Get custom programming done at ScriptLance.com!

Wednesday, June 27, 2007

Mortgage Lead Generator Benefits

As markets for mortgages have become more competitive, the role of the mortgage broker has become more popular. It is highly recommended by all financial experts that buyers seek the assistance of a mortgage broker, sometimes referred to as a Certified Mortgage Planner, before choosing a mortgage. A mortgage broker can guide them through the process of selecting a suitable mortgage and offer mortgage and property related financial advice.

The benefits of a mortgage broker are clear, but increasing a broker's clientele in such a competitive market can be difficult. This is where a mortgage lead generator can play a significant role.

A good mortgage lead generator collects information from those seeking a mortgage from a variety of sources. In this progressive world of instant information and internet access, the world wide web provides a mortgage lead generator with a plethora of lead generation methods. A potential borrower views an internet advertisement, fills out the appropriate information about the loan they are seeking, the lead is verified and made available to brokers.

Many companies offer mortgage lead generator services but not all mortgage lead generator services are created equal. The difference is in how they handle the verification and release of this information. A good mortgage lead generator service will have a stringent verification process, ensuring it's a quality lead with conversion potential. Once a lead is verified, a good mortgage lead generator service will only offer the lead to a very limited number of companies. If there are no strict rules with regards to how many brokers can receive the same lead, it's best to look elsewhere.

It's a very good time for mortgage brokers with 80% of mortgage buyers using one to secure their mortgage. With so many potential clients, a good mortgage lead generator is the ideal weapon.

Labels:

Your Ad Here

Ditech : Home Equity Versus Conventional Mortgage

It is very important to understand the difference between a conventional mortgage and equitable mortgage. From the point of view of transfer of title to the mortgaged property, mortgages are divided into two categories: legal mortgage and equitable mortgage.

In case of a legal mortgage, the mortgagor transfers legal title to the mortgaged property in favor of the mortgagee by a deed. In a legal mortgage, the transfer of a legal title to the mortgage involves expenses in the form of stamp duty and registration charges. On the other hand, in case of an equitable mortgage, the mortgagor transfers the documents of title to the mortgagee for the purpose of creating an equitable interest of the mortgagee in the property.

This means that legal title to the property is not passed on to the mortgagee, but the mortgagor undertakes, through a Memorandum of Deposit, to execute a legal mortgage in case he fails to pay the mortgage money. The mortgagee is thus empowered to apply to the court to convert the equitable mortgage into a legal mortgage if the mortgagor fails to pay the mortgage money on the specified date.

It is worth mentioning that a mortgage by deposit of title deeds requires three ingredients, which are very pivotal. Firstly, it includes the existence of a debt in the present or future. Secondly, the deposit of the title deeds. And finally, an intention that the title deed should be the security for the debt. The intention is indeed the essence of the transaction. An agreement of sale by itself does not create any interest in the property. Hence, such an agreement is not deemed as Document of Title to property. For equitable mortgages, the deeds deposited must relate to the property or as material evidence of the title, and must have been deposited with the intention of creating a security thereof.

Labels:

Your Ad Here