3 Things To Remember When You Meet With A Mortgage Broker
August 15, 2016 | Posted by: Jay Meakin
Being a mortgage broker in Calgary Jay Meakin often has clients coming to him with many questions about their mortgage.
Obtaining a mortgage is an important process and could mean that you are experiencing a significant event in your life, such as the purchase of a new home, and should be handled accordingly. When people meet with a mortgage broker, especially those who are purchasing for the first time, there are many questions, concerns and uncertainties that come with them.
What can I expect from a broker? How can they help me? What do I need to bring with me when I meet with a broker?
These are common questions that people have before their first meeting with a mortgage broker. To help calm some nerves and paint a bit of a clearer picture of what to expect, Jay has identified three things that you can expect when you meet with a broker for the first time.
1. Expect an interrogation
Not actually, though!
What we mean by this is to expect your mortgage broker to ask a lot of questions in your first meeting. For example, when Jay meets with clients for the first time he will ask questions in order to accurately identify your goals, what you’re looking to get, what you expect, what you can afford, etc. All of these questions help Jay paint a picture of who you are as an individual and what your mission is in both the short and long run.
This is also your chance to ask any and all questions that are on your mind. A mortgage professional will have all of the answers about mortgages, so take advantage of it!
2. Be prepared to review many options
If you don’t already know, the biggest difference between working with a mortgage broker and working directly with a bank is the variety of options that are available to you. Jay works with more than 30 of the nation’s biggest lenders, all who have many different mortgage products that they offer. After determining your wants and needs, Jay will take your mortgage to all of these lenders and put together a number of different options for you to review together.
Expect to look at different mortgage solutions that will benefit you. Of course, Jay will be with you the whole way and will offer his honest opinion and recommendations.
3. Have necessary documents prepared
Nobody wants a long, drawn-out mortgage process. By bringing everything you need to your initial meeting with a broker, you can help speed up the process significantly so you can put it behind you and focus on more important things in your life. Because Jay will require information on your finances, bringing a few documents to your first meeting will be helpful for both of you. Some things to bring can include a proof of income (pay stub), credit card statement (if you have a credit card), bank statements, a type of identification (driver’s license, health card) and any tax returns.
Now that you know a little more of what to expect when meeting with a broker you don’t have to be as nervous! Jay Meakin is a Calgary mortgage broker who you will be in good hands with. If you’re considering working with a mortgage broker, Jay would be more than happy to connect with you today!