Money Making Ideas 5 : Develop and starts a Mortgage Portal Sunday, July 12, 2009

This takes the freelance mortgage writer idea onto the internet. Many people face tough decisions when it comes to finding the right mortgage for their needs. While banks do have many types of mortgage packages and payment plans, it would help if all the information could be presented in one easy-to-find location instead of in sheets and sheets of paper or brochures.

To start a mortgage portal, you first need to find bank and financial institutions who are willing to participate by providing their information to your portal. There are obviously many ways to work out the system. Allowing members to input their information themselves would probably be a friendlier and more cost efficient way of doing things. There are obvious reasons why banks and lending institutions should participate in your portal. I will assume your portal manages to attract tons of traffic in the mortgage niche market. NOT being listed on your portal when EVERYONE else is, could potentially hurt them! You will store all the mortgage information in a database and visitors to your portal will be able to filter only the information they require. Application forms should also be made available on your portal. This saves visitors lots of time. They can narrow down the mortgages that best suits their needs, and then visit the banks concerned.

So how do you make money from your portal? Well for one, you could charge your member banks and finacial institutions a membership fee, and probably a commision for every mortgage application that is approved that came from your portal. Of course, traffic and exposure is the keyword here. You have to let people know where they can find all this information without having to do lots of legwork! There are technical issues involved in making sure the backend serves visitors quick and accurate information, so this requires investment in personnel, software and hardware. However, if you or your friends are whizzes at these stuff, then you already have the advantage!