HELOC Conversion Prospect List

February 1st, 2018 by

Our HELOC conversion prospects list gives mortgage marketers entree to this key group of potential refinancers.

The new tax laws cap  the Mortgage Interest Deduction,  limit  the Property Tax Deduction and  end the HELOC deductions. Because of this, Mortgage Marketers need to look for new strategies and select the right mortgage lead lists to generate response.

There are a lot of Americans who have Home Equity Lines of Credit. The new Tax code eliminates the deduction. So targeting those Homeowners to refinance into straight Second Mortgages or to consolidate their HELOCs into a refinanced mortgage becomes an important strategy. The window for marketing to these people will be brief as they will all be looking for options sooner rather than later.

What makes HELOCs attractive to most homeowners is that typically they come with a low introductory promotional interest rate. This generally lasts for one to four years. After the promotional rate ends, the interest rate typically increases to a variable rate. This rate fluctuates with the market. Over the years, the interest rate on the HELOC loan may change many times. And, not always in the direction the consumer wants.

Using our HELOC conversion prospects list lets mortgage marketers targeting HELOC holders  convert their Lines of Credit or consolidate their loans.

Marketers can select by:

  • Origination date
  • Loan amount
  • Geographic Area

This new list offers mortgage marketers a targeted, responsive group of prospects who need their services. Direct mail is the top marketing channel to reach them.

20% Conversion Rate

An article in National Mortgage professional featured a direct mail campaign from a company in Georgia. This company, Tagquest, did a 5,000 piece direct mailing.  They realized a great response rate. They got over 1 percent response with final results of more than a 20 percent conversion rate into working loans that will close.

This is what they said:  “Even with the Internet and all of the technology today, direct mail still has its place. It can offer a better return-on-investment (ROI) than most other forms of marketing/advertising. You just have to do it the right way.”