How to Help Clients Who Don’t Yet Qualify for a Mortgage

One of the best perks of being a loan officer or independent mortgage broker is helping clients get into their dream homes. However, sometimes this has to be put on hold if a client doesn’t meet the qualifications needed to get a home loan. Perhaps they haven’t been at their job long enough, to prove steady income, or maybe their debt-to-income (DTI) ratio isn’t where it needs to be. Whatever the reason, you’ll more than likely encounter a client like this at some point in your career, so it’s important to be prepared so you can provide value no matter where someone in the homebuying process might be.

The most important thing to keep in mind is even if a client isn’t immediately ready for a mortgage loan, you shouldn’t push them aside. They’ll eventually be able to bring their business to you, once they get their finances in order, of course. Remember, there are a variety of wholesale lenders out there who are available to help you find options for clients in a variety of situations as well.

Let’s take a look at some things you can do to support clients who might not yet qualify for a mortgage.

1. Provide encouragement

We all know the saying – people won’t always remember what you did, but they’ll always remember how you made them feel.

When you share the news with your client that they don’t qualify for a home loan, they’ll likely be upset and feel overwhelmed. As their independent mortgage broker or loan officer, you have the opportunity to ease their minds and provide an optimistic perspective. Offer up potential solutions and tips on how they can eventually make their way to the closing table. The goal is to make sure they leave your office or hang up the phone with a sense of hope, instead of defeat.

2. Develop a financial timeline

Instead of sending your client on their way without any sort of guidance, help them create a game plan for how they can eventually get that mortgage loan. Sit down with them and create a realistic timeline with specific goals for them to achieve. This is also a great opportunity to share some tips and resources they can use to successfully reach those financial goals.

3.  Check in regularly

After setting your client up with a financial timeline to follow, be sure to utilize tools such as a Customer Relationship Management (CRM) system to automatically push out follow-up emails and informational content to your client. You can also use your email calendar to set up monthly reminders to check in on how they’re doing. Are they on track? Are there any questions you can help answer for them? Clients want to be heard and feel like they’re being taken care of, so by proactively reaching out, you can make a huge difference in their overall experience.

This also keeps you top of mind, so when they are ready to finance a home, they’ll know to come to you. In the meantime, they may also refer you to other friends and family, bringing more business in your door.  

At the end of the day, a good independent mortgage broker or loan officer will do what it takes to get their clients to the closing table. Whether that be in a month or a year, you can help them get there by offering exceptional customer service and a helping hand.

Are you interested in building a career that helps clients achieve their homebuying dreams as an independent mortgage broker or loan officer? It’s easier than you might think and our team at BeAMortgageBroker.com is here to help you every step of the way.