This article serves as your comprehensive guide to understanding our lead qualification process for both equity take-out/renewal/refinance and purchase scenarios. By grasping the logic behind our forms, you can better identify and convert high-potential leads.
Our system is designed to filter for individuals with a genuine interest and a higher likelihood of mortgage approval. Let’s break down the qualification journey for each lead type.
I. Equity Take-Out, Refinance, and Renewal Leads #
Here’s how we qualify leads looking to leverage their home equity, refinance their existing mortgage, or renew their current one:
Section 1: Identifying the Mortgage Need
- Question: “What type of mortgage are you looking for?”
- Possible Answers: Borrow from home equity, refinance my property, Mortgage is up for renewal, purchase a property, get a reverse mortgage
- Qualification Logic: Selecting “Borrow from home equity,” “refinance my property,” or “Mortgage is up for renewal” directs the lead through the subsequent qualification steps for these scenarios. Other selections trigger logic specific to those needs (outlined later for purchases, with age considerations for reverse mortgages).
Section 2: Understanding the Purpose of Funds
- Question: What do you need the funds for?
- Possible Answers: Debt consolidation, renovations, down payment for a purchase, a bridge mortgage, other investments, or expenses
- Qualification Logic: This provides valuable context but doesn’t directly disqualify the lead.
Section 3: Renewal Timeframe (For Renewal Leads)
- Question: When is your mortgage up for renewal?
- Possible Answers: within 4 months, between 4-12 months, and over 12 months
- Qualification Logic: For a renewal to qualify, their renewal timeline must be “within 4 months” if no equity is being taken out. If 50k+ is being requested, the timeline of renewal is disregarded.
Section 4: Assessing the Borrowing Situation
- Question: Which is your borrowing situation?
- Possible Answers: I’m able to get approved at the bank, I’m not able to get approved, I’m not sure if I can or not
- Qualification Logic: This offers insight into the lead’s perception of their creditworthiness but isn’t a direct disqualifier.
Section 5: Exploring the Possibility of Selling
- Question: Would you consider selling this property?
- Possible Answers: Yes or No
- Qualification Logic: This helps understand the lead’s long-term intentions but doesn’t impact immediate qualification.
Section 6: Key Financial Information
- Questions: What is your property’s value? And what is your mortgage balance? (Lead writes in the figures)
- Qualification Logic: These figures are essential for calculating the Loan-to-Value (LTV).
Section 7: Determining the Desired Borrowing Amount
- Question: How much equity do you want to borrow? (lead writes in the figure)
- Qualification Logic: This helps determine if the lead meets our minimum borrowing threshold.
Section 8: Property Type Considerations
- Question: Which of the following applies to your property?
- Possible Answers: Leased land property, prefabricated home, commercial property, none of the above
- Qualification Logic: Properties identified as “Leased land property” or “prefabricated home” are disqualified for equity take-out and refinance scenarios due to lending restrictions.
Section 9: Property Location
- Question: Where is your property located? (list of provinces to pick from)
- Qualification Logic: While the province itself doesn’t disqualify the lead. It assists FinanceVine to provide the lead to the correct agent.
Section 10: Contact Details and Anti-Spam Measures
- Questions: Name? Email? Phone number?
- Qualification Logic:
- Name: Filtered for profanity and exclusion words (celebrity names, etc.).
- Email: Must be a validly formatted email address.
- Phone Number:
- Must have a valid Canadian area code
- Cannot be a fake number (e.g., 000-000-0000).
- Cannot be from unregistered VoIP apps (e.g., Twilio, Callfire).
- Leads failing these checks are disqualified.
Section 11: SMS Verification for Authenticity
- Process: A 4-digit verification code is sent via SMS, and the lead has 10 minutes to enter it.
- Qualification Logic:
- Successful verification within the time limit: The lead is qualified.
- Failure to verify: The lead is disqualified, significantly reducing spam and ensuring genuine interest.
Qualification Criteria for Equity Take-Out, Refinance, and Renewal Leads:
A FinanceVine lead in these scenarios is qualified if they meet the following criteria:
- Property is NOT a leased land property or a prefabricated home.
- Calculated Loan-to-Value (LTV) is less than or equal to 80%
- The desired equity borrow amount is a minimum of $50,000.
