What is a Mortgage Lead?

Definition of a Mortgage Lead

A mortgage lead is a generic term referring to a potential mortgage borrower or a potential mortgage customer for a mortgage lender or mortgage broker. Mortgage leads can come from any number of sources such as response to various kinds of advertisements, web sites, referrals or personal acquaintances. At times, mortgage leads may be compiled by a third party and provided to a mortgage broker or lender. As with any other business, customers come from a wide array of sources.

Example

Mr. McGillicuddy is interested in purchasing a house and obtaining a mortgage. While browsing the Internet, Mr. McGillicuddy is reviewing a website with information on mortgages. The site provides a contact page that can be submitted to receive additional information from a qualified mortgage broker. If Mr. McGillicuddy chooses to complete the request form by providing their contact details, the information is then provided to the broker who will contact Mr. McGillicuddy for further information. Mr. McGillicuddy is considered a mortgage lead for the broker, as Mr. McGillicuddy is a potential customer.

Any chance you might be a Mr. McGillicuddy? Contact us anytime!

Abuse of Mortgage Leads

As in all types of business, their can be unscrupulous mortgage brokers who are known to abuse the privilege of speaking with a mortgage lead. Rather than attempting to obtain further information and determine whether the broker has services to offer, the more disrespectful brokers known to merely provide a hard sell for their products, which in some cases are not appropriate or in the best interest of the inquiring customer.

Continuous and annoying phone calls, spam emails and offers that sound “too good to be true”, are trademarks of the unscrupulous mortgage broker or predatory lender.

Reputable Mortgage Brokers

Fortunately, most mortgage brokerages remain ethical, respectable businesses with a legitimate product to offer. Reputable mortgage brokers have no desire to place a potential customer in a mortgage they neither need nor can afford. They see themselves as professional and trusted advisers, using their education and expertise in the field to assist their clients in selecting the mortgage product that best suits their needs.

At First Foundation, we pride ourselves on our professionalism. Our licensed brokers and assistants have obtained some of the highest educational and training certificates in the industry. We strive to provide the best mortgage information both in our office and on our website to ensure our customers understand the mortgage process and feel empowered by the choices available to them. We know there is no need for “hard sell” techniques and tricks when we have our customers best interests at heart.

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If you are interested in learning more about mortgages, please feel free to contact us today!

Last updated Oct 29, 2018