Do These 2 Things Before You Pre-Qualify for a Mortgage
Mortgage Banker
Richard Blair
Published on February 8, 2022
mortgage Phoenix, AZ

Do These 2 Things Before You Pre-Qualify for a Mortgage

Imagine you just completed an on-line loan application  with your lender to start your home buying journey. Then several minutes later you start receiving call after call from unfamiliar phone numbers- your phone is blowing up. Curiosity gets the best of you and answer a call. It is a mortgage lender from a call center trying to convince you to apply on their on-line site for a mortgage pre-qualification. It is not unusual to receive up to ten calls within a short time and emails.

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This can be frustrating, irritating, and downright annoying. After all, you don’t even know these people calling you and asking for your financial information.

Simple Reason For Annoying Calls

The Reason that you are being slammed with these non-stop calls is that the credit bureaus can sell your information to certain companies for marketing purposes.

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If you applied for a mortgage pre-qualification the information sold to other lenders is sometime referred to as a “trigger lead.” Experian , Transunion and Equifax sell your information to various lenders that now know your actively looking for a mortgage loan. This is way you are being targeted. Unfortunately this practice is legal.

Be Careful of Unsolicited Trigger Lead Offers

The Federal Trade Commission has warned consumers, like yourself, to approach these trigger lead unsolicited offers very carefully. Irritating phone calls is only one aspect of the problem. Providing your financial information in response to an unsolicited call could open you up to the risk of identity theft.

When deciding on a lender for your pre-qualification it should be someone that you know and trust. Check out on-line reviews and Google the lender or loan officer to learn more about their experience. Would you be safest working with a lender that is known locally, has reviews and has a track record or are an unsolicited lender from a call center that you have not checked out?

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How To Prevent Annoying Trigger Leads
  • One month, or more, before you intend to start your mortgage pre-qualification process sign up for the National Do Not Call Registry. After you register your phone number on the List it should stop the annoying calls. Lenders that buy trigger leads are required to check for a phone number on the Do Not Call Registry before attempting any contact with a consumer.
  • You should register at OptOutPrescreen.com before starting your home buying journey.  You can also call 888-5OptOut.

The OptOutPrescreen line and website are run by Experian, Equifax, TransUnion and Innovis—four major consumer credit bureaus—and you only need to submit the request once. This will remove from all four bureaus’ prescreening lists.

For a related Blog article on how to increase your credit scores before starting the pre-qualification process check out https://richardblairmortgageteam.com/quick-hack-increase-credit-score-pre-qualification/

About the Author- Richard Blair, NMLS# 213176, is a mortgage loan originator with dwell Mortgage, a Victorian Finance Company. Richard has over 24 years of experience helping families as a mortgage professional. His goal is to educate home buyers to make wise financial decisions when choosing the best mortgage for their financial goals. 

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