As mortgage professionals, we frequently have clients who approach us with many questions regarding their mortgage. These people include both first-time home buyers and experienced buyers.
Getting a mortgage is an important process a person’s life. More often than not it is an indication of an exciting time in their life, like purchasing a brand-new home or finally completing some much-needed renovations.
When people meet with a broker for the first time, there are always many questions, concerns and uncertainties that come with them. This is even truer if people are going through the process for the very first time!
Questions like “What can my family and I expect from a broker?”, and “How exactly can they help me?”, or “What happens when I meet with a broker?”
These are all very common questions that come up in a meeting with the best mortgage broker Brampton, such as one from Lotus Loans. To attempt to help make things easier for you, we have come up with three tips for you to keep in mind for when you meet with a broker for the first time.
- Be prepared to be exposed to many options
The biggest difference between working with a mortgage broker and working directly with a bank is the many options that are exposed to you from a broker.
Our team is closely tied with more than 30 different lenders across Canada. These lenders, which include banks, private lenders and other financial institutions, all offer a wide range of mortgage products. Once we determine your wants and needs we’ll take your mortgage and shop it to these lenders. After that, we’ll put together a list of options for you to review with us.
At the end of this, you will ultimately be paired with the perfect mortgage that fits your situation. Additionally, you’ll get our honest opinions and recommendations.
- Have proper paperwork ready to go
It’s likely safe to say that you don’t want a long mortgage process because honestly, nobody does.
One tip is to make sure that you bring everything you need to your initial meeting with a broker as this will speed the process up. For example, when clients meet with us for the first time, we ask for information on their finances, so bringing a few documents to your first meeting will be helpful for both parties.
A couple of things to bring to your initial meeting include a proof of income (pay stub), bank statements, credit card statement (if possible), some identification (driver’s license or health card) and any tax returns that you may have. The more prepared you are from the get-go the faster the process can be completed!
- Be ready to answer and ask A LOT of question
When you meet with one of our brokers for the first time you can certainly expect us to ask a lot of questions. Don’t be intimidated, though! We only do this for the sake of getting to know what your needs and goals are!
For instance, when we meet with a new client for the first time we will typically ask questions to identify their financial goals and current situation, what they’re looking to get in a mortgage, what they expect out of the experience from us, what they can afford, and more. We do this to help our team get an idea of who you are as a person and what your mission is in the near and distant futures.
This is a great time for you to ask all questions that are on your mind. Our lending professionals will have all the answers about mortgages, so take advantage of it while you can!
With these three tips, you should now have a pretty good idea of what will happen when you sit down with one of our professionals. If you’re looking for the best mortgage broker Brampton, you’re in luck!
If you’re considering working with a broker in the Brampton area or have any questions, contact our team today to find out how we can help you!
