Rates are low. low, low!
Rates are low, as low as they were in 2004 when I began my career. Refinance applications are up and so we (company and I) decided to start purchasing leads. Wow, what a shift in gear working Internet leads is from working referrals.
Sleazy sales tactics...
Is what I am up against. The thing with Internet leads is that most people shopping on the Internet have filled several forms with several "Comparison Shops" like Lowermybills.com and Lendingtree.com.
I am not really enjoying the quality of these leads as I have noticed that while the sneaky lender's out there low-ball their prospects, those same prospects low ball other LO's. Here's what I mean; if I quote someone a 5%, they will take that 5% and shop everyone else who is contacting them from the web.
That 5% may not be locked in, and rates may shift slighty to and fro. They may find someone offering a 4.75% a day or two later and think that they are getting a better deal with that company.
Loyalty VS. Internet leads...
People shopping on the Internet for a mortgage will often times go with whomever offers the lowest rate and fee. Unfortunately, many people do not understand that we all get the same rate's and fees. There are slight variations depending on which lender We take the loan to, but we all have the exact same products and pricing available to us.
I like the Internet leads because the "more looks" the better. Still they are not my primary source and never will be. I like to work with level-headed people who want to work with a recommended professional. It seems with Internet leads, no matter what a person is offered the next guy will offer something lower, no matter what... Even if it does not really exist. Many predatory individual's in this business see it as a great way to get people "on board" and once they are on board, committed, and appraisal is paid for they beat them over the head with details and so called "facts" that make the increase in rate and fee at the closing table the borrower's fault when in fact it is their fault for not properly disclosing.
I won't Lie...
To my clients or to my prospects and that makes competing on these Internet leads very difficult. Still, I'd rather keep my integrity and work with those whom want to work with me based on my merit and SterlingReputation. I'd rather someone come to me by recommendation because they want to be treated right and they now that I will take care of their needs, not because they think that I may be able to beat their neighbor by and 1/8th of a point of interest. Truthfully, I may be able to quote someone a rate and one hour later I may be able to quote them an 1/8th of a point higher or lower. By then they may be getting a quote from another company that is an 1/8th of a point lower.
I love this business...
But I hate the way that it is advertised, it is such a commodity. It's as though people do not respect our profession and they believe that everyone can do exactly the same thing. My service is not identical to my neighbors and my neighbors is not identical to mine.
37 Boynton Ave
(845) 243-5293 (Office)
(518) 565-0799 (Cell)