--- title: Mortgage Form Qualification Process description: "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…" url: "https://clients.financevine.ca/docs/mortgage-form-qualification-process/" updated: "2025-09-10" category: 13. Form Logic --- # Mortgage Form Qualification Process 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** - **Question:** When is your mortgage up for renewal? - **Possible Answers:** within 4 months, between 4-12 months, and over 12 months - **Qualification Logic:** Renewal-only leads "looking for the best deal - Approved at the bank" and not requesting a qualifying equity takeout amount (50k) are passed on to an affiliate and not sent to our agents and brokers. - **Starting September 15 2025** **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, unless requesting "renewal - shopping for best deal." Approved at the bank is not passed on as a lead. **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) - Must be 50k or more - **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. ----------------------------------------------------------------------------------------------------------------------------- ### 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!