About Subprime Mortgage Leads [mortgageinsuranceguide.blogspot.com]
Question by Kippy: Are there any subprime mortgage brokers left? Are there any subprime mortgage brokers left? Best answer for Are there any subprime mortgage brokers left?:
Answer by Kevin
Yeah. Deadbeats still want loans, so there are still subprime lenders. Demand always drives supply
Answer by Steve D
It's not a sub-prime broker you are looking for, it is a sub-prime lender. The problem you run into is that the housing market is terrible and banks have tightened up lending qualifications making it almost impossible to get a sub-prime loan with one exception - a relatively large deposit. If you are looking for a sub-prime loan, you are also looking at 20% or more down and a higher than market interest rate (think 6.5 to 7%) The larger deposit provides an equity cushion due to the risk and the higher interest is because of the greater likelihood that people in your risk category will default. If you decide to go ahead, call around to all the brokers in your area and discuss your needs. The brokers will know which lenders are more likely to take you on.
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We've all heard about those silly Americans and their stupid sub-prime loans ... Mortgage brokers targeted A-RIP consumers - those with a house paid off but no ... We panned the US for its sub-prime mortgage crisis but we're not ...
Subprime mortgage leads are very important for mortgage brokers especially in current economic downturn. Due to recession, there are millions of people who are suffering from bad credit due to some reason or other. Since their credit history is no so good now, these people are not eligible for normal mortgage loans. Therefore, they are called as sub prime customers or non prime customers.
A prospect can be a sub prime customer due to various reasons. He could have been laid of from the employer or maybe he is a young adult who hasn't yet got a chance to make his credit history. Then there are people who have problems with bankruptcies, liens, judgments etc. Sometimes, all they need is a second chance to repair their credit history and a sub prime mortgage loan may be the best option available to them.
The sub prime lead or pre-foreclosure lead is usually a person which is desperate for a second chance to make up his credit.
Since there is huge number of people who fit in this category, sub prime mortgage brokers have a good chance of making money. And the good thing about sub prime lending is that brokers get a good amount as commission when the lead converts into a customer.Therefore, it is important for the sub prime mortgage lead broker to make sure that when he gets a good lead, he is able to convert him to a customer. There are a few things which he should be aware of while working with sub prime customers. Firstly, he should target the customers. Cold calling will probably not work well. Only go after verified and qualified customers. Time is too precious to chase unverified leads. Be visible in the market place using either a website or through physical appearances in trade shows, association gatherings etc.
Lastly, make sure that all actions are done within legal boundaries. You have to honor direct mail ethics, do not call registry, do not mail registry etc to avoid any unnecessary legal hassles. You don't want to be one of those sub prime mortgage fraud cases. Recommend About Subprime Mortgage Leads Topics
