What You Should Bring to Your First Meeting with a Mortgage Broker
Buying
If you’re about to sit down with a mortgage broker for the first time – congratulations! More likely than not, this means you’re about to take the plunge and purchase your first home. The eve of this meeting can be nerve-wracking, and rightfully so! Purchasing a home is a big process with many unknowns.
Luckily, you can encourage the experience to go as smoothly as possible by being prepared for your first meeting.
How to Prepare for Your Meeting with a Mortgage Broker
Here’s what you’ll need to bring to the mortgage office during your first consult:
1. Copies of Your Tax Returns
The first thing a mortgage broker will want to see is proof of income which, for most people, means at least two years of tax returns. Print these out and put them in a manila folder before your meeting. If you’re taking out a mortgage with a partner or another party, separate their tax returns from yours.
Be advised that, depending on your job description, your mortgage broker may also want to see paystubs or other proof of income, but your tax returns are a good place to start.
2. A Notebook
Meeting with a mortgage broker for the first time can feel like trial by fire. You’ll receive a huge amount of information in a short period of time, and it can be overwhelming. That said, bring a notebook with you to write down interesting things your mortgage broker says, make note of sources he or she recommends, and take notes. This can help you reflect on the meeting later and ensure you remember it accurately.
3. An Understanding of Your Credit Score
While you don’t need to bring a printout of your credit score (your mortgage lender can look it up), you should have a general understanding of what your credit score is and, if it needs improvement, why. This will allow you to speak more intelligently with your mortgage broker and get the most from your meeting.
4. Printouts of Your Bank Statements
If you are planning to make a down payment on a home, your mortgage lender may want to see printouts of the bank account that holds the money. While down payments can be gifts from friends or family, mortgage lenders just want to evaluate the bank statements to ensure there’s a stable financial history there.
If you don’t have copies of your bank statements, or aren’t planning on making a down payment, don’t worry about this for the first meeting – you can cross this bridge later.
5. An Open Mind
Being open-minded during your first meeting with a mortgage broker is critical. You’ll likely learn new things and be presented with new ideas, and it’s important to be able to take them in.
Smarter Home Buying Starts Here
While attending your first meeting with a mortgage professional can feel a little intimidating, coming prepared is one of the best ways to set yourself up for success. These tips make it easier to feel calm, cool, and collected throughout.
