Ditech : Mortgage Insurance Leads

Mortgage insurance is coverage to the mortgage lender in case of the potential default of payments by the borrower. It is an insurance policy like any other, and requires premiums to the paid. Premiums are generally passed on by the mortgage lender to the buyers of the mortgage. Mortgage buyers may wish to pay the premiums either on a monthly basis, or as a lump sum amount at the end of the year or closing period. Since mortgage insurance premiums have to be paid by the borrowers of mortgages, mortgage insurance companies target their advertisements to the borrowers.

Mortgage insurance companies are on the lookout for leads of potential mortgage insurance policy buyers. These are people who have taken mortgages from a financial institution. A person making at least 20% of the down payment is not required to buy mortgage insurance, but it is obligatory for the others. Hence, mortgage leads are invited from those mortgage buyers who have paid less than 20% of the down payment.

Telemarketing is the most viable option for garnering mortgage insurance leads. Call-center employees may cold-call various mortgage companies, who wish to pass on mortgage insurance to their buyers. Companies interested in buying mortgage insurance for their borrowers constitute leads, which are forwarded to the insurance company. Call centers may also cold-call the mortgage borrowers themselves. Once the mortgage insurance company gets hold of a potential lead, it follows up and tries to close the insurance policy on the mortgage borrower.

There are not many mortgage insurance websites that generate leads. The few mortgage lead generation websites that exist have mortgage borrowers fill in online forms and pre-qualify them for mortgage insurance policies. Pre-qualified leads are passed on to the mortgage insurance company. Since the leads are already pre-qualified, it saves both time and money for the insurance company.

The reason for the lower number of lead generation companies existing in the mortgage insurance field is that most of the mortgage insurance companies are tied up or affiliated with leading mortgage providers. Hence, when a mortgage is sold, the insurance policy is bundled along with the mortgage. This is known as capitalization of the mortgage, and is the norm employed by most companies.

However, mortgage insurance companies still try to improve their businesses by getting more leads. They may be willing to pay upwards of $35 for a good lead.

Ditech : Mortgage Refinancing Questions

Mortgage Refinancing is way to replace the existing mortgage with another mortgage. The replacement can happen with the current mortgage lender or a different mortgage lender. Mortgage Lenders created numerous mortgage options which add to the complexities of mortgage. Here are a collection of common questions and answers about mortgage refinancing.

What are the steps to mortgage refinancing?

First, you analyze your current financial situation. This tells how well your financial situation. After, you shop for the best mortgage. Most mortgage lenders have a website. Borrowers can research on the internet. Once the borrower found an advantageous mortgage, the borrower applies for the mortgage refinancing.

How to choose the right mortgage lender, or mortgage broker for mortgage refinancing?

The mortgage lenders differ in mortgage options such as interest rates, mortgage terms, down payment, closing costs, and more. To choose the right mortgage lender requires many mortgage refinance calculations and considerations.

What do I need to complete mortgage refinancing application?

Borrowers need to supply the full names, current addresses, previous addresses, social security numbers, employers information, gross monthly income, property information, asset information, and liabilities information.

When should you do mortgage refinancing?

The life of the mortgage is divided into several mortgage terms. When the mortgage matures at the end mortgage term, the borrower refinances the mortgage. This process is repeated until the mortgage is completely paid out.

The borrower does not necessarily have to wait for the maturity date of the mortgage. Sometimes, the mortgage lender offers a mortgage that is too good to pass. When mortgage lender offers a very good mortgage, the borrower can refinance the mortgage. If the new mortgage can reduce the life of the mortgage, and reduce the mortgage payment on pay period, it is advantageous for the borrower to refinance the mortgage.

What are the costs involve in mortgage refinancing?

The borrower may have to pay the penalty to refinance a mortgage before the mortgage reaches the end of the mortgage term. Since the mortgage lender loses the interest to be paid to them, the mortgage lender charges penalty. However, a low interest rate on the new mortgage may offset the penalty.

The borrower can pay for the discount points as well. It is the amount to bring down the monthly mortgage payment, or any mortgage payment. Each discount points means one percent.

The borrower also pays the application fee, title search fee, and appraisal fee every mortgage refinancing. Mortgage lender charges a fee to process the mortgage application called application fee. Mortgage lender also needs who the real owner of the property. Hence, the borrower pays the title search fee. Lastly, the appraisal fee tells the fair market value. The mortgage lender needs to find out if the value of the property can pay off the mortgage in case of default on mortgage payment.