A Complete Guide to Internet Mortgage Leads.

The Internet has revolutionized the way consumer’s evaluate, compare and choose mortgage products and services. Every day more and more mortgage shoppers utilize the Internet to study and purchase home mortgages. As a mortgage broker you must recognize this industry shift and learn to utilize this tool. Each day thousands of mortgage seekers fill out forms on thousands of mortgage leads generation websites requesting more information on mortgage loans or quotes from mortgage lenders. These mortgage leads are made available to you by an array of internet mortgage leads generation brokers. The BIG question is, are these internet mortgage leads worth your effort and money? Will the return on investment be there? In this article we will discuss the in and outs, do and don’ts and questions you should ask when purchasing internet mortgage leads. Careful consideration must be given to purchasing internet mortgage leads. In this mortgage lead guide we will discuss:

What makes a quality Internet Mortgage Leads
What you should expect from an Internet Mortgage Leads
Closing the sell to your Internet Mortgage Leads
Questions to ask before purchasing Internet Mortgage Leads

Quality Internet Mortgage Leads
What makes a quality internet mortgage lead? A lead that CLOSES. Not necessarily. We all know that not all leads will close. In fact if I was able to close between 8% and 14% of the mortgage leads I purchase on the internet, I would be happy. I consider a mortgage lead to be a high quality lead if it meets the following criteria:

-The Lead is Fresh -

It is critical to find out how quickly mortgage lead brokers turns the lead around and delivers it to you. Best case scenario, the lead is delivered instantly (a real-time mortgage lead) and it is an exclusive mortgage lead (only delivered to you). At a minimum you want to make sure the lead is delivered in less than 48 hours. Otherwise, the lead is less valuable and should not be sold at the same premium as a real-time mortgage lead. The more time that passes from the time the user requested information, the less your chances of closing the sale to this lead. I’ve seen many cases where users deny even requesting information. The quicker you contact them, the less likely this is to happen. Hit while the iron is hot.

-The Lead is Accurate

One of the biggest challenges mortgage lead generation companies face is obtaining accurate data from users. No matter what type of technology a mortgage lead company claims to have, no company can completely stop users from entering inaccurate data. A recent example of technology to improve data accuracy is telephone number/location verification. Companies use software to make sure the area code in the phone number matches the state. This is a nice feature because chances are if a user is going to enter a bogus phone number they will not enter the correct area code. What you must do is evaluate mortgage lead generation companies and decide who has the best solution to fit your needs.

-The Lead is a True Lead

What do I mean by a true lead? I consider a true lead to be a lead that was actually generated by someone that is truly interested in obtaining a mortgage. You have to be careful that the lead is not an ‘Incentivized Lead’. For those of you that aren’t familiar with this new term I will explain. Many websites today offer users incentives to fill out forms. In exchange for filling out these forms users are given points towards the purchase of merchandise or even money. Make sure you stay away from companies that have anything to do with incentivized leads. These leads are worthless !!!
What you should expect from an Internet Mortgage Lead?
This is simple. Don’t set your expectations to high. Like I said earlier it would be great to close at a rate 8% – 14%. Remember that you are buying leads, not sales. Expect accurate data 80% of the time and try to close at least 8% of these leads and you should be doing very well for yourself.
Closing the sell to your Internet Mortgage Leads
Again, this is a simple concept. The quicker you contact the lead, the better the chance of closing the sale. The first thing you should do is make contact. Once you have made contact with the lead ask questions and find out what they are looking for. After this initial contact you can follow up with a quote and answers to their questions. Quick response, quick response, quick response !!!!

Questions to ask your Mortgage Lead Generation Company
These are the not so obvious but very important questions to ask.

What is your lead return policy?

It is vital that you find this out before purchasing Internet Mortgage Leads. Bad leads are worthless to you and at approximately $50 each, this can get expensive quick. No batch of leads will be completely accurate, but you want to make sure that the percentage that is bad is not greater than 10% – 15%. Tip:
Ask the company what makes a lead returnable. What makes the lead invalid? Different companies will have different policies on what constitutes a bad lead.

How many times are your leads sold?

