Ready for your first home loan? Congrats on taking the initiative. Now you may have heard (from a friend or a family member) that you should get in touch with a mortgage broker for financing your first home loan. Then you heard it absolutely right.
A mortgage broker is a great choice when it comes to getting info in relation to your first home loan. A reliable and trustable mortgage broker takes the time to understand you and your needs. He/she helps you compare your options and apply for the finance.
When purchasing your first property, you don’t want to let yourself be overwhelmed by the experience. The process can be seamless and enjoyable when you tackle it in individual stages. And having a broker by your side makes the process seamless. But to know your broker, you will have to meet him.
Here are few tips that will help you in your first meeting with the mortgage broker –
The broker is a human and meeting a human should not scare you out. Yes, the act of getting a mortgage is stressful but unless you remain calm, you are only making it difficult for you. Don’t stress yourself too much and listen to the broker patiently.
Speak about your concerns and doubts freely and maintain communication. Also, be confident when you put up your questions.
Tell About Your Goals
In the first meeting, the broker wants to know you. He would actually get to know you as a person first before anything else. He will typically ask what your current situation is, what you want out of your mortgage, how much you can afford, and much more.
Here again, communication plays a major part. You don’t want to hide anything and reveal all the important details. You should also understand your own objectives and how the mortgage relates to it.
Learn About the Options
The broker will give you many options and sometimes this will be too much to handle. A broker will offer you way more than any other bank ever will. The better the broker the higher and varied the offered options will be. After the initial discussions, he will narrow down your choices to match your exact requirements.
After having a look at all the options, you should start asking the broker the necessary questions. Prepare a list of questions before leaving for the meeting and make sure to get satisfactory answers for each of them.
Don’t feel shy to ask questions that seem stupid to you. First-time buyers have many questions and that it perfectly acceptable. What’s the lowest mortgage rate? What’s the completion time? Will there be any problems? These are just some of the question that you might have.
Have the Necessary Paperwork
You should also carry all the necessary paperwork. It includes every financial record you have including your credit reports, credit bills, previous salary/income details, etc. He will check the details and suggest any correction or addition if required. Having completed and fully filled paperwork makes the whole mortgage process smoother.