Mortgage Blog

What to expect in your first broker meeting

May 24, 2019 | Posted by: Jatinderbir Singh Bajwa

What to expect in your first broker meeting

Buying a home is a major milestone in any person’s life, but there are a lot of steps that need to be taken to get there. One major step is meeting with a mortgage broker to help you actually finance your purchase of a home. We here at The Mortgage Centre understand that this meeting can be intimidating: the outcome of the meeting has massive implications for your future, both in terms of finance and lifestyle. However, we want to make your first meeting with a mortgage broker a little more approachable, so we have elucidated what you should expect in this meeting below.

First off, expect to come in with a significant amount of paperwork. Bring in payslips (to show your income), bank statements, job letter, tax assessments, your savings balance, and records of your assets and liabilities. All of these records will help inform a mortgage broker of your financial situation and wider circumstances; in turn, this information will enable the broker to understand your budget, purchasing power, and consequently, an appropriate mortgage suitable to your finances.

Next, be ready to answer many questions about your desires regarding a home, so think carefully about what you want. Is it a bungalow? Or do you want a house with a three car garage? What about condominiums? These are just some of the questions you need to consider, as they will help give your mortgage broker a sense of what you are looking for with a mortgage. In conjunction with their knowledge of your financial situation, awareness of your desires will make it considerably easier for your mortgage broker to find a mortgage that is not only financially feasible for you but also conducive to delivering your dream home.

Expect to have your most important questions answered. You are, after all, meeting with a highly knowledgeable expert on mortgages, so bring as many questions as you can ask! This way you can stay informed and fully understand what is happening with your mortgage, which is all the more important if you are looking to purchase your first home.

Finally, you should also be prepared to deal with a wealth of options regarding your mortgage, especially once your mortgage broker has a good understanding of your desires and financial ability. As an expert on mortgages with a wealth of inside connections to banks and other lenders, your broker will have plenty of options for you to consider. While your broker will offer his/her advice on these options, it is ultimately you who will make the final decision, so pay attention to these options!

If you are interested in meeting with a mortgage broker, visit the Mortgage Centre, a top mortgage broker in Brampton. We will guide you through the mortgage process and help you find the right lender and loan that works for you!

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