Ditech : Mortgage Lead Generation

The companies handling the mortgage lead generation process need to be very careful and systematic, as this is the most crucial step of the mortgage loan procedure. The mortgage lead generation process involves collecting and compiling mortgage loan applications. The mortgage loan seekers contact online mortgage lead generation companies for loans. They submit their application by filling out a mortgage loan request form. They have to mention all the relevant details to facilitate the search. The completed loan requests are actually the leads. It’s the responsibility of mortgage lead generation companies to verify the authenticity of the leads. The screening is needed to select the genuine leads and get rid of the bogus ones. Mortgage leads are important to the mortgage lending forms. They make profits and expand business by exploiting those leads.

After selecting the best leads, mortgage lead generation companies send them to different mortgage companies. The companies in turn contact the applicants with their current rates and fees. So, mortgage lead generation has to be foolproof. Otherwise the whole process will go wrong. The mortgage lead generation technique has to be detailed. The lead generation companies should find out the type, purpose and the amount of the desired mortgage loan from the applicants. This will make the process more precise. The mortgage lending companies will be able to get more targeted leads.

Leads are not merely a compilation of contact addresses. The mortgage lead generation process should involve research on the background of every mortgage loan request. This way, the lead generation firms will be able to nullify all bad leads and offer only the genuine leads to the mortgage lending companies. mortgage lead generation companies should find the persons who are truly enthusiastic about getting mortgage loans. This is the recipe for a successful mortgage lead generation process.

Ditech : Buy To Let Mortgage Refinancing

The buy to let mortgage allows the borrower to purchase a property. Then, the property can be rented to the tenant. The tenant pays the rent in which the borrower uses to pay the mortgage payment.

The borrower benefits from buy to let mortgages by creating the home equity. As long as there are tenants, the borrowers never need to use their own money to pay the mortgage payment. Eventually, the borrower can sell the property at a higher price.

The mortgage lenders may approve many types of buy to let mortgage refinancing. That includes fixed rate, variable rate, capped mortgage, discounted mortgage, cashback mortgage, and interest only mortgage.

In a fixed rate mortgage, the borrower pays the same interest rate on all the payments. So, the borrower pays the same mortgage payment on each payment period. This is conventional way to finance a property.

In a variable rate mortgage, the borrower pays the current interest rate. The interest rate fluctuates from time to time. As the interest rate increases, the borrower pays less on the principal. As the interest rate decreases, the borrower pays more on the principal.

In a capped mortgage, the borrower pays the current interest rate up to the maximum interest rate. The mortgage lenders set the maximum interest rate that the borrower pays. If the current interest rate went past the maximum interest rate, the borrower will only pay the maximum interest rate. If the current interest rate went below the maximum interest rate, the borrower pays a lower interest rate.

In a discounted mortgage, the borrower pays less interest rate than the current interest rate. For example, the current interest rate is five percent. The mortgage lenders charge one percent below the current interest rate which is four percent.

In a cashback mortgage, the borrower gets a certain percentage from the mortgage. For example, the mortgage lender gives three percent cashback on a $100,000 mortgage. So, the borrower gets $3,000 (3% x $100,000).

In an interest only mortgage, the borrower only pays the interest rate up to the end of mortgage term. So, the borrower does not pay off the mortgage. At the end of the mortgage term, the borrower pays the normal amount of mortgage payment.

Ditech : Mortgage Refinance Closing Cost

Mortgage refinance closing cost is cost at the end of the mortgage application. When the borrower refinances a mortgage, the borrower also pays the same closing cost to start a mortgage.

Some mortgage lenders offer low or no cost mortgage. It means the mortgage lenders pay for all or most of the non-recurring closing cost. Non-recurring closing cost means the borrower only pay one time. Non-recurring closing cost excludes interest, insurance, and property taxes.

The closing costs may include escrow fee, underwriter, document preparation, origination fee, appraisal, administrative fee, processing fee, wire transfer, mortgage broker fee, tax service fee, and flood certification.

Mortgage lenders charge a slightly higher interest rate. Then, the mortgage lenders get a mortgage rebate. Mortgage rebate is a certain percentage of the mortgage that goes to the borrower, or mortgage lenders. In return, the mortgage lenders use the mortgage rebate to pay off the closing cost. The interest rate may be 0.25%, 0.50%, or 1.00% higher than the regular mortgage.

In a no closing cost mortgage refinance, there are no discount points. Discount points are upfront fee to lower the mortgage. With a regular mortgage, the borrower has the option to lower the mortgage with the purchase of discount points. Each points represents one percent of the principal.

It takes time for mortgage lender to get the money back on mortgage rebate. The mortgage might take as long as 40 months to fully recover the mortgage rebate. So, the mortgage lenders are banking on the borrower to stay more than 40 months.

Since it takes time to recover the mortgage rebate, some mortgage lenders ask for a minimum mortgage principal. For example, the mortgage principal must be a minimum of $300,000.

In some state, the mortgage rebate is ban. So, some state may not have no closing cost mortgage refinance. For example, the mortgage rebate are ban on Alaska, New Jersey, Kansas, Oklahoma, Rhode Island, Louisiana, South Carolina, Mississippi, West Virginia, and Missouri. Consult your mortgage lender or broker.

To many borrowers, the no closing cost mortgage refinance provides an extra flexibility. The borrowers can take on a mortgage without paying for the closing cost. If a great mortgage refinance deal comes, the borrower can refinance again.