Mortgage Leads

Before I was the Hotdgman, I was the Mortgage Man. I worked as a mortgage broker for about 5 years. Having been in sales for most of my adult life, it was a pretty good job for me. Basically, a mortgage broker finds people who need a mortgage and then finds them a suitable loan. It's a pretty straightforward business.

When I first started out, I bought a lot of mortgage leads. I'd get a list of would be home buyers, refinance leads, home equity leads, sub prime leads, foreclosure leads, and government leads in both FHA and VA loans. The folks on these lists of mortgage leads had usually filled out an online form at any number of "get a mortgage" websites and were requesting a that a mortgage professional contact them. I liked the fact that people had requested contact, it made the lead "warm" (as opposed to a "cold call").

I got a good bit of business from the mortgage leads I purchased and I considered buying them a good investment in my business. Once the housing boom really took off, I stopped making so many phone calls. Interest rates were at historic lows and people called and walked into our office constantly looking for mortgages; plus my real estate broker friends sent me a ton of business. It was a great time to be a mortgage broker-it was almost too easy!

I eventually got tired of working in sales in general and pursued my dream of being the Hotdogman. I kept writing loans for the first year or so of buying the Hot Dog Truck, but eventually got out of the business altogether.

Now that the Real Estate "bubble" has burst, lending guidelines are becoming much tighter and fewer homes are being sold. There's a lot less activity and people who are still in the mortgage business have to work harder and smarter to keep their business afloat. Many of the people I worked with are back to buying mortgage leads from companies like Zip Search. Even though there are less people looking for loans than a few years ago, money is a product that never goes out of style. Mortgage professionals who work smart AND hard and who work their mortgage leads will weather the current storm and emerge successful.

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