Any way you look at it, $100,000 is a lot of money. But in the world of mortgage loans, it's not much money and the low amount can make getting a loan more difficult instead of easier....
Clients Wanted: Mortgage Marketing Tips for Lenders
The lending industry is filled with extreme fluctuations. As interest rates plummet, it's pretty easy to attract potential clients. However, as a lender, you must be strategically prepared to bring in business during periods when interest rates are rising, as well.
In the complex world of lending, the days of hanging up a company logo and expecting a line to form outside your door are gone. Nowadays, creative advertising can be a very effective technique to attract clients. Newspapers are highly circulated, but Pennysavers offer a very cost effective alternative for placing ads. These messages should be short, yet offer enough information to entice readers to pick up the phone. Eliminating superfluous words will keep your costs down, while simultaneously increasing clarity. Include facts, but don't over-complicate your ad by offering too many details. This could confuse, more than attract, potential clients.
This relatively new form of marketing targets consumers by asking them to complete a form online. The website, in turn, passes the consumer information directly to the lender for follow-up. Lead generation is a win-win situation. A buyer is able to request information from several businesses, and the seller is given the opportunity to pitch a service to someone who has not only given permission, but is actively seeking information. Generated leads statistically have a higher conversion rate than cold calls because the prospect is warm; he's interested before you ever receive the lead.
Perhaps the most effective means of attracting clients on a steady basis is to establish a referral base. Try to secure referrals from businesses that benefit directly by your ability to write a loan. A great example for a mortgage lender would be to seek local realtors, financial planners, and divorce attorneys. Lenders who specialize in home equity lines of credit should attempt to meet with area car dealerships, swimming pool installers, and contractors. A strong referral base can ensure steady clients, regardless of interest rate patterns.
Lenders today have more marketing options at their disposal than ever before. By applying some simple techniques, securing clients will be a guaranteed result.
If you're a first-time homebuyer, you're probably going to run into something called mortgage insurance, often referred to as PMI. It's required on most mortgages if you make a down...
You're ready to apply for a mortgage loan. But you're worried that your credit score might be too low to...
Everyone wants to get the lowest possible mortgage rate. But shopping around and investigating all of your options in search of the best deal can be time-consuming. And time itself is...
Latest from our Contributors
Browse Mortgage Rates
Browse our comprehensive guides to popular topics related to mortgage and personal finance.