First appointment with a Mortgage Broker
If you’re looking for a home loan but are inexperienced, attending your first appointment with a Mortgage Broker can be a nervous experience. Getting a home loan, after all, can be quite complex. There are lots of Mortgage Brokers around and there is a lot to learn. But there are many steps you can take to be confident that your appointment will be a success.
A good starting point is to familiarise yourself with the expectations of the first appointment between the Mortgage Broker and yourself. Your Mortgage Broker is very likely to ask you about your medium and long term financial goals, the amount you want to borrow, comparisons of your home loan options and your understanding of the fees, costs and conditions attached to home loans. Knowing the direction the appointment will likely take lets you participate more actively in the conversation. This means you can better articulate your needs.
It’s also recommended that you give some consideration before the meeting to the types of questions you wish to ask your Mortgage Broker. Questions that can be of use include such things as loan types (such as term, repayment options and interest rate types), the types of ongoing fees attached to various loans (such as early exit, late payment, break and redraw fees) and the typical timeframe for a loan settlement.
These questions might pop into your head spontaneously during the meeting but preparing them in advance is a good way to refine them. By doing so, you are in a position to get more specific information from your Mortgage Broker.
It is common practice, too, for your Mortgage Broker to conduct a needs assessment prior to your face to face appointment – so you may be asked some questions prior to your appointment. To assist in answering these, you’ll need to supply information about your employment history, assets and expenses.
At the appointment it will save you time and effort to prepare and then bring the required documentation with you. This can include ID, transaction histories, tax returns, rental income statements and borrowing documents such as the contract of sale and proof that you have the deposit for a property. It’s mandatory for Mortgage Brokers to maintain the confidentiality of information that you provide to them and only pass on information necessary to enable them to lodge your loan application or where required by law.
The other preparation you can make to maximise the success of your appointment is to research your Mortgage Broker. Many Mortgage Brokers provide content on their website and social media pages. This can give you a good indication of their knowledge and expertise and highlight topics to discuss with them. You can also determine if they specialise in any types of loans that match your specific needs, where they are located and their panel of lenders. Finally, you should investigate their qualifications, as this will help ensure you receive the best credit advice.
By confirming that your Mortgage Broker is accredited, you can approach the meeting knowing that they are appropriately educated, adhering to a strict and professional code of practice and is authorised to access a large range of products offered by a variety of home loan lenders.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.