- For renewal leads, their mortgage renewal timeline is “within 4 months.” IF no equity is being taken out ONLY
- Provided valid and verifiable contact information that passes our anti-spam and fraud detection.
- Completed SMS verification.
Important Note for Reverse Mortgages: Leads selecting “get a reverse mortgage” must be over 55 years of age to be considered qualified. This age verification occurs after Section 1.
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II. Purchase Leads #
Here’s how we qualify leads looking to purchase a property:
Section 1: Identifying the Mortgage Need
- Question: “What type of mortgage are you looking for?”
- Possible Answers: Borrow from home equity, refinance my property, Mortgage is up for renewal, purchase a property, get a reverse mortgage
- Qualification Logic: Selecting “purchase a property” directs the lead through the subsequent qualification steps for purchase scenarios.
Section 2: Understanding the Purchase Timeline
- Question: What stage are you at with your purchase?
- Possible Answers: Approval: purchase agreement signed, Pre-approval: buying within 120 days, Pre-qualify: researching options
- Qualification Logic: This helps gauge the urgency and seriousness of the lead.
Section 3: Realtor Status and Purchase Type (Conditional Questions)
- If the answer to Section 2 is “Pre-approval: buying within 120 days”:
- Question: Are you working with a realtor yet? (Answers: Yes or No)
- Qualification Logic: Provides context about the lead’s progress.
- If the answer to Section 2 is “Approval: purchase agreement signed”:
- Question: What type of purchase is this?
- Possible Answers: Primary residence, second home, investment property, buy land to build a home
- Qualification Logic: Helps understand the nature of the property being purchased.
Section 4: Assessing the Borrowing Situation
- Question: Which is your borrowing situation?
- Possible Answers: I’m able to get approved at the bank, I’m not able to get approved, I’m not sure if I can or not
- Qualification Logic: Offers insight into the lead’s perceived creditworthiness but isn’t a direct disqualifier.
Section 5: Key Financial Information for Purchase
- Questions: What is the purchase price of the property? How much is your down payment? What is your gross annual income? (Lead fills in the figures)
- Qualification Logic: These figures are crucial for assessing affordability.
Section 6: Property Type Considerations for Purchase
- Question: Which of the following applies to your property?
- Possible Answers: Leased land property, prefabricated home, commercial property, none of the above
- Qualification Logic: Properties identified as “Leased land property” or “prefabricated home” are disqualified for standard residential purchase mortgages. “Commercial property” typically falls outside the scope of standard residential mortgage brokers.
Section 7: Property Location
- Question: Where is your property located? (Drop-down menu of all provinces in Canada)
- Qualification Logic: While the province itself doesn’t disqualify the lead. It assists FinanceVine to provide the lead to the correct agent.
Section 8: Contact Details and Anti-Spam Measures
- Questions: Name? Email? Phone number?
- Qualification Logic: Same rigorous anti-spam and validation checks as outlined in Section 10 for equity/renewal/refinance leads.
Section 9: SMS Verification for Authenticity
- Process: A 4-digit verification code is sent via SMS, and the lead has 10 minutes to enter it.
- Qualification Logic:
- Successful verification within the time limit: The lead is qualified.
- Failure to verify: The lead is disqualified, ensuring higher lead quality.
Qualification Criteria for Purchase Leads:
A FinanceVine purchase lead is qualified if they meet the following criteria:
- Their buying timeline (based on Section 2) is less than or equal to 4 months (Approval or Pre-approval stages).
- Calculated Mortgage-to-Income Ratio is less than or equal to 4:1 (based on purchase price, down payment, and gross annual income).
- Down payment is more than or equal to 20% (potentially categorized as a higher-quality “B” lead) or more than or equal to 5% (potentially categorized as a standard “A” lead).
- Property is NOT a leased land property or a prefabricated home.
- Provided valid and verifiable contact information that passes our anti-spam and fraud detection.
- Successfully completed SMS verification.
In Conclusion, Your Key to FinanceVine Leads
By understanding this detailed breakdown of our form logic and qualification criteria, you are now equipped to recognize the value and potential of the FinanceVine leads you receive. We are committed to delivering high-quality prospects who are further along in their mortgage journey and meet essential financial and property requirements. This allows you to focus your expertise on what you do best: securing the right mortgage solutions for your clients. Thank you for your continued partnership!