticement. Boring…and, no thank you…I’ll pass!
With some very small adjustments to your marketing strategies, you could easily double your response rates. In fact your response may even be better than that. The nice thing about this is it only takes a little extra effort on your part.
The only thing you need to do is make folks want to visit your website. It’s that simple! There are no instructions to download, no manuals to read, and no mortgage marketing programs with which to invest your money. Simply replace the “learn more at my website” statement with a really good reason for people to visit your website. And the reason you give; offer them a really good “reward.”
Now they’ll want to visit your website and when they do, they are impressed by the information they found and the great “reward” you mentioned in your mortgage flier. Goodness, they’ll even fill in their contact information in exchange for that “reward.” Plus, they’ll probably “bookmark” your website so they can visit it again in the future and possibly notify their friends of your web link.
The key to making this work is the “reward.” You need to come up with a “reward” that people definitely want. I’m not talking about a one or two page report like “Valuable Tips Every Home Buyer Should Know.” I’m talking about a valuable resource of information that people want…that people are willing to down load…and, that people are willing to leave their contact information to receive.
Your “reward” needs to be targeted to the audience that received your offer. Offering great information as a “reward” always works and is simple to deliver. But, your information has to be done properly and look professional. Identity Theft is an example of a hot topic in the minds of most people today. Capitalize on the fact it’s newsworthy and provide valuable information to your prospects. Whatever your “reward,” it can be delivered using email and if you have an auto responder connected to your website, that’s even better.
Your email list will be automatically updated and maintained for you and your new contact will become apart of your drip marketing system receiving your scheduled mortgage marketing messages. You are providing something of real value in exchange for the opportunity to gather information and communicate with a prospective client.
Incorporate this simple concept into all of your marketing efforts and channel them the same way. You’ll dramatically increase your leads, your marketing costs will decline, your database maintenance costs will be less, and a good portion of your follow-up marketing will now be automatic. Yes…that means “hands off.” What more could you ask for?
By: Tom Domin
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Monday, June 7th, 2010 at
2:56 am
In the mortgage business, the interest of the lender is always stressed. Mortgage should aim at the security to the lender. The lender has the right to foreclose on the property if the borrower fails to repay the loan as per the terms and conditions. But the borrower can be excepted as the equity of redemption is there to protect the borrower’s interest. The borrower has the right to have an absolute right to insist on redemption.
Mortgage loan is a loan secured by real property through the use of mortgage. An individual purchases a loan from any financial institution. Any individual can obtain it against the property the borrower can purchase it from the bank in a direct way or an indirect way. While purchasing a loan the important factors are the size of the loans, period of maturity, procedure to pay off the loan etc.
There are some common characteristics of mortgage markets. The procedure of mortgage lending is regulated by the Governments. Government regulates it directly or indirectly. Generally direct lending is regulated by the Government or state owned banks etc.
The mortgage loans are commonly long term loans in feature. The borrower can pay the principal part of the loan in a slow process.
Mortgage loans are of different kinds. Mortgage markets are generally regulated by local regulations and legal requirements. The mortgage interest is fixed for the life of the loan. It can vary under certain circumstances. The interest rate may change. It can higher or lower.
An amortizing loan is generally paid when the maximum tenure of the mortgage loans is over. An amortizing loan is of two different kinds. FRM (Fixed Rate Mortgage) and ARM (Adjustable Rate Mortgage). Generally FRM is looked upon as mortgage in the right sense of the term. The latter one is known as floating rate or variable rate mortgage. This is a very common feature in the mortgage market.
Again a commercial mortgage refers to the loan which is made using real estate. It also aims at repayment. In this mortgage the real estate is the commercial property or business. It does not include the residential property. Unless the repayment is made, the lender can seize the real estate but cannot proceed further. Laws are implemented so that the borrowers can be excepted in case of repayment.
The role of the mortgage brokers is indispensable in mortgage lending business. Actually they act as a conduit between the lenders and borrowers. The borrowers like them because they represent varieties lenders and loan programs. Lenders also like them because the lenders can continue their business without doing any marketing.
By D.C. Fawcett, Business Building Coach to the Foreclosure Industry
For more information visit: http://mortgagetraining.realestateforeclosuresinvesting.com
By: DCFawcett
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