Several amendments have been brought to the mortgage industry in the last few years. There is now an increased focus on generating qualifying leads when the matter comes to streamlining the process of transforming them into guaranteed mortgage loan owners. If a mortgage loan officer or broker knows how to qualify leads for the mortgage loans then there will be high odds of business success. Before getting into details on what makes residential mortgage leads qualified, let’s understand the meaning of a qualified mortgage lead.
Qualified Mortgage Lead: Overview
A qualified lead is the lead that fulfills all the stipulated criteria to conduct business with a mortgage company until the lead gets closed. Such leads are significant in the mortgage industry as they avoid wasting time and only focus on the correct leads. These leads help a mortgage company fulfill its business goals. Some of the factors that determine whether leads qualify for mortgage loans are as follows:
- Debt-to-income ratio
- Credit scores
- Down payment
- Decent revenue source
The residential mortgage leads that fulfill these factors can be considered qualified mortgage leads.
Reasons to qualify for mortgage leads
Mortgage leads can originate from anywhere –past customers, family members, referrals for refinancing, paid ads, etc. Irrespective of how the lead approaches your mortgage company, most of them may not be ready to apply for a mortgage. Those that are actually ready to apply may not be approved. Therefore, it is essential to pass through a mortgage lead generation qualification process. Qualifying for mortgage leads would filter your leads into people who can really turn into customers.
Factors That Make A Lead Truly Qualified
i. Use of CRM in lead generation
A CRM can work as a lead capture platform and also as a customer nurturing platform. Many of the topmost CRM platforms contain mortgage marketing tools that provide specialized features catering to your requirements. With the help of CRM, you can set up custom campaigns and even connect with prospects through drip email campaigns. These features ensure mortgage business growth.
A CRM can even help build long-term relationships so that you can stay associated with past clients by delivering them periodic emails. For example, you can inform them about mortgage loan guidance or declining interest rates (to explore refinance opportunities).
In the mortgage lead generation process, maintaining a connection can result in repeat business when they require refinancing or purchasing another home. Request a demo from us to get detailed insights on mortgage lead generation.
ii. Implementing organic and paid lead generation tactics
Various mortgage loan lead generation strategies are prevalent. Commonly, they are categorized into paid and organic.
Organic strategies focus on making an appealing website. It incorporates utilizing SEO tactics to uplift your business visibility within search engines. Besides, you can attract users to your website by sharing links to your blog on your favored social media. Through email campaigns, you can encourage people to go through your content.
Through pay-per-click campaigns, you can obtain client information. This option is quite efficient for smaller loan businesses. But you don’t get enough control over the quality of the leads or the way they are sourced. Using applicable mortgage marketing tools will make the lead generation process efficient.
iii. Increase social engagement
It is the content that helps establish valuable contributions to social media. You can regularly share creative content as a part of your mortgage lead generation strategy. You can book a demo from us to learn the importance of mortgage lead generation. The following aspects in the context of social engagement are important to consider for a qualified lead:
- Post short videos on YouTube and then share them on other networks.
- Provide advice through Twitter and Facebook, along with links to your published content.
- Create a community of followers on social media like Facebook.
- Post photos of clients at closings.
- If you specialize in commercial lending, build a community of followers on LinkedIn.
- Create groups on Facebook and/or LinkedIn.
- Establish relationships for bringing in new partnerships on LinkedIn.
- Share visual content on Pinterest and Instagram.
iv. Grow your network
With the personal and professional network, you can market your services and then generate mortgage leads. Forging connections via networking involves dynamically engaging with people who may need help with home purchases, refinancing, or more.
Joining networking events interrelated to the mortgage industry is recommended. As a result, you can forge connections with prospective clients in either real estate or finance domains. After joining networking events, you can explore great opportunities through which you can meet professionals such as mortgage brokers, real estate agents, and financial consultants.
v. Consider potential local listings
To have a truly qualified lead, you can list your mortgage business on relevant local directories. Ascertain your business profile stays updated and correct.
- Creating a free Google My Business account will provide the following benefits:
- Assist your business to show up in local search results.
- Display your business listing in Google Maps
- Allow you to collect reviews that form credibility
Along with local listings, you can consider using reliable mortgage marketing tools to grow your mortgage business. With the local listing, you can make your mortgage business more discoverable. You can request a demo from us to acquire an understanding of the process of mortgage lead generation.
Conclusion
It is not recommended to neglect a lead but it is essential to qualify a mortgage lead to find out who is most likely to require a mortgage service. Spending effort and time on somebody who is actually interested in applying for a mortgage would be beneficial. Considering residential mortgage leads that are truly qualified will help a mortgage company achieve success.
