Preparing for your appointment with a broker!

Your first appointment with a broker is coming up! How should you prepare? There are a number of items a broker will want to discuss with you, and there will be lots of work to do. However, your first appointment is a great way to get to know one another and establish a working relationship. It also offers you the chance to learn more about the housing market! With that in mind, here are a few tips to help you get ready for that first appointment. 

Think about your housing needs

One of the most basic things every home buyer needs to know is the kind of property they want to buy. You might not have every detail nailed down, but it’s important to take some time to consider what you want to have in a home. This will help you and your broker narrow down your buying budget, potential location, and mortgage product. Before your appointment with a broker, be sure to dedicate some time to researching your housing needs. For example, what property type are you interested in? How many bedrooms do you need your home to have? Are you hoping to live in a city, or in a more rural area? These considerations will all influence your future property’s price, and therefore your mortgage needs. 

Bring your income documents

Lenders will examine your income closely when assessing your mortgage application. To get a headstart on the process, you can bring your bank statements and T4s to your appointment for your broker to examine. Self-employed individuals should consider bringing tax returns, or any other proof of income they have. These are all documents lenders will require once you reach the point of submitting your application for your mortgage approval. Lenders will use this information to determine what they think you can afford in a mortgage, and if they are willing to finance it for you. At your appointment with a broker, they will walk you through any other information or documents you will need to provide.  

Be ready to discuss any debts

The topic of debt can feel uncomfortable, but don’t worry. Brokers are here to help you understand how your existing debts might impact your mortgage application, and what you can do to secure a mortgage approval. Many people with debts are still able to buy a home, and a broker will help you learn what you can afford. If you can supply a broker with information on your existing debts, this will help them understand things like your debt service ratios, and what you can do to lower your debts, if necessary. Your debts could include things such as car payments, credit cards, or lines of credit. Be open with a broker about your debts, and they can help you work around them when buying a home!

Create an approximate budget

Part of your appointment with a broker will involve determining the proper budget for buying a home. However, if you can come ready with an estimate of how much you think you can afford, this is a great starting point. You can consider things like your income, expenses, and debts, and how much money you have saved over time. These factors will help you come up with an approximate budget you’d like to work with. It’s also a good idea to find a listing of a property you think would fit your price range, which you can bring to your appointment. This will help your broker gain a better understanding of your housing needs. Of course, you don’t have to have it all figured out by the time you arrive for your appointment! You will work with your broker to finalize your budget, and what kind of properties you can consider.

Have questions ready!

Finally, don’t be afraid to speak up at your appointment! Buying a home can be confusing, and brokers are expecting you to have some questions about the process. If there’s anything you are unsure about, don’t hesitate to ask. You will not be the first person to have questions! Things like interest rates, mortgage products, and the current market conditions are great discussion points. You can also ask about the broker’s experience and how the mortgage process works, which will help you get to know them better and make sure they are a good fit for you. You will be working closely with your broker, so it’s important that you trust them and feel confident about having them by your side!

Your first appointment with a broker will be packed with information, but don’t worry! Brokers will ensure you understand how the process works, and they will help you get everything in order before you enter the housing market. As brokers, we are committed to helping borrowers like you achieve their home buying goals, and we are ready to help you make the most of your experience!

If you have any questions about your mortgage, give us a call at Centum Home Lenders! You can reach us at 506-854-6847, or get in touch with us here.