How To Find Mortgage Refinancing Leads
How to find mortgage refinancing leads is an important skill and technique for loan professionals and banking lenders. Refinancing involves applying for a new mortgage and property owners elect to refinance when interest rates go down or when their property increases in value and the owner wishes to take out some extra cash from the appreciation. Matching up lenders and mortgage brokers with people who might want refinancing requires a bit of work, but the trolling, called farming in the industry, can pay off big time when the match happens.
Lead hunters need a few things, including:
- Access to a Multiple Listing Service. This helps, but is not necessary.
- Access to a county tax records
- Phone directory
- Design the spreadsheet. Figure out a design that works well for you and stick with it through the research process. The headings should include names, contact information, amount of loan, date of loan, time in property, trusts and age of the property owners. The last information may not be listed on all tax records, but is handy if it is noted.
- Examine the tax records. This part is tricky. Check with the holder of the county tax record holder, usually the County Tax Assessor, to determine if the information needed is open to the public. If it's not, you're out of luck. Try to partner with someone who has access to a Multiple Listing Service that links with county tax records. You may have to pay a referral fee, but it will be worth it.
- Cross index by old mortgages. If the records are open, get your spreadsheet ready and start recording information. Select anyone in the tax records with a mortgage older than five years. Put information on your sheets.
- Cross index by years in property. Use your spreadsheet to record any person in the residential property longer than ten years.
- Cross index by properties listed as trusts. Record information for trusts the same way.
- Research to locate telephone numbers and addresses. Phone and Internet directories are a good way to find contact information linked to your research. For absentee property owners, you may need directories from all over the country. Be sure to list current addresses for out of area owners.
- Start calling your leads.