Meeting your mortgage broker for the first time can be a nerve wracking experience. Purely because they are the ones that could determine whether or not you and your partner can begin looking for or making an offer on your dream home.
And while you shouldn’t feel scared to meet them, there are some steps that you can take to prepare yourself for the meeting to make the process go smoothly and potentially improve your chances of approval. Keep reading to find out more.
How Much Do You Make?
When the mortgage lender asks you this question they aren’t expecting you and your partner to tell them the rough figures of how much you each bring home along with any lingering investments or shares that you have. No, instead, they are going to want a clean breakdown of all of your income streams which result in one large total monthly income amount.
Along with this information, you should also bring with you the past three months of your pay stubs along with any other substantiation of your income streams that you have. This could either be your bank statements or any notices from investment banks you have dealings with that issue statements.
What Are Your Expenses?
Your shopping addiction to the Groupon Coupons page for Barney’s isn’t anything to be ashamed of. However, it isn’t one of the expenses that your mortgage lender will want to know about so best to keep it a secret from them.
Similar to the point above, paperwork is going to be your best friend. Sit down and work out your household and personal expenses and group them into categories. Remember, the clearer that you make your expenses seem, the easier it will be for your lender to make their decision, so be sure to include all items you can recollect.
That’s right, wait! If, after you have prepared the above information about how much you both earn and your expenses, you realize that you might not be the appealing applicants that you once thought you were, it’s best to wait! Each time that a mortgage lender assesses your financial information their tracks are left for the next lender. This can lead the subsequent lender to think that something is wrong with your application, otherwise you would have been previously approved.
To prevent this, simply wait. If you have a credit card that is about to be paid off or your car loan is about to finish, wait until these obligations are no longer around. This will help to make your financial position more appealing for a lender’s approval.
Nobody said that applying for a mortgage was easy, however, it’s also not the scary and impossible task that many would have you believe. When it comes time for your first meeting with your mortgage lender, keep this article and these tips in mind and walk into their office with confidence and ready to walk out with a mortgage approval!