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2

DID YOU KNOW?

	If you are a loan officer and you are new to the business, one thing you may be short on is leads. Leads can be obtained in many ways. Through customer referrals, networking groups, family members, friends, etc. However, for a new loan officer, you may need to jump start your business, and investing with a mortgage lead company may be the way to go. You probably haven’t heard many good things about mortgage lead companies. However, there are some good ones out there. And if you take your time and do your research, you may just find the right one for you. Here are a few things to avoid: Avoid the mortgage lead companies that recycle their leads. Recycling means they sell them over and over again. So, most likely these leads have gone through the hands of dozens of loan officers before reaching your desk, so steer clear. Stay away from lead companies that buy their leads from third party companies than sell them to loan officers at a profit. You never know how many times those third party companies sold those leads to other mortgage lead companies. In the beginning, your budget may be a little bit tight, so look for lead companies that allow for a low minimum deposit. Also, look for lead companies that obtain their leads through sites they own and operate on their own. This is always a good indication that the lead is of good quality. And look for lead companies that sell real time mortgage leads, and/or sell them exclusively. When you buy your leads exclusively you can cut out your competition. Real time leads are also known as fresh leads, so they are hot off the press once you receive them. With real time leads your closure ratio will be much higher and the return on your investment will be that much better. And why shouldn’t it be? You work hard for your money.

Refinancing your current mortgage is a wise financial decision if you can recoup the costs of a refi. An average refinancing deal, you can expect to pay between two and six percent of the loan amount if fees and points. On average if you can lower your interest rate by two points, then you will usually come out ahead in the end.

Normal Mortgage Costs

Refinancing your home is just like taking out your mortgage the first time. All the loan costs you paid for your original mortgage, you will have to pay again. Usually these had up to $2000 in fees plus at least one point. Fees will be included for application, appraisal, survey, attorney review, and title search.

Besides the loan origination fee of 1%, you can also expect to pay a couple of points for lower rates. Points are flexible though. You can choose to pay no points for a higher rate, or a couple of points for lower rates. Base your decision on how cost effective points would be. Using an online mortgage calculator can help you figure the costs and savings of each option.

Extra Fees For Refinancing

Besides regular mortgage fees, you may get stung on a prepayment penalty or private mortgage insurance. Prepayment fees are prohibited on federally back loans, such as FHA or VA mortgages. Some states also limit prepayment fees. Check your current mortgage before deciding to refinance.

You may also be hit by private mortgage insurance (PMI) if you decide to take out your equity. This can add up to several hundred dollars a year. But if you have a government backed loan, you don’t have to worry about this issue.

How To Decide

When you are trying to decide on whether to refinance or not, take a look at your loan and home goals. If you plan to stay in the home for several years, then you have the time to recoup costs.

You can also request quotes from mortgage lenders to see what kind of deal you can get. With no commitment on your part, you can take a look at rates and points that are being offered.