The 2024 mortgage market has been a rollercoaster so far, with housing market forecasts from Redfin, Zillow, and all projecting them to fall to about 6.5% at the end of the year. This can make finding cheap mortgage leads potentially easier, but where should you begin?

It’s not only about finding the cheapest mortgage leads‒you want leads that are easier to convert. If you want to secure decent, convertible leads, expect to pay an average cost of $25 to $50. However, these leads usually require plenty of heavy-lifting on your end. Think laying your sales pitch on thick and rigorously following up. If you use rate table leads, they can cost between $100 and $150 with a 5% to 10% conversion rate.

In this post, we’ll dive into everything you need to know about mortgage leads, including what impacts their cost and where to find them.

Qualified Mortgage Leads: Explained

So, what are mortgage leads, and why are they important? Mortgage leads are essentially potential customers. If you’re familiar with sales terminology, a ‘lead’ is any type of potential customer. 

Warm leads are potential customers who have already expressed an interest in your product or service with whom you follow up. A mortgage lead is typically a warm lead, but this potential customer has expressed an interest in purchasing a home or refinancing their current mortgage.

If you’re an insurance agent or broker, these leads can help you book new clients and secure plans or policies for customers. For example, hopeful homeowners looking to secure a mortgage will also likely shop for home insurance, liability insurance, dwelling insurance, and personal property.

What Impacts Mortgage Lead Costs?

While the current real estate market landscape can influence the cost of lead generation, there are a few other factors to consider. Aspects like the target audience, your competitors, and nature of the mortgage and insurance industries all play a factor. Another consideration to take into account is how to obtain these leads. For example, a targeted marketing campaign focused on paid advertising can cost you more than a marketing campaign focused on organic leads, such as search engine optimization or content marketing.

Where to Find Leads

Finding leads often involves some level of marketing skills‒from paid ads to putting yourself out there at networking events. However, in this digital age, there’s no one right way to generate warm mortgage leads. Let’s explore a few popular options:

Digital Platforms

COVID-19 created a digital boom unlike we’ve ever seen before. From people utilizing social media to get their information to the rise in search engine optimization, if you aren’t utilizing technology in your marketing strategy, you’re behind. According to Businesswire and Finastra, the majority of American consumers prefer to facilitate their loan and insurance processes electronically or on their smartphones.

Make sure your professional social media channels are up-to-date and include the following:

  • Who you are and what you do
  • What make you stand out against others in your industry
  • Recent posts about specials or promotional offers you have going on
  • Non-sales related content about your industry, demonstrating your expertise

You should also look into pay-per-click advertising, targeted social media campaigns, and search engine optimization to maximize your digital presence.

Networking Events

Networking events can also be expanded to community events, because any event is a good opportunity to connect with potential leads. However, by attending professional networking events, you can establish yourself as a reputable authority in mortgage loans or insurance. Research popular networking and community events in your area, and don’t be afraid to commute in other parts of your region to expand your network‒and client pool!


Whether it’s networking connections or current client reviews, referrals are an easy way to get warm-to-hot leads. After all, people tend to listen to those they already know and trust, so if your clients or other professional contacts refer you to new leads, you can walk into that initial client meeting with a positive reputation on your side. 

You can also jumpstart your referrals by offering specials or rewards to clients who refer a friend or family member to your services to incentivize them.

Lead Generation Services

If you’re struggling to get started and are willing to invest in lead generation, online lead generation businesses can breathe new life into your client book. Businesses like these will typically use digital marketing to match lenders and brokers‒or any other professionals, such as insurance agents‒with mortgage seekers.

These options can be time-consuming and sometimes costly. To reap the benefits of all of these strategies and more, including personalized advice from a network of independent insurance agents, contact Insurance Pro Agencies today!

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