Mortgage Loans City

No matter how the inexpensive mortgage leads were generated it still boils down to a “numbers game”. The cheaper the lead the more numbers you will need to call to close a deal. That being said, here’s how to get cheap mortgage leads without breaking the bank.

Cheap Mortgage Leads

1 Aged loan Leads- You can sometimes hit the jackpot buying aged mortgage leads. Buying vintage lender leads allows you to filter and target specific niche audiences because you get to cherry pick or sort through the surplus of aged loan leads. Even expensive leads only close 10% to 20% of the time and this leaves 80% to 90% that still need to get a loan. Maybe they just didn’t jive with the LO or their mortgage needed to season or they had pre pay penalties, even better they could have an ARM about to expire. I closed 4% on a 100 pack of 6 month old cheap loan leads and spent under $1000.

2. Mortgage SEO- Get your site ranked. Of course it can be expensive to try to compete with the big dogs who spend $50k plus a week on mortgage search engine optimization; However, you can target a small niche or local market that has less competition and get cheap lenders leads. For instance, NOBODY is competing for Muskogee, OK mortgage. This is a term I could easily hit the first page of Google within two months and get at least 1 or 2 cheap mortgage leads a day. Mortgage SEO is very time consuming and therefore costly but if you paid $2,500 or so on mortgage SEO and received 1000 leads over the course of two years then that can make for the cheapest mortgage leads out there.

3. Telemarketing loan leads- This can be expensive but tweaking the telemarketing list and criteria can improve productivity dramatically. Since the price of telemarketing lender leads is based off production loosen up on your criteria filers and get cheap mortgage leads as a result. Examples are as follows:

Expensive leads criteria…

Credit 620 and above

LTV 80% and below

Loan amounts $200k and up

Cheap lender leads criteria…

Credit 520 and up

LTV 90%

Loan amount $80k and up

4. Trigger data- Get ready to be a phone terrorist but reap the rewards. Trigger leads are generated by one of the large credit companies like Equifax when a homeowner has their credit pulled. This lead is then sold up to 9 times for different industries. These cheap lender leads are not only going to be resold but more than likely working with other brokers before you even get the lead. You must burn through many calls and be able to offer highly competitive rates to close these low cost leads. At 30 cents a pop it’s great filler and definitely cheap loan leads.

There’s much more information about cheap mortgage leads .

This entry was posted on Friday, May 23rd, 2008 at 8:48 am and is filed under 100 mortgage loans, 2nd mortgage loan, 40 year mortgage loan, 40 year mortgage loans, colorado home mortgage loan, free mortgage loan, get a mortgage loan. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.