Wednesday, September 30, 2009

Tips on Mortgage Shopping

Mortgage market is highly volatile. It is important to understand the nature of the market if you are planning to do a mortgage shopping. If we look at the current market scenario, we can notice a subsequent hike in mortgage rates. A significant reason for this is a threat regarding the trillion dollar budget. Experts believe that there is a possibility of good inflation in the coming months and that is how the rates are going up.

To plan for mortgage shopping, do understand that the rates may go down by 5% in the next month, as experts believe, however, there will be no extremely low rates this whole years. So, you can consider a few suggestions if you are planning to refinance your existing loan in the next few days.

If your search for a good mortgage professional is finished, you should focus on paperwork now. As the rates are high nowadays, it is likely to go down by the time your documents are complete and processing is done. Do make sure that your credit report is good and start taking measures if you find any problem in your credit report as it may create trouble in future.

Talk to your mortgage professional about when it will be the best to pull the trigger. Both of you can decide about the best time for a mortgage rate to go down and that is when you will refinance. Make sure you do not change your decision frequently. Just stick to what you have planned. If you notice a good drift in the rates and feel that the right time to refinance has come, do not wait for the rates to go down further. Gambling is always been a bad experience for many people in such cases.

By Eshwarya Patel

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Sunday, September 27, 2009

Internet Mortgage Leads in Real Time

For loan officers and mortgage brokers on the market for internet mortgage leads, buying in real time is one method you definitely want to consider.

For starters, without the internet, it would be impossible to even buy your mortgage leads in real time.

Real time leads are mortgage leads that are delivered directly to your doorstep within seconds of the customer submitting their on-line application.

The benefit of purchasing internet mortgage leads in real time is the amount of time you will save. You would no longer have to call numerous prospects in order to get one application.

Real time leads are fresh and the prospect is waiting on your call.

With most internet mortgage companies, real time works like this.

You open up an account with the mortgage lead company and set up a filter specific to the type of leads you are looking for, ie. State, LTV, loan amount, credit rating, etc.

Once a lead is submitted by the customer to the mortgage lead company and it matches your filter, it is delivered to you immediately by way of e-mail.

Basically, all the work is done for you by the mortgage lead company. Once they send you the lead, make the call and take the application.

By Jay Conners

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