What you need to know : First meeting with mortgage broker
Buying a home for the first time can be a real task! From house-hunting to palpating your wallet to finally getting to live into that, it’s a long process. However, the whole process can be a little easy if you get a helping hand. Since we’re talking about the assistance we all are well aware that it’s none other than a mortgage broker who can make the process like a dream. Meeting your finance broker for the first time can be very existing as well as can be a nervous experience. After all, it’s an opportunity to get hitched with the one who can really get cracking on turning your dream into reality. But meeting the perfect broker is not as you’ll rub your shoulder in just one click, regardless you need to pitch in as well. So it’s important to do your homework before your first meeting.
Since finding the perfect broker is just the beginning of the home buying journey, you need to kick off the start at the right point. Thus here are some tips to make your appointment a success.
Understand Where you Stand
Before you pitch into anyone to represent you, you need to analyse first where you stand.
The initial meeting between a mortgage broker and you will focus on understanding your position and giving a clear picture of your position. You will need to figure it out first.
The brokers might question your financial goals, how much you’ve set a limit of borrowing, and your ideal investment. Preplan when and where you want to buy a property, what suburb you’ve selected, how it will go along with your lifestyle and most importantly why. Therefore, it’s always advisable to figure out your answer before your meeting so you can articulate your needs. And also will help your broker to give shape to your vision.
Before you jump to a conclusion, weigh the benefit of buying a new ‘ready- build house’ and ‘house and land package’.
A ready build house privileges in saving stamp duty, low maintenance costs, faster process.
Whereas, buying a house and land package profit in various ways like- you get to design your house, power to customise finishes, floor plans, and facades, and stamp duty saving.
Stay Prepared with the Document
Your mortgage broker might expect you to have your documents (two payslips or if you’re self-employed then tax returns) prepared as much as you can. Furthermore, if you include paperwork like transaction histories, any other income and assets like shares, dividend income, other investments or anything which can help your broker to draw a clear picture of your financial condition.
This information will make the process much easier for you, can help the broker to filter more accurate options and can provide a speed start to the process.
Research about the broker you're Meeting
This is another thing you can do to maximize the possibility of the meeting. Do your homework and filter out as much information you can from the sources, many brokers in Sydney provide content on social media or websites, so you can trace the digital footprints and know a few things about them. Researching about them can add on other perks like what are fields they are specialised in, their panel of lenders, where are they located and their qualifications. This can give you an insight into their knowledge, expertise and highlights to discuss at your meeting.
Carry your personal ID
As you yearn to know your mortgage broker they also want to know who you are, and it’s fair! So, we advise you to carry along one or more forms of personal or photographic IDs like – your passport, driving licence, proof of age card. Besides, you can also hold upon other forms of identification ID such as your Australian citizenship certificate, birth certificate, income tax notice from your Australian tax office, phone or gas bill etc.
Prepare a list of questions you require to ask
During the appointment, it’s common that your mortgage broker can ask a few questions to analyse your financial as well as personal circumstances to tailor a loan that fits your needs. Though it’s also important that you too stay prepared with the questions which may add benefits to the appointment or say to conclude the objective of the meeting. These questions may include;
- Ask about their lending panel
Asking about their lending panel will provide a brief description of their previous works and experience. And will also give you an idea if they can provide a range of lending options or not.
- Ask about their payments process
Mortgage brokers in Sydney or Mortgage broken in northern beaches get paid commission from the lenders. However, you’ve all the right to ask about their commission and the benefits they will receive.
- Pros and cons of fixing the interest rate
Ask the advantages and disadvantages of fixing interest rates and see what opinion they hold. Typically, this loan type is more stable, however, to avail more favourable features, variable rates are advisable.
An appointment with your broker is a step towards your financial goals. So keep in mind the above tips to meet with the one who can be on your way to finding a mortgage that suits your situation and lifestyle.
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