As a lender, you don’t want to waste time on mortgage prospects who are not qualified. It is wiser to spend your time only with mortgage leads who can qualify for loan approval. They have a real need and ability to repay the loan. But how can you be sure that the prospect you are pursuing is a good one? This article will show you the important signs of a good mortgage prospect.
A mortgage prospect might be actively seeking loan services. But does he qualify for a loan? Look at the estimate of his liquid assets and his present household income. They are two of the best indications that he qualifies for a loan.
The sum total of his income and his liquid assets will show if he is a good credit risk. It will also show his financial capability as a borrower. If you know this information, you will be able to see if he can repay the loan he is asking from your company.
You can use a person’s Equity Intel score to determine if he is a good mortgage prospect. There are times when a person gets a home equity loan to pay for house repairs, renovation or other needs. He can also get a HELOC or Home Equity Lines of Credit for this purpose.
The Equity Intel score shows lenders who among the many homeowners will apply for a loan or a HELOC. Use this information to check out the qualifications of your mortgage prospects. This information will ferret out homeowners who might apply for a loan but are not qualified.
Search for information about homeowners who might want to refinance their home mortgages. Some homeowners take advantage of the times when the interest rates are down. They seek refinancing of their home mortgages. These homeowners are good mortgage prospects.
You will know these prospective customers if you will search for their Refi Intel scores. The Refi Intel scores show who among the homeowners will seek refinancing in the following 3 or 4 months.
Use the Purchase Intel Score of homeowners. This information shows who among the homeowners may want to sell their existing homes in the next 3 to 4 months. It also indicates those who want to buy new homes within the same period.
To impress home sellers, some home buyers seek preliminary approval or preliminary qualifications. They get this from their banks or lenders. Use these buyers’ Purchase Intel scores. Their scores will show you if they are good mortgage prospects or not.
It is very important to qualify a prospective customer before pursuing him. You should take the time to vet him because you don’t want to waste your time with him. Use the points discussed in this article. They will help you to determine if the person applying for a loan in your company will default in the future or not.