If you have been spending a lot of your time looking at houses then the chances are that you have also been spending a lot of time looking at mortgage options and brokers.
If you can identify with the above, then you have come to the right post! While we can’t help you to find your dream home, this article has some tips on how you can prepare to meet your mortgage broker for the first time and improve your chances of an approved application.
Don’t Let Their First Time Be Your First Time
Seeing your credit details and score on the mortgage broker’s screen shouldn’t be the first time you look at this information. Not finding out about your own credit score and taking steps to fix it before your meeting results in nothing more than confused looks and a broker who lacks confidence in your application.
Prior to your meeting, request your own copy of your credit report and look through every piece of information, paying attention to the following:
- Incorrectly spelled names
- Addresses which aren’t familiar
- Applications you didn’t make
- Debt you don’t owe
- Cleared payments listed as outstanding
All of the above can contribute to a negative credit score and history and can seriously affect your ability to secure a mortgage. They are also signs of identity theft.
If you see any of the above points or you notice anything which just doesn’t seem right, raise it with your credit reporting agency and have the matter cleared and your report updated before you sit down with your broker.
What’s Your Position?
While you might want a dream home and a mortgage, you first need to make sure that you are in a good financial position to take it all on. After all, this is going to be something your broker will want to know you can maintain.
Start by creating a budget which includes all of our income streams along with all of your outgoing expenses. It’s important that you be thorough, but not too through. For example, your broker won’t want to see just how much you save each month by utilizing the Groupon Coupons page for Kohl’s, but they will want to know the total monthly expenses for your combined personal items.
Creating a budget not only shows you whether you are in a good position to take on a mortgage but shows the lender, too!
Along with your budget, be sure to take the following documents with you to your first meeting:
- Any pay stubs
- Statements showing your ability to consistently save
- A letter from your employer outlining your salary details and expected employment length
- Statements which show ongoing debt repayment
The above pieces of information will enable your mortgage broker to process your application quickly and without hassle.
Have You Thought About Waiting?
If you are looking at your credit score and your current financial position and you aren’t 100 percent sure that you are in a position to take on the financial responsibility of a mortgage, then it’s a good idea to take a step back from the process and wait until you are in a better position.
Meeting with a mortgage broker or lender for the first time doesn’t have to be a stressful experience if you follow the tips above.