Mortgage brokers in Melbourne have been using Direct Mail Marketing campaigns for some time; it continues to be an integral part of the business model. There are many advantages to this, as well as being less time consuming for the mortgage broker – it is also of immense benefit to the customer. The first benefit for mortgage brokers is the opportunity to promote their services before the customer has made any decisions as to who they will use to facilitate their mortgage solution.

Once the mortgage broker has established contact and begun to build rapport with the client, they can pre-qualify the customer for a loan and begin to explain to detail any lending specific lending options which would benefit the customer. For the customer this is a fail-safe way to find out if a loan would be approved and who has the best rates and terms, without the need to visit many different lenders.

The success of mortgage direct mail marketing will depend on choosing the target audience and strategy carefully. What do you hope to achieve from your marketing campaign? What are your goals? How do you make your company stand out in the crowd?

If your organization offers a specific service in your area that nobody else does – highlight this, chances are the customer will notice too.

Customers prefer mail which is directly related to a specific subject of interest; if direct marketing is actioned in the correct way they are more likely to respond. Mortgage brokers who write honest and informative articles detailing the benefits of their company, how the process works and perhaps even a subject study, will go down well in a potential client’s eyes. With direct mail marketing, the more targeted and honest it is, the more chance of success for everyone.

If the information helps to put a customer’s mind at rest, it can open lines of communication between you, especially if the customer has questions following the reading of your marketing campaign. Making direct marketing campaigns engaging, personable and open is the key to creating a lasting business relationship.

Mortgage brokers can use a customer database to create inquiries, these could stem from homeowners who are looking to move, or perhaps tenants renting property who would benefit from direct marketing to establish whether they will be seeking to purchase property in the future.

Mortgage Direct Mail

Partner up with estate agents and property developers with interests in investment portfolios and commercial properties and begin to create a new database from there. There is no denying that it is a whole lot easier for mortgage brokers and customers to make decisions when they are armed with all of the information. A well thought out direct mail marketing campaign can alleviate weeks or months of stress, and the mortgage brokers are one step closer to helping their new customer achieve their dream. There are many ways to create a marketing campaign from effective mailing, newsletters, brochures to emails.

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One of the most important questions to ask yourself when applying for a mortgage is: Is your credit worthy? All lenders and mortgage brokers use information lodged on a credit reference database to check if you are high or low risk for credit. If your credit history is less than perfect – it is better to be upfront about it straight away, the mortgage brokers may have alternative financial options. Also, all mainstream lenders don’t score in the same way, what is acceptable to one, may not be to another – being honest about your situation ensures that no time is wasted pursuing an option which will just fall flat at the final stages.

It’s a good idea to check your credit report annually, that way any anomalies can be dealt with immediately and won’t affect your credit worthiness long term. You can apply for a copy of your credit report for free if you can afford to wait 10 days. Fast track options are also available for a fee.

Credit reports hold such details as your full name, date of birth, current and previous addresses and any employment details. If you reside with a partner and have applied for credit with them before, their name and details will also appear on your report.

When you approach a mortgage broker and application is made for your credit file, they will be looking for any “red flags” on which the lender could reject your application for a loan.
These include any defaults which are still outstanding and haven’t been repaid, any bankruptcies, court judgements, debt agreements or personal insolvency agreements in your name.

They also look at your information repayment history, if you have had financial issues in the past but have worked hard to rectify the situation and repaid any outstanding debts it’s likely to go in your favour. This is especially true if you have demonstrated regular payments and had no further issues since.visit this page for more updates.

So what is a good example of an acceptable credit score for a mortgage?

A good credit score is logged when you keep up to date on all payments; you have no arrears and already have finance which is being fulfilled. Your past credit activity, particularly over the past 12 months will be highlighted – although this may also go back for up to 5 years.

Lenders will acknowledge a good credit score if you have employment stability in a low risk category job, if you have stayed in the same role for several years it shows your commitment and character.

Another good example is residential stability –do you already own your own home? Do you have finance which is being fulfilled? Have you stayed in the same property for a few years or do you move around a lot? Mainstream lenders like stability in all aspects of your life.

Mortgages

Each lender uses a different credit scoring technology – they have their perfect customer patterned out in a set of algorithms and this ultimately decides whether you get a mortgage or not. Some lenders are more lenient and allow for a few blips on the radar, but you may find their interest rates are slightly higher because of this.checkout latest news at http://www.telegraph.co.uk/business/2016/06/10/banks-face-crunch-from-falling-house-prices-cheap-mortgage-rates/

Don’t be disheartened if you have clean credit and have been rejected by one lender. It may be that you work in a high risk industry or don’t have a credit card balance and their algorithm wasn’t certain. In these cases, that lender wasn’t the right fit for you – your mortgage broker in Melbourne will help you find one which is.