Types of Mortgage

By: Wayne Hemrick

There are many individuals who work in the mortgage loan industry. From brokers, to loan officers and loan originators, all offer loan products to the public. If you look in your local telephone book, you will see a long list of individuals and companies affiliated with mortgage loans. What is it that differentiates each of them from their competitors? One important aspect is the type of mortgage loan leads that they use.

Mortgage lead generation companies sell different types of leads, including those that are exclusive and those that are not. Non-exclusive leads are resold to many different mortgage brokers, leaving the potential new client open to a barrage of calls or e-mails from many brokers who are looking to make a sale. Although you may find many debt leads that fit within this category, even though they a they are initially less expensive to purchase, their closing rate is much lower than you will find with exclusive debt settlement leads.

Exclusive leads provide several benefits to the mortgage brokers who use them. First, those leads belong to you and you alone. No one else will have access to them. What this means is that you have bought the benefit of time. Time is necessary to get to know the potential new client and discover what he or she wants out of a home refinance or debt consolidation, or both. This way you can offer up the most suitable options in loan products that will best meet their specific needs. When you can do this, your rate of closing should increase dramatically, because you are providing customized solutions to your client's financial problems, which will be appealing to them.

Second, anyone, yourself included, especially when they are about to step into a long-term financial relationship, wants to be treated to individualized service. No one wants a cookie-cutter loan, simply because that is all that you could offer. They want to come out ahead financially in the long run, and they rely on your expert advice to help them do so. Exclusive leads give you the time you need to discover what your potential new client's long-term financial goals are, plus the time it takes to develop their trust in your skills and products. In this way, it then becomes worth your time to discover any and all loan products that will work best for them, and they will appreciate the care you took, making you distinct from other brokers.

Third, when you have invested so much time in a client, those clients tend to be repeat customers. With fluctuating interest rates and economy, former clients will want to return to someone they can trust when they need to refinance, and purchase a new home. You exclusive leads can pay off handsomely with returning customers.

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