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meeting with a broker

How should you prepare for your first meeting with a broker?

Is your first appointment with a mortgage broker coming up? This initial meeting will mark the beginning of your home buying journey! With that in mind, how can you get ready for this first meeting with a broker? The good news is your first appointment does not include anything too strenuous. Here’s what you can expect from this meeting, and how you can start to prepare.

What will this first meeting include?

This initial meeting with a broker will be quite straightforward and relaxed. Since this is the very start of your homeownership journey, the process is just beginning. This means your broker will want to take some time to get to know you, your finances, and your housing goals before moving further into the process. They will ask you about your employment, income, address, and anything they should know about your home buying plans. It’s okay if you don’t have all the details sorted out yet in terms of your budget and housing requirements! This is just so your broker can ensure they are on the same page and understand your situation. It’s important to build a positive and trusting relationship with your broker, because they will be responsible for some of the most important parts of your homeownership process. Make sure you feel comfortable with them, and confident in their abilities to guide you.

What should you bring with you?

While your first appointment with your mortgage broker isn’t too taxing, it’s still best if you can come prepared with some key information. This includes any documents related to your income and debt. Things like your position, salary, previous jobs, and proof of income will all be required. You can also provide bank statements, pay stubs, employment letters, and T4 tax forms. Lenders will need to see all of this during the mortgage approval process, so it can be handy for your broker to gather it ahead of time. In terms of your debts, brokers will also need to know about car or student loans, credit card debt, etc. Having debt doesn’t mean you can’t get approved for a mortgage! However, your broker should know about your debts so they can provide the best guidance moving forward.

What are some important questions to ask?

This is the perfect time to ask any questions you might have about the housing market, mortgages, or about your broker themselves! It’s good to learn a bit about your broker to ensure their background matches your needs. For example, working with a broker who knows the area well is ideal, as is using a broker who is familiar with buyers in your situation. If you are a first-time buyer, a mortgage broker who has worked with several new buyers will be well-equipped to address your needs. It’s also likely you will have some questions about the mortgage process itself! There’s a lot to know about interest rates, mortgage products, and lenders, and of course, you don’t have to be an expert. This is a great opportunity to learn a bit about how your homeownership journey will work, including products that may be suitable for you and potential interest rates you could be working with. At the end of the day, you are free to ask your broker anything that comes to mind about buying a home! 

When will you hear from your broker again?

One of the best parts about using a mortgage broker is that you can always get in touch with them for guidance. You and your broker will be in frequent contact throughout this process, and they will be your go-to support for any questions or issues you may have. Even after you have moved into your new home, your broker will be there to help you navigate mortgage renewals, refinances, and any other service you need. After your first appointment, you can count on consistent communication from your broker.

Preparing for your first meeting with a broker can feel a bit intimidating at first, but we assure you it will be a smooth and stress-free experience! This appointment will set you up for success in the market, and will help you and your broker get to know one another. If buying a home is in your plans for the future, you can reach out to your local broker at any time to get started. We are ready to guide you through the process and find you the best mortgage product.

If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.