Our Discovery Call
A Discovery Call is our first touchpoint with your client. We make a quick 5–10-minute phone call to simply connect with the client and gather some basic information regarding a mortgage pre-approval. After we ask the client all necessary intake questions, we will either send them a link to our online application form OR create and give them a custom game plan for the future.
Once your client completes the online application, we will have a more thorough knowledge of the client, giving us access to the client’s Credit Bureau, etc… We will use these details to create a custom plan for your client.
A few questions that we will always ask during a Discovery Call are:
- Are they an employee or self-employed?
- What is their annual income?
- Do they receive any additional income?
- What price range suits their needs?
- Are they currently working with a realtor?
- What type of property appeals to them?
- What is their credit like?
- Have they ever had issues (past or present) with collections/bankruptcies?
- Do you have any car/student loans?
- Down Payment
- Do they have any funds saved for the down payment? How much?
- Where did this down payment come from? How long have they had it?
- Are they a First Time Home Buyer?
Our online application can be completed from your mobile phone, laptop, or tablet. Your client’s application stays “live” for 36 hours. To put it simply, this means that the application can be re-opened and closed at the client’s convenience to ensure all information is filled out in the given period. It’s not uncommon for us to send a reminder to your client to finish the app before the 36-hour deadline ends or reach out to us for any help.
Through every step of our Discovery Call process, we update both the realtors and clients. We provide the realtor a quick summary email giving our professional opinions on what we think their client can afford after we connect on the phone. We also update the realtor when the pre-approval is completed. As for the clients, they are receiving multiple calls/emails from us along the way keeping them up to speed. Our clients can feel at ease knowing that WE are on top of things taking care of them!
During our Discovery Call, when we are asking our intake questions, we can usually gather a rough idea of their projected purchase price with their liabilities accounted for.
- Every $20,000 of income earns approximately $100,000 borrowing power
- Every $13,000 of credit card/ line of credit debt subtracts approximately $100,000
- Every $400 monthly car payment subtracts approximately $100,000 borrowing power