Why Fha Mortgage Leads Have High Conversion Rates - Making Your Leads Work For You
For a mortgage broker, finding the right mortgage leads is one of the most important things you can do in order to grow your business. Whether you get your leads from a local real estate agency, bank branches, word of mouth or through a lead generation services, without leads, which will convert into loans, you are dead in the water. More and more mortgage brokers are purchasing leads, as more and more borrowers are turning to the internet to find the best deal on a mortgage. Using one or more of the many lending sites that are out there, borrowers are actively qualifying themselves as viable leads in one or more mortgage markets, just by applying.
Of course, not all applicants are qualified leads. And not all qualified leads will convert into loans. Borrowers seek out information on mortgages for a variety of different reasons. The most customary reason is in preparation for the purchase of a new home. Other reasons that people may be mortgage shopping are to consolidate high interest credit card debt or to refinance their existing mortgage into a lower monthly payment with a lower interest rate. FHA loans are also a great source of interest among many potential borrowers. An FHA loan typically requires a much smaller cash investment upfront of the borrower, and has much more lenient income guidelines than a traditional mortgage would.
For a mortgage broker, FHA leads are like gold. In general, FHA leads have higher conversion rates than many other kinds of mortgage leads. This is due to several different factors. FHA loans are available to those who do not have a lot of money for a down payment and may not have the best credit score. The FHA enables those individuals to get a loan with a much lower interest rate and therefore a much lower monthly payment. With less strenuous requirements to qualify, and lower closing costs, an FHA loan is much easier for many Americans to agree to. FHA leads are mortgage leads of people that are seeking FHA lending. A much higher percentage of these FHA leads will convert to an actual mortgage than almost any other type of mortgage lead.
For many borrowers, FHA loans mean that the pride of homeownership is a possibility. For mortgage brokers, FHA leads mean the possibility of a better conversion rate on their leads.
If you are ready to find out more about FHA mortgage leads and how they can benefit your business, don't wait, get started today!
by: Troy Truman