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Maximize Leads and Conversions in Loan Agreements
Leads and Conversions in Loan Agreements
By utilizing airSlate SignNow for your loan agreements, you can ensure a seamless and efficient signing process that will help you close deals faster. Say goodbye to paper-based agreements and hello to a more productive way of managing your loan processes.
Take your loan agreements to the next level with airSlate SignNow and start boosting your leads and conversions today!
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FAQs online signature
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What are loan conversions?
A conversion loan is a loan that rolls over, or converts, to a different loan structure after a certain term. Pricing both pieces of the loan at once allows you to account for the sequential closing and funding dates in the opportunity profitability calculations.
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What does convertible loan mean?
The definition of a convertible loan is simple: it is a normal loan in which the company does not repay the borrowed amount after the expiration of the term, but converts it into company shares.
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What are leads and conversions?
In marketing, lead conversion is the process of turning a lead, or prospective customer, into an actual customer. The term “lead” can refer to a person or a company who has shown an interest in your product or service in some way such as through an online form or sign-up.
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How do you convert mortgage leads?
Be friendly and personable. Keep it short. Include information about your company. Explain how you can help the lead - let the customer know exactly how your services can benefit them, and try to build some momentum right away by asking if they have any questions or concerns.
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Is loan conversion a good idea?
The home loan interest rate conversion option is desirable in a declining interest rate environment, where borrowers who locked in their loans at higher rates can adjust to the current lower rates offered by the market without severing ties with their existing lender.
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What is conversion in mortgage?
Conversion mortgages are more short term than residential mortgages and are paid back once you have completed the renovation. However, If your plans are to keep the property in your portfolio or to live in, then the mortgage will convert into a commercial, buy to let or residential mortgage.
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What is the conversion option in home loan?
When you transfer your existing home loan to another type of home loan within the same the bank, it is known as Home Conversion Loan. By paying a conversion fee, you can move to a different or based on your needs to a more competitive and affordable housing loan.
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What is an example of a lead conversion?
Example time: Let's say from January to February, you generated 105 qualified leads. From those leads, 20 became customers. The formula will look like this: 20/105 x 100. This means the lead conversion rate for that month was 19.04%.
Trusted e-signature solution — what our customers are saying
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all right so what we're talk about here just for a minute is when when you have a online lead right and let's just say Facebook but any online a drill but let's say it's a facebook lead I think where a lot of people are having the disconnect is what do I once they once they reach out to me once I have a lead come in through social media yep what's that first conversation like like what's what's the what's the what am I saying yeah yeah so let's talk about that well I mean the the first thing that I think that we need to put in front of the scripting is giving the right offer initially in other words we want to use the right bait in a cool way right we want to use hence the setting here so we want to use the right bait that we get the the right quality of a person reaching out that's right to have that conversation so so let's just for a minute talk about that so like like how can i how can i have bait that'll have like the right quality of a person for me to have that conversation absolutely well in the mortgage business it's definitely talking about the mortgage and having somebody eventually coming to us that says hey I want to know how much I can qualify for and you know maybe what my rate is going to be but inquiring about a loan product you see so many people trying to generate as many leads as possible for $2 or $3 or $4 a lead where we look at that process and we say okay we want to generate the highest quality lead and just make sure that our costs are in line because we actually want to have quality conversations with people so having somebody reach out for how much home do I qualify for do you have tools for that is rather than you know send me a list of foreclosures for Sayre's Cosi I think where a lot of people a lot of people have been making a mistake it's not by the way if your may if you do with this mistake it's not your fault right nobody nobody told you that's why we're doing this series of videos is you don't want to use contact me for this list foreclosures because then when that first conversation like if you reach out to me and say hey Carl give me that list of foreclosures and I go okay well let's talk about mortgage here you go wait dude I don't want to talk about mortgage I want the list of foreclosures where are those at and you have to convert that foreclosure lead into well let's make an app first thing and you have a disconnect in your marketing that's right and so you want to make sure that the offer you have is about the mortgage that's right and even though you might have less of them they'll convert much much higher cuz that initial conversation is in line is like ice if I haven't ad going hey let me take out the TV and then you call me up and we talk about TVs is congruent that's right if I'm doing this marketing about TVs and you contact up and I go well let's not talk about the TV let's talk about boating yeah you're like dude I won for TV the same kind of thing alright so so once that lead comes in now yep and and we use the right bait to attract them yep what does that initial conversation sound like that's right so it's a lot easier to have that conversation when you're just giving them what they want so there's no real magic script at least not that we've found to convert that lead it's just hey you reached out to find out how much home you qualify for and at what rate let me help you with that let me help you with that and so the original the the the initial the initial lead comes in through let's just say Facebook again yeah and they've opted into an ad yes and said yes I'd like to see what I qualify for yeah and we do that sorry but we do that using either a chat bot that asks them a series of questions and actually you know it's like a short form loan application online or a survey where we're asking them questions and they're telling us you know here's how much home I wanna borrow here's what I think my credit score is here's how much downpayment I have here's how soon I'm looking to move once they've jumped through all those hoops and they say tell me how much I qualify for it's very easy to go back to them and say hey I have that information that you here's how much you qualify for give me a call so you'd message them in the chat bot or Facebook message or or text them yep or the ringless voicemail like slide I'll accept done automatically yep so so that the actual first conversation that you as a loan officer actually want to be having with these people is somebody that's been having an automatic conversation with these Facebook BOTS yeah and they've said now tell me how much I qualify for that's the first conversation you want to be having so you're not spending all your time having conversations with people that may or may not be a high enough quality for you that's right does that make sense and so that so the take-home message of this video is make sure you're using the right bait the right ads to attract people that actually want a mortgage instead of tricking them to opt in that's right and then go oh by the way we're not gonna really don't have a list of foreclosures or even if I do have a list of foreclosures I'm gonna send those to you let's talk about the mortgage now they don't III I don't want to I don't want to qualify for mortgage I just want the list of foreclosures so you have to be using the right bait and if you use the right bait of how to get a mortgage then that conversation of let's get you qualified now it's in line because that's what they reached out and asked for make sure you're using the right bait that's so cool so we're putting together some training on the right bait yep and so if you'll just shoot a message or just comment or like this post we'll add you to a list and as soon as the training is available we reach out to you and tell you about it is that easy enough super simple so hey do us a favor if you thought it was kind of cool hit us with a like give comments maybe comment what else you would like us to do these videos on perhaps yeah and then if you could for this to your friends and maybe they could comment too about what you'd like to learn about social media marketing and mortgage marketing would be happy to do that that's perfect all right well we're getting ready go jump in the boat so well we'll look look forward your comments and we'll talk to you soon
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