Buying Mortgage Leads: Tips for Internet Mortgage Loan & Refinance Leads

Small mortgage companies must find the most cost-effective methods to market their services. Various options are available for acquiring mortgage leads, including direct source leads, internet leads from their own websites, newspaper advertising, and third-party online leads or mortgage brokers.

Mortgage lenders can obtain leads directly from internet companies like LendingTree or from lead sellers such as Leadpoint.com. LendingTree markets its leads to multiple mortgage institutions, which then compete with 4 to 5 other institutions for the same mortgage loans. LendingTree claims to represent 9 out of the top 10 financial institutions.

LeadingPlanet.com sells internet leads to mortgage brokers, advertising that they provide thousands of fresh leads each month, aiming to deliver cost-effective leads that boost borrower fundings. Claudio Pereda highlights the importance of leads, stating, "Leads are the blood to our loans. To maintain consistency and productivity, I need a reliable source of mortgage leads."

Internet mortgage sites often offer bundles of leads categorized by type—such as purchase leads, refinance leads, debt consolidation leads, second mortgage leads, home equity leads, and more. One site lists 18 different types of leads. The cost for a bundle of 25 leads ranges from $125 to $150, meaning a single bundle at the lower end costs $3,125, while purchasing all 18 bundles totals $56,250. It's worth noting that the same leads can be sold multiple times, so brokers must secure companies willing to close on the mortgages.

Some lending institutions have developed websites to market leads directly, capitalizing on the growing trend of borrowers searching for lenders online. To maximize their advertising investment, small companies need to carefully research all available options and select the one that best meets their needs.