When purchasing leads you must make sure those companies aren’t overselling the leads they generate. The best lead is an exclusive mortgage lead, meaning you are the only person the lead was sold to. Exclusive mortgage leads are more expensive but you are ensured that you should be the only person receiving the lead. If the lead isn’t exclusive find out how many other times the lead has been sold. The more mortgage brokers that receive the same lead the less chance you have of closing the sale.  

What filters are available for your leads?

Filters allow you to set criteria for the mortgage leads you receive. Example: You could specify that you only want leads for mortgage seekers that have a ‘Good’ credit rating or better or you could specify that you only want leads from ‘Colorado’.

How are the leads delivered?

Find out what format the leads are delivered. Leads may be delivered in text format, Microsoft Excel, email, etc. Make sure it is a format you are able to work with.

How do you generate your leads?

Find out what method the company uses to generate Internet Mortgage Leads. Make absolutely sure there is NO INCENTIVIZING.

-Mortgage Lead Guide-

Buying a home and arranging a mortgage is said to be one of the most stressful experiences we can have in live, yet it doesn’t need to be. No matter whether you are a First Time Buyer or moving home, the step by step guide that follows will help ensure that your mortgage application runs smoothly.

Step 1 – Contact an independent mortgage adviser

Buying a home can be one of the most exciting experiences as well as one of the most daunting. With thousands of fixed, tracker, discount and variable rate mortgage products in the market, and so many different factors to take into consideration, how do you now which is the best mortgage product to meet your needs both now and in the future. Making a mistake can proof to be costly and so seeking professional independent mortgage advice is one of the most important steps you can take.

An independent mortgage adviser will complete a detailed fact find of your current circumstances and future expectations, and will analyse what mortgage products are available based on your income, age, credit history and attitude to risk. This analysis will highlight the most suitable products for which Key Facts illustrations will be provided.

Independent mortgage advice need not cost a fortune either. In most cases a broker fee will be good value for money, and will often be offset by the exclusive rates normally available via brokers. In a growing number of cases, Independent Mortgage Advice is provided free of charge with the mortgage adviser being paid for the introduction by the lender on completion of the mortgage.

Step 2 – Mortgage Promise or Initial Agreement in Principle

Once you have selected the best mortgage deal for your requirements, it is well worth applying for the lenders initial agreement in principle, also known as a mortgage promise. This is something that can be arranged on-line or over the phone by your mortgage adviser, with the lenders acceptance decision being available within minutes of submission. The initial agreement in principle will produce a certificate of confirmation that can be shown to prospective sellers to reassure them that mortgage finance is agreed, and that you are serious about buying.

A mortgage agreement in principle can always be arranged prior to knowing what property you will be purchasing or even before you have decided on the best type of mortgage product. The certificate will normally remain valid for 3 months, and speed up the process later when you make a formal application.

Applying for an initial mortgage agreement from several lenders is absolutely fine, but unless you expect the lender to have a problem in agreeing to the mortgage amount required, you are best advised to restrict the number of credit checks that you authorize to be carried out, as too many credit checks in a short period of time can adversely affect your eventual credit score.

What if your initial application is refused?

Agreements in principle are often declined and in most cases for one of the following reasons.

- An adverse credit history has been picked up when the lender has undertaken their credit checks and credit scoring.

- The lenders lending criteria has not been met such as being too young or too old, not in employment for long enough.

When these circumstances arise your mortgage adviser is ideally placed to discuss matters with the lender, and where no resolution can be found, to advise you of other lenders and their products where the criteria does fit.

Step 3 – Complete the mortgage application

Once you have received notification that your mortgage is agreed in principle, the full application can then be submitted. To submit the full application, full details about your circumstances will be required by the lender. These details will include the details of the property, how much you want to borrow and where the rest of the money (your deposit) is coming from. Accurate and honest information provided at this stage when completing the form, can help tremendously towards the avoidance of delays in the application process later on.

There are many benefits of using a mortgage advisers services when submitting the full mortgage application, with the main benefit being that the adviser will have years of experience of the individual lenders underwriting practices, and can advise you of the best way to package and submit the application.

Bear in mind that exclusive mortgage rates, which can not be obtained direct from the lender are often available through an Independent Mortgage Adviser.

As well as completing the application form, some documentation will be required to back up the details given. Exactly what, will depend on the type of mortgage applied for and the lender involved. In the case of a self certification mortgage, the documents required can be as little as proof of your identity and proof of residence.

