Primary Mortgage Lenders - Online Mortgage Lenders And Sub-Prime Mortgage Lenders

A bank or a mortgage company, which offers home loans can be referred to as a ‘mortgage lender’. There are eight different categories of primary mortgage lenders.

These are correspondent lenders, mortgage brokers, wholesale lenders, direct lenders, portfolio lenders, mortgage bankers, online mortgage lenders, and sub-prime mortgage lenders.

Here, the last two categories are described in detail.

• Online Mortgage Lender:

If an individual or a lending organization uses the internet to complete the mortgage process, it is referred to as an ‘online mortgage lender’.

An online mortgage lender has several advantages over other traditional types of mortgage lenders.

The benefits offered to the borrowers are as follows:

• There is no need to do any sort of paperwork.

• One can apply for loans online sitting at home.

• No mortgage brokers or a ‘middleman’ is involved in the entire process.

• It also offers comparisons and real-time quotes.

• Online tools are available to refine search options.

• The application is accelerated through online pre-qualification.

• Option for personal consultation with the mortgage banker is also available.

• The entire process is easier, quicker, and cheaper.

Sub-Prime Mortgage Lender:

Sub-prime mortgage lenders are either independent or affiliated to the mainstream lenders.
These lenders offer loans in case a person does not qualify for loans from the other lenders.

These lenders offer loans at higher prices. Therefore, the borrowers should try their best to obtain loans from the mainstream lenders, and steer clear of this category of primary mortgage lenders.

Finding the right mortgage lender is very necessary in order to obtain the right mortgage. Each category of primary mortgage lenders differs in its functions, and in the advantages that it offers. Other categories are described in detail in related articles.

http://www.onlineloanofficers.com

By: Eshwarya Patel

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Buying Subprime Mortgage Leads

In the world of mortgage lead lingo, some terms are more complex than others. Many a mortgage lead novice has been fooled by the phrase "subprime mortgage lead". Subprime mortgage leads, often referred to as non-prime mortgage leads or specialty financing leads, is a subtle way of referring to someone who lacks good credit.

Those who have experienced bankruptcies, liens, judgments or simply have a poor credit history due to frequently late payments often seek subprime mortgages because they fail to qualify for prime mortgages. They become a subprime mortgage lead because it's their only chance to purchase a home and re-establish their credit.

A subprime mortgage lead carries an increased risk, and this increased risk translates into higher prices. A subprime mortgage lead wishes to qualify for a subprime mortgage only because they have failed to qualify for a prime mortgage. The fall from prime mortgage lead to subprime mortgage lead is usually the direct result of a low credit score.

Typically, the higher rate that subprime mortgage leads pay is 5 or 6% higher than the usual interest rate. There is a silver lining, however. As the borrower makes his or her payments and repairs his or her credit history, a refinance mortgage could be pursued in a year or so. A subprime mortgage lead quickly becomes a refinance mortgage lead.

With poor credit, a subprime mortgage is often the only option if one wishes to realize the dream of home ownership. That's a dream you can help make happen, especially now that you know the meaning of a subprime mortgage lead.

Mark Carey is an Internet marketer and webmaster of juicyleads.com
JuicyLeads is a major provider of refinance mortgage leads


By: Mark Carey

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Mortgage Lead Generation

The companies handling the mortgage lead generation process need to be very careful and systematic, as this is the most crucial step of the mortgage loan procedure. The mortgage lead generation process involves collecting and compiling mortgage loan applications. The mortgage loan seekers contact online mortgage lead generation companies for loans. They submit their application by filling out a mortgage loan request form. They have to mention all the relevant details to facilitate the search. The completed loan requests are actually the leads. It’s the responsibility of mortgage lead generation companies to verify the authenticity of the leads. The screening is needed to select the genuine leads and get rid of the bogus ones. Mortgage leads are important to the mortgage lending forms. They make profits and expand business by exploiting those leads.

After selecting the best leads, mortgage lead generation companies send them to different mortgage companies. The companies in turn contact the applicants with their current rates and fees. So, mortgage lead generation has to be foolproof. Otherwise the whole process will go wrong. The mortgage lead generation technique has to be detailed. The lead generation companies should find out the type, purpose and the amount of the desired mortgage loan from the applicants. This will make the process more precise. The mortgage lending companies will be able to get more targeted leads.

Leads are not merely a compilation of contact addresses. The mortgage lead generation process should involve research on the background of every mortgage loan request. This way, the lead generation firms will be able to nullify all bad leads and offer only the genuine leads to the mortgage lending companies. mortgage lead generation companies should find the persons who are truly enthusiastic about getting mortgage loans. This is the recipe for a successful mortgage lead generation process.

Mortgage Leads provides detailed information on Mortgage Leads, Mortgage Lead Generation, Internet Mortgage Leads, Commercial Mortgage Leads and more. Mortgage Leads is affiliated with Mortgage Marketing Leads.

By: Max Bellamy

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