Subprime Mortgage Leads and Where to Get Them

2007-10-15 12:53:47

( Financial )



What are Subprime Mortgages?

Lenders and credit agencies classify borrowers into either prime or subprime. A prime borrower has an excellent credit record because he has been paying his loans in a timely manner, and never has any instance of overdue debts or bankruptcy. On the other hand, a subprime borrower has a below-average credit score due to late or missed loan payments, bankruptcy filing, or is simply a first-time borrower.

While most lenders and mortgage brokers would shun subprime loan applications, there are quite a few mortgagors who are willing to take the chance to lend to such borrowers. A subprime borrower's negative predicament may just be temporary, and he is on his way to financial recovery. Or he may be a new borrower who just needs to be given a chance to build his credit score. In such cases, a subprime borrower may be worth investing in.

What are Subprime Mortgage Leads?

There are online organizations and agencies who gather detailed information on both prime and subprime loan customers. Whether they are prime or subprime mortgage leads, the details about these customers cover almost everything such as their contact information, their properties, and their credit scores. Then they sell the prime and subprime mortgage leads to interested parties for a fee.

If you're interested in subprime prospects, you can register and pay the fee, which varies depending on how often you want to receive mortgage lists.

What are the Advantages of Obtaining Subprime Mortgage Leads?

Listings of subprime mortgage leads can work for you in two ways. If you want to take your chances to invest in subprime borrowers, these mortgage lists already provide a shortcut for you. Customers in these lists have already indicated their desire to rebuild their credit histories and are open to new loans as a way to start over. Thus, you save a lot of time and money from having to research who these are, and you will require less effort to win them over.

On the other hand, if you prefer to deal with borrowers with better credit scores, these subprime mortgage leads can also be used as basis for weeding out potentially bad clients. In this sense, you can use the mortgage lists as basis for denying someone's loan application if he has been listed as one of the subprime mortgage leads.

How to Find Subprime Mortgage Leads

Several online sites offer these listings. After you register and pay the fee, you can gain access to the listings.

You need to keep requesting for these subprime mortgage leads, and you may also want to register with one or two other sites so that you can get more accurate and complete information.


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