Typically when borrowing 75% – 90% of the property value, the lender will require the following:

- Pay slips (often for the last three months)
- P60
- If self employed copies of two or three years accounts will be required.
- Bank details for the Direct Debit mandate.
- Proof of identity such as a passport.
- Proof of address such as a recent utilities bill. or bank statement.
- Proof of the last 12 months mortgage payments or a tenancy reference if renting.

Where documentation is required in support of the application, any delay in providing it will delay the lender issuing the mortgage offer. Dealing with an independent mortgage adviser ensures that you will be informed about any documentary requirements quicker than if dealing direct with the lenders.

Step 4 – Instruction of the property valuation

Once the mortgage application is submitted and agreed, the lender will instruct a valuer to inspect the property. The cost of the valuation is born by you unless the mortgage you are applying for includes an incentive such as a free valuation fee.

The mortgage valuation allows the lender to confirm the value of the property and agree to the lending required. In addition to the basic valuation for mortgage purposes, you can ask the lender to carry out a more detailed survey of the property (which is advisable) such as a homebuyer’s report.

The homebuyer report is in a standard format and is designed specifically as an economical survey and an effective way to minimize risk. The homebuyer report ensures that any defects or problems that could effect the value of the property, are picked up highlighting any that are urgent. As part of the Homebuyer’s report an integrated valuation for mortgage purposes is included, unlike a structural survey.

Step 5 – Instruct a Solicitor

It’s the solicitor’s job to review the Home Information Pack (HIP) which includes an Energy Performance Certificate, an index of contents, a sale statement, evidence of title, searches and leasehold documents, when you are buying.As well as negotiating and exchanging contracts the solicitor’s job is also to receive funds from the lender for transfer to the sellers solicitor as well as updating the title deeds. Once contracts have been signed and returned the solicitor will agree a date for completion. On the day of completion, funds will be exchanged between solicitors at which point keys can be collected to your new home.

If using an independent mortgage adviser, check to see if a fixed legal fee package is available, as this can often save time and money, and can result in using a solicitor where the adviser has some leverage to make things happen quickly.

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Finding your own share of paradise isn’t as hard as you may think. Whether you are new to the Bahamas real estate market or an experienced investor, Graham Real Estate has the expertise, proven track record and resources to assist you in discovering the lifestyle that is just right for you. Our portfolio of listings boasts a wide variety of exceptional properties throughout The Islands of The Bahamas, including Nassau luxury homes, Bahamas vacation homes, and real estate in Marsh Harbour, Abaco; Hope Town, Abaco; Gregory Town, Eleuthera; Freeport, Grand Bahamas; Long Island, Exuma and the Berry Islands.

Since its inception in 1994, Graham Real Estate has distinguished itself as the premier Bahamas Real Estate and Rental Firm for exclusive and luxurious properties in The Bahamas. We have earned a reputation for providing exceptional customer service and for having an intimate understanding of the local real estate industry. Our team of highly qualified agents, brokers, appraisers, property managers and support staff has more than 30 years experience in the Bahamian real estate field. We pride ourselves in providing smooth, stress-free transactions for our clients so they can relax and enjoy island life. Our services include Property Search, Buyers Guide, Seller’s Guide, Appraisal Services and much more.

We are firmly committed to providing you with the very best results and service in the industry. We listen carefully to understand your real estate goals and create solutions that make sense for you. Whether you are new to the market or an experienced investor, we have the expertise, proven track record and resources to help you achieve your objectives.

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If you are a beginner who wants to be part of the thriving business of flipping houses then you need to know certain things such as the ones listed below in order to make the most of the situation. It is all about planning the correct procedures.

Ensure that you have plenty of credit or cash available to complete a project – rehab financing is an option used by many investors for flipping houses. This covers the costs for purchase or remodeling.

Making a spreadsheet of many houses in a locality is the best way to determine which house will make money. Therefore, you should be prepared to do research and understand your chosen real estate market. You will not get any success unless you actually do this.

Find out how much it will cost to do the repairs and upgrades on a house. You need to know how to make estimates on the cost of materials and labor. A visit to the local home improvement store can come in quite handy in order to know the prices of materials.

