Tips for Your First Meeting With a Mortgage Lender

Tips for Your First Meeting With a Mortgage Lender

Beginning your journey toward buying a home can be stressful, especially when it comes down to applying for a mortgage. Having been a Smyrna mortgage lender for several years, our team at Accurate Mortgage Group has worked with many applicants who have found themselves intimidated at the thought of preparing for their first meeting. After all, they needed to be prepared to share intimate financial details with us in order to be approved for their mortgage.

The great news is, this process doesn’t need to be worrisome. Coming prepared to your Smyrna mortgage lender will make the first meeting go a lot smoother.

Here’s a description of what you should expect, what you should bring with you and what questions you should ask.

What to Expect

During your first meeting with your Smyrna mortgage lender, you will go over all of your finances. It’s a bit like an interview with the aim of finding out what you can realistically afford. Sometimes, this is done in one session, or it can be done in a few sessions, especially if you don’t have all of the documentation needed. Sessions can be done over the phone or face to face and last anywhere between one to three hours. The whole point of this meeting is for your lender to get to know you in order to find the best mortgage option for your situation.

Bring the Right Documents

As a rule of thumb, we advise that you bring anything related to your finances. You may have more than you need but this is better than not having the documents needed, which will delay the mortgage process. Your lender will give you a good idea ahead of time as to which documents will be most important for your particular situation.

Almost everyone, however, will be ask to provide proof of your identity, proof of your income, assets, debts, taxes, property details of the home you are looking to buy, and any other financial obligations that you have. Usually, you will need at least two month’s worth of pay slips and bank statements.

In some instances, you will need some extra documentation. For example, if you own your own business or are self-employed, there are certain tax assessments forms that you will need to provide us with. If you aren’t sure what documentation you will need for special circumstances, it’s best to just give us a call ahead of time to ask, if this hasn’t already been explained prior to your meeting. We are always happy to answer any questions you may have!

Get Your Finances in Order

One of the best tips we can give as a Smyrna mortgage lender is for you to take the time to sit down and review your finances, budget and credit score prior to applying for a mortgage. Budgets are very important at this stage because they will show you how much money you will have after taking care of the necessities each month. The amount you will be repaying with a mortgage each month will depend on how much you borrow and for how long.

As for your credit score, review it and make sure there are no discrepancies that could impact the mortgage process negatively. If there are errors, have these fixed before applying for a mortgage. Lastly, don’t make any major financial changes or purchases during the loan process. This could be the difference between getting your loan or getting rejected.

Questions to Ask

No question is a stupid question! This is a big financial commitment and you want to make sure you clearly understand everything involved. If you aren’t sure about something, ask. Our Smyrna mortgage team is there to help you. Make sure you ask about any costs that will occur, such as appraisal fees, inspection reports and penalties for making a pre-payment. You might want to sit down beforehand and write down a list of questions that you want to ask so that you don’t forget during the first meeting.

Your first meeting with a Smyrna mortgage lender doesn’t have to be stressful. If you’re looking for a mortgage, give our team at Accurate Mortgage Group a call today!