First meeting with a Mortgage Professional? What you should know.
November 20, 2018 | Posted by: Mortgages By Marbelle
How to Prepare for Your First Meeting with a Mortgage Professional
Purchasing a home is a big step that involves a bunch of small steps in between. Meeting with a mortgage professional is one of the most important steps involved in the entire process. Before your first meeting, there are a few things you’ll want to do in advance so that you can have a productive and positive first meeting.
Have the necessary documentation ready
During your first meeting, you will need to provide your mortgage professional with information on your liabilities (personal loans, car loans, or credit cards) as well as information on your assets (vehicles, investments, savings). These documents will provide the mortgage professional with a glimpse of where you may stand in terms of your eligibility to finance your mortgage.
Have questions prepared in advance
Buying a home is one of the biggest decisions you’ll ever make. It’s understandable to have a lot of questions, especially if you’re new to the process. Rest assured that there are no right or wrong questions to ask so be sure to have a list ready.
Be ready to share information about your income
Since this information plays a big role in your ability to finance your mortgage, you want to make sure that you come prepared to provide honest answers. You’ll need to provide a document which provides proof of your current employment situation. Examples include your latest T4 statement, a pay slip, or a copy of your contract.
Know your credit history
Although you may not be checking on your credit scores on a regular basis, it’s a good idea to have your latest credit history available for your mortgage professional to view. If your history is in good standing, then it’s a good sign that you can obtain a mortgage.
Know what type of property you’d like to purchase
Whether you’re looking to purchase an investment property or your first home, it’s important to be specific during this initial meeting. Doing so will inform the next steps. Since investment properties and personal properties are different, the types of mortgage you will need will also be different.
Provide information on the down payment sources
This is another piece of information that will determine your eligibility for a mortgage. If you’re planning to dip into your savings, then it’s a good idea to have a recent statement of your balance available for your mortgage professional.
Your first meeting with a mortgage professional is an exciting step that requires preparation and confidence. If you’re ready to start learning more about your mortgage options, then feel free to contact Marbelle Financial today!