Flipping houses means that you must be adept at comparing the purchase price, labor, materials, expected sales price etc. You must not forget to include closing costs, holding cost and unexpected costs funds to this total. Only after this can you determine which houses offer the best profit and accordingly you should make your offers.

Take into account the best financing for your situation. Try to figure out that whether you will use your own money, rehab financing or an investment property loan. In fact you must talk to a loan officer in order to explore the options that will make for the best deal for flipping houses.

You must know who to hire for making the repairs. Another factor to keep in mind is that you have to make changes according to the desires of your future buyers. Learn which patterns, colors and features bring top dollars without spending any extra money. You should have a plan of action that has already been formulated before your buyer sees anything. This will ensure that you can immediately start to make repairs. A house that sees no activity after closing costs more money daily for the utilities and mortgages. When you initially get into the business of flipping houses, you should look for houses that need only cosmetic work such as painting, cleaning up, new flooring, etc. When you view these houses you should use some imagination to visualize how the finished house will look.

Flipping houses is more than just a way to make money. You can also help improve neighborhoods or turn a shabby house into a buyers dream. Flipping houses can be made to a fun activity.

A step by step guide to UK Property conveyancing

Conveyancing is the legal term for the process of transferring ownership of a property between two parties. A conveyance is legal document known as a deed that conveys a property from the seller (or vendor) to the buyer.

Property conveyancing is usually carried out by a solicitor, a licensed conveyancer, or, in Scotland, a solicitor’s agent. It is possible to carry out your own conveyancing, but for most people this is not advised. Some estate agents offer in-house conveyancing services, although it is usually wiser to engage an independent solicitor in order to avoid any conflict of interest. It is also a good idea to engage a solicitor who has been personally recommended as frauds committed by solicitors are not unheard of, and have even increased in recent years.

For buyers, your conveyancer will require the property details, the name of the selling agent (if applicable), a list of items to be included in the sale, details of your financial sources, the name and contact details of your lender and when you wish to take possession.

If you are selling, the conveyancer will need details of the deeds, the name and contact details of your lender, copies of any planning consents, and the date by which you wish the transaction to be completed.

The conveyancing process (detailed below) takes on average 10-12 weeks to complete, but the timescale is determined by financial, legal, social and personal factors. During the period prior to contracts being exchanged either party can pull out of the transaction for any reason without obligation to the other, giving rise to gazumping or its opposite, gazundering.

The conveyancing process should involve the following:

1)      Verifying ownership of the property and ensuring that a good title is obtained. Title refers to a bundle of rights in a property and is distinct from possession, which can accompany ownership but is not necessarily enough to prove it.

2)      Carrying out local authority searches.

3)      Ensuring that the land has been registered and checking the existence of any restrictive covenants. Restrictive covenants refer to the restriction of anything from the height or size of building, to the materials used in construction.

4)      Ensuring that any planned alterations have necessary planning permission, building licenses, and that they have a warranty.

5)      Checking that any debts against the property are cleared before contract exchange.

6)      In leasehold properties, the lease and its clauses are checked.

7)      Drawing up a contract of sale.

8)      Registering the title in the name of the new owner after the property is sold.

There are a number of other checks that you can ask your conveyancer to carry out, for example:

1)      Finding out who own any adjacent land, and checking the level of development that may be allowed, especially any commercial activity. Checking if there are planned developments in the area that may affect the value of the property (e.g a motorway, landfill sites, railway lines etc) is highly recommended.

2)      Ensuring that the seller is the sole owner and actually has the right to sell.

3)      Discovering if the property is prone to flooding is important especially with coastal properties or those near to rivers. Erosion and global warming issues should also be considered.

4)      Discovering what the land both surrounding and under the property was originally used for which is especially important with relatively modern properties.

Many people successfully carry out their own conveyancing and it is entirely legal to do so. However the process is time consuming, complex and a good grasp of details and much patience is required. It is also risky as if a mistake in the contract is missed, it is possible to be left with a property you cannot sell. If it is the fault of the solicitor or conveyancer, you can at least sue.

If you do have a complaint about your solicitor, it is advisable to try to resolve it with them personally, if this fails you can report them to the Office for the Supervision of Solicitors.