The first meeting with a mortgage specialist can sometimes be overwhelming. A great way to help make the first meeting more relaxed is to be prepared and have certain documents that are necessary to determine what type of mortgage you can qualify for on hand. Every mortgage professional is a little bit different; however, the majority of mortgage lenders are looking for information that shows them whether you:
1)Can repay the mortgage, and
2)Can show a track record of reliably paying other people you’ve borrowed money from.
In summary, in terms of documentation that you will need to bring, they will show what income you have and how it’s structured.
The checklist below will help you know what you should bring to your first meeting with a mortgage specialist:
Advice from a Mortgage Specialist:
When speaking with a mortgage specialist they recommend the following for a first-time home buyer:
Firstly, do not rely on online “mortgage calculators” as these online calculators are only as good as the information that is being inputted.
Secondly, mortgage specialists generally assume that all first-time home buyer clients are starting “green.” In short, no mortgage specialist will assume that you already know all the facts or are able to ask detailed or specific questions right away.
Thirdly, when coming to the meeting, it is important to be as attentive as possible.
Finally, the more detailed information about your financial situation you can present the better!
When you’re ready to purchase a home, it’s clearly important to negotiate from the strongest possible position. In a strong real estate market, it’s not uncommon for buyers to have to compete for the home they want which gives the seller the ability to be selective regarding which buyer they choose to negotiate with. It’s important, then, that you leverage your own advantages to ensure your offer is the one the Seller accepts.
Getting a Mortgage Pre-Approved is easy. To get started, click the link below:
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