Lenders are finding that they can save a lot of money in their marketing budget because quality mortgage leads are generated online. Therefore, once they make the initial investment required to set up a high quality web presence for their company, mortgage leads will begin flowing rapidly.
Historically, when mortgage rates are low, lenders see a significant increase in quality mortgage leads. Right now, rates are at a point where borrowers who want to buy or refinance a loan are looking online for the best deals. The lending industry can thank the age of the internet for this behavior. Using a website, lenders can put out information about the different types of mortgages and refinance programs they offer and potential borrowers can review and compare the options to find out which might work best for their specific situation.
Quality mortgage leads are generated online. Interested borrowers can fill out a request for information from a lender, which is what constitutes a mortgage lead. Once this lead gets into the hands of a mortgage agent, there is a high likelihood that the borrower will complete and application and eventually close on a new mortgage loan. This is excellent news for lenders and it is also excellent news for interested borrowers, who will find the new trend in mortgage applications online saves them time and money.
It will be very interesting to see how this trend develops to save lenders money, and to increase the number of leads that they are able to generate using the internet. Gone are the days where lenders had to cold call local residents to talk about the option of refinancing. Costly mailings are also not an issue for most lenders today. And potential buyers and homeowners looking to refinance their mortgages have the added benefit of thousands of lenders available to provide information with a single mouse click.