Mortgage Leads The Hotter The Better Thinking Of An Endowment Mortgage Different Ways To Repay Your Mortgage Mitigating Risk Mortgage Leads Home Loans Discovering Capital In Your Home What Every Mortgage Holder Should Know About Pmi

If you are a loan officer or mortgage broker and you are considering purchasing leads, or you are disgusted with the leads you are currently receiving, you may want to consider looking into “real time” leads.

Real time leads are something to consider because they are hot leads. Meaning you will receive the lead within seconds of your prospect submitting their on-line form.

Another thing to know about real time leads is that you know that when you receive your lead, you know it will be of good quality.

Many lead companies sell recycled leads, or what is better known in the industry as junk leads.

Recycled leads move from one lead company to the other, being purchased at a discount, and than being sold to loan officers at a profit.

By the time a lead of this type ends up on a loan officer’s desk, it has already been passed through the hands of at least a dozen other loan officers.

The chances of closing a loan on a lead like this are slim to none.

When considering a lead company that deals with real time leads, be sure to do your research. Call the mortgage lead company and speak with someone in customer service.

Find out how hey obtain their leads. If they are not obtaining the leads from web sites they own and operate on their own, than most likely they are obtaining them from third party vendors. In this case, it would be in your best interest to move onto the next lead company.

Endowment mortgage is a type of mortgage where you need not pay the principal amount you have borrowed from the lender, during the term of the loan, you would be paying only the interest and as well as the premium for the endowment policy you have taken. The endowment policy grows large enough at the end of the mortgage period normally 25 years for the repayment of the mortgage loan. Within this package you would also be paying the life insurance that will repay the loan incase if you die as there is no guarantee for your endowment policy to pay off your mortgage.

The endowment policy has two parts in it, a life cover part and an investment part, in life cover part it would pay off your mortgage debt incase if you die during policy, and in investment part it will repay your mortgage when the policy get ended up if you live till the policy ends up. But this part is not guaranteed as people find the endowment policy is not in track and not sufficient enough to pay the mortgage debt at the end of the policy or mortgage , and this leads to think about the other laternatives to make up the amount, due to this endowment mortgages are not so popular as the other mortgages.

With endowment mortgage you pay only the interest and the principal will remain the same, if the endowment policy would perform well it will pay off the mortgage debt at the end, incase if the endowment policy does not perform good it will leave you with the huge amount of debt to settle.

You may receive a letter from the endowment company that would tell you that you policy is not in track and so there is not sufficient fund for the repayment of the mortgage at the end of the policy, by seeing this letter you should not delay taking further action, you should not get worried and make any hasty decision, first you should check the facts, don’t cash in your policy, don’t ignore it at the same time as things would go worst if you don’t act immediately, you should think about the other options to make up the shortfall by switching the amount of shortfall for the repayment of mortgage, or asking the lender to convert the endowment loan to other type of loan where you can repay the principal with interest, or starting an additional saving to make it up the shortage, or you can plan to extend the endowment mortgage term or you can opt for top up of the endowment plan.

On top of everything you take up the advice of your financial advisor, or discuss the status with your lender

When you are searching for a mortgage, no matter if it is a first, second, or refinance, you have different options on repaying it which some people don’t realize. So, before you just take whatever is on the paperwork, you should consider the following options:

Capital and Interest Payments

This is the most common way to repay your mortgage, since you make your payments each month on the capital, or principle, of the loan. In the U.S., this is called amortization and in the U.K., this is called a repayment mortgage. These types of loans are set anywhere from 10 to 50 years, depending on the lender and where you live. The payments that you give to the mortgage company each month take a percentage and place it toward the interest and the rest goes toward the capital of the loan. Earlier in the loan, most of the payment goes toward the interest and toward the end most of the payment goes to the capital.

Interest only repayment.

While this type of mortgage is not widely used in the United States, it is in the UK. Basically, in this type of mortgage, the capital isn’t repaid through the term of the loan, instead, you make regular ‘payments’ to an investment account or plan that helps you to build up a large lump sum that will in turn repay the mortgage completely at the end of the loan. This is usually referred to as an “investment-backed mortgage” or as any of these types of mortgages: “Personal Equity Plan Mortgage”, “Individual Savings Account Mortgage”, or a “pension mortgage”. So, when you hear any of these terms, you will know what the mortgage broker is talking about. These types of mortgages offer some great tax advantages, so just ask your mortgage broker about them.

No interest or capital payments.

If you are an older person, this might be the way for you to go. Some mortgage companies offer a mortgage that is usually referred to as a “reverse mortgage”, “lifetime mortgage” or an “equity release mortgage”, it just depends on where you live and where the mortgage company is located. Basically this type of mortgage is just compounded each year, with the interest rolled up into the capital. The only problem is that the debt increases each year that the mortgage is open. One of the reasons that these loans are meant for older people is that they are not usually repaid until the borrowers pass away.

There are also several other, less common, ways of repaying your mortgage you will just need to check with your lender to see what types of payment plans and options they offer before you sign your mortgage paperwork. You might be able to get a better payment plan by going with a less conventional way of repayment.

