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It is fairly common for real estate companies and mortgage brokers to use leads. There is a difference between mortgage lead generation and real estate generation. Mortgage lead generation deals with people who need to refinance their homes or apply for loans, while real estate lead generation is a service that connects potential buyers with real estate agents.

Mortgage leads are generated in a number of different ways. One way to create the leads is for the lender, that is the mortgage broker, to appear in a paper or online directory. This lets potential customers make the first contact. The lenders give information about themselves, like the interest rates they charge and types of lending programs they offer, along with their contact information. This allows potential borrowers to search out the lender that is best for them. (more…)

When you are hunting for a mortgage, you will find that there are many different types of mortgages available. I will list some of the more common ones and their uses.

15 vs 30 Years

Your mortgage term can be just about anything you choose. 15 and 30 year terms are popular these days, although 10 and 20 years also are available.

The shorter the term, the lower the interest rate. But the main attraction of shorter term mortgages is the money you save.

For example on a $200,000 mortgage with a fixed 4.5% rate, you would pay $1013.38 a month for 30 years and $1529.99 a month for 15 years. Over 30 years you would pay $364,816.80 versus $275,398.20 over 15 years, a savings of $89,418.60 or 24.5% in interest. (more…)

You might think that deciding to refinance a mortgage requires only a quick comparison of loan interest rates. Unfortunately, that’s not really true. Refinancing is trickier than that! Fortunately, three useful rules of thumb can often help you make sense of refinancing opportunities.

Rule 1: Don’t Ignore Total Interest Costs

You really want to use refinancing as a way to reduce the total interest cost you pay. While that sounds simple in principle, it is sometimes difficult to do. The interest costs you pay are a function of the interest rate, the loan balance, and the loan term period.

When people refinance, they tend to focus solely on the loan interest rate. But they often don’t pay as much attention to the loan term or the loan balance.

When you use refinancing—even refinancing at a lower interest rate—to increase your borrowing or to extend the time over which you borrow, you often aren’t saving money. (more…)

If you are interested in buying a home then you are certainly shopping for a mortgage quote from a variety of different lenders. This is important because when you have more than one mortgage quote you can compare the different lenders and find the one that is best for you. Frequently, the average mortgage quote online will be lower than the average mortgage quote from your neighborhood bank. Since every penny counts and you want to save as much money as possible, get a mortgage quote online as well as from your neighborhood lenders to find the best deal for you. The following suggestions will help you find a mortgage quote online as well.

Mortgage Quote Tip #1 Bid for Quotes

The best way to get a mortgage quote online is to visit the sites that ask for some general personal financial information and then submits it to various lenders. Then, all of the lenders respond with a mortgage quote for your personal financial situation. Once you receive the mortgage quote it is up to you to forget it or contact the lender that provided you with that particular mortgage quote. (more…)