About Subprime Mortgage Leads [mortgage-assumption.blogspot.com]
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mortgage-assumption.blogspot.com How to deal with subprime mortgage loans
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. Related About Subprime Mortgage Leads ArticlesQuestion by Lisa F: Where can I find a subprime lender in North Carolina? Does anyone know where I can find a subprime mortgage lender in North Carolina? I'd like to buy a home but my credit is not good, and wont be good for several more years. I've heard there are people that can work with any situation, however I've not run across them yet. Any help would be appreciated. Best answer for Where can I find a subprime lender in North Carolina?:
Answer by novastarbanker
The days of sub-prime lending are over. Due to the rate of default and foreclosure, sub-prime lenders by the dozens are locking their doors and closing shop. I am a loan officer, and I can tell you that the days of lending to people with challenged credit are over. Every investor I deal with (if they still exist) has drastically changed their requirements for financing. You will now need money for a down payment, and credit of at least 640 or better and go full income.
Answer by Puddinhead
Hi there. I can help. www.HomeLendingMadeEasy.com