Why would loan officers and mortgage brokers work with Mortgage-Leads.com? To mitigate their own risks when it comes to advertising. Loan officers and mortgage brokers profit from the loans they close on. If they have no clients, they have no profits. Mortgage leads mitigate those risks by providing leads that have already been:Pre-FilteredPre-Qualified

Mortgage-Leads.com uses multiple interfaces to reach a client base that is nationally based. Local mortgage brokers and loan officers are then provided with leads that are within their own local area. Using a service to generate leads benefits mortgage brokers in the following ways:

Increases ReferralsClose More LoansMake More AppointmentsAttracts New and Repeat CustomersDecreases Marketing OverheadAn Edge on the Competition

The sad fact is that the competition for loans increases every day. The turnover rate of loan officers that abandon their careers in loans is about 95% within 5 years. That leaves only 5% making serious profits from the business. It does not matter whether officers specialize in Home Improvement, New Home, Secondary, Refinance or Debt Consolidation loans, a mortgage lead service mitigates the marketing risk and improves their personal business.

The key is to take advantage of the leads generated. Depending on the type of lead service invested in, mortgage brokers need to employ lead management. This crucial piece of the puzzle will not only improve personal business, but also provide a traceable resource for budgeting marketing funds on a year-to-year basis.

Leads are provided in different quantities based on the personal specifications or options chosen by the officer. It’s important to follow up on the leads as soon as possible. Because the leads have been pre-qualified and pre-filtered, providing detailed loan options to potential customers has never been easier.

More loans are being closed via lead services every day increasing the competitiveness of the market. Consumers want to shop their opportunities looking for better values, better interest rates and sometimes just a better payment. Because the consumer need is high, the supply must meet the demand.

Mortgage-Leads.com provides a crucial resource for officers who want to remain competitive. Internet savvy clients are more likely to surf the web in search of services and products than flip through the Yellow Pages. The potential client base is more than just private individuals, but also businesses. Real estate investment and small business loans are on the rise.

Mortgage brokers can optimize their market potential via mortgage leads. By contracting for a set number of leads for a set amount of dollars, mortgage brokers are not penalized for bad leads. They do not pay for leads that prove to be inaccurate or bad. This allows them to expand their business while minimizing their expenses. Taking advantage of mortgage leads requires good salesmanship. A good salesman will handle the follow-up and closing calls, making the most of the leads provided by the mortgage lead service. Taking advantage of pre-qualified, pre-filtered mortgage leads can ensure a profitable business.

To maximize their benefits while minimizing the risks, mortgage brokers should not only redistribute their marketing via traditional channels, but also engage personal lead management. A good management process will help to prevent leads from falling through the cracks. They will be able to prospect their leads in a timely fashion and improve their closing rates. In short order, they will mitigate their risks where their mortgage leads are concerned.

See what you do when you find the home of your dreams and not the money. You take home loans. Home loans are easily available and very appropriate for someone looking for home loans. Home loans have the most attractive conditions associated with them thus making them a unique way of borrowing money.

With home loans you can borrow over 90% up to 125% of your home value. If you have equity in your home then there is no better way to tap it then by applying for home loans. Home loans are wise financial way especially with low interest rates.

The interest rates on home loans are either fixed rate or adjustable rate. Depending on your inclination you can apply for either. A fixed rate home loan will have the same interest rate for the entire loan term. So if you apply for 15 or a 30 year loan term, the interest rate for home loan will remain unchanged. An adjustable rate home loan keeps fluctuating depending on the changes in the loan market. The adjustable rate home loans start with low interest rates. That is why more and more people opt for it. However, there is an uncertainty as to whether when they can rise.

With home loans, you can borrow from
Insurance – we need it for our life, our car, our house, our health and yes, in some cases, even for our mortgage. Private Mortgage Insurance (PMI) is the mortgage industry term used to describe insurance that protects the lender of your mortgage against any type of default. It’s primarily used when you put down less than 20% of the purchase price of your home.

Each month you will be required to submit a premium payment that is calculated based on how much your down payment is and the total size of your loan. Typically the payment amounts to around one-half of one percent of the total loan value. These payments are usually added to your mortgage payment to make it easier to keep track of and keep paid.

The good news about PMI is that for those who are required to obtain it, they won’t need to keep it through the life of the loan. Typically when you reach the point where you have paid down 20% of the loan amount most mortgage lenders will automatically discontinue the PMI insurance premiums. They are required by law to discontinue it when you your total remaining balance on the loan reach 78% of your original loan amount. For most homeowners, this will amount to roughly a $37 – $50 reduction in monthly payments.

You should be aware that if your loan is classified as a “high risk” then by law lenders can require you to maintain PMI insurance until you have 50% equity built up. Typically such loans are made to those who took out loans in which they didn’t produce adequate documentation of income, and those with spotty credit histories. It is always best to talk directly with your mortgage provider about the length of time you will be required to carry PMI. When you sign the paperwork for your mortgage they should include information about when you will no longer be required to carry PMI.

Of course, the best financial move you can make is to not have to pay PMI at all. Some ways to avoid having to pay this include taking on a higher interest rate (typically from .75 to 1 full point) or taking out two mortgages to purchase a home, with one covering 90% of the purchase price and the other covering 10%. Both of these options require you to carefully go over the numbers to see if they provide financial benefit over the life of the loan. A full percentage point increase in interest can amount to a massive amount of additional interest charges over the life of the loan that may far exceed what you would pay in PMI insurance.

Of course, if you really want to come out ahead in the whole mortgage game your best bet is to have 20% down for your down payment and make sure your credit report is as clean as you can get it. It takes time to achieve both of these, but a few years of savings and working on your credit can reap great rewards in your dream of buying a house.

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