The first step to buying a property, a business or commercial equipment is often securing the finance, and the ‘make or break’ nature of that can make the first meeting with a Mortgage Broker a daunting prospect.
Your first meeting with a Mortgage Broker is an opportunity to really get cracking on making your dreams a reality. He or she has the expertise to help you do this, but you will need to pitch in as well, of course. It’s important to do your homework before that first meeting.
Know the questions you want to ask and have a clear picture of what you’re after.
Your credit adviser will also expect you to have your documentation prepared as much as possible. This includes having two pay slips ready or, if you’re self-employed, having your last two tax returns at hand.
You will also need evidence of any investments and savings especially if you are buying your first home. If you go into that first meeting with all the information prepared, it makes it much easier for you and your Broker.
You should expect your Mortgage Broker to ask a range of questions about your current and future lifestyle and financial situation, so he or she can take into account factors such as whether you are planning to start a family. They have a ‘duty of care’ to understand who you are and what you are looking to achieve, to help you meet your goals. So don’t be put off if you are being asked a lot of questions; they are only doing their job in your best interest.
The range of products a brokerage has access to, as opposed to a bank that will only offer its own products, combined with the Mortgage Broker’s expertise in finding the right product, are the most compelling reasons to use them.
Working with a Mortgage Broker gives you access to literally hundreds of different financial products from scores of different financial institutions. This differs from approaching a bank, which will only be able to make recommendations about its own financial products.
Mortgage Brokers have a huge choice of financial products available to recommend, which means they are able to suggest the right product for a client’s individual needs. Properly qualified and experienced brokers are the industry experts, and will work with you to find out which loan and lender will best suit your needs.