Tips for Your First Meeting with a Mortgage Professional

When it comes to applying for a mortgage loan, using a mortgage professional is your best option. Not only do they have access to a larger pool of lenders and products, but they also act as the go-between person for you and the lender. Their advice is invaluable and they will guide you through the entire process. Our Atlanta mortgage lender team has some tips to prepare you for your first meeting with your mortgage professional.

Organizing Your Documentation

Our first piece of advice is to make sure you have all of the documentation needed before your first visit to your mortgage professional. You should call ahead of time and find out what you will need, especially if you have a unique situation, such as being self-employed. Whatever your situation may be, there are some basic documents that are required when applying for a mortgage loan:

• Documents that support and prove income and employment

• Proof of identity (passport, drivers license, etc)

• Proof of your assets and debts

• Your credit history and supporting documents

• Rental history if you have been renting prior to applying

• Gift letter if someone else is giving you the funds for a down payment

You may also need other documents, such as those pertaining to a divorce or separation, bankruptcy, financial statements relating to self-employment, etc. Most lenders will want to see a few month's worth of pay stubs, W2s, and bank statements. Having all of the documentation needed will help your mortgage professional get a clear picture of your financial situation and needs, as well as making the mortgage process go quicker.

Organize Your Finances

This is something that you should do before you begin house hunting or start the mortgage application. Making sure that your finances are in order will give you a better chance at qualifying for a mortgage and getting the best rates possible. It's important to create a budget because it will give you a better idea of how much you can realistically afford in mortgage payments each month. It will not only save you time when it comes to looking at homes but will also save you from not qualifying for a mortgage that may be out of your budget.

You also will need to put funds aside for the down payment, mortgage fees, and anything you may need when moving into your new home. Knowing what you have to work with and starting to organize and save money will make things easier for you when it comes time to buy a home.

Review Your Credit History

Your credit score and credit history play a big role when it comes to qualifying for a mortgage. The better your credit, the better the mortgage rates and products you will qualify for. You should get a copy of your credit report and carefully go over it. If you find errors, you need to contact the credit bureaus to have those corrected. Also, look at your weak areas and make a point of fixing those. For example, if you have a few high-interest credit cards or personal loans, it can bring your score down. Paying these down or paying them off completely will boost your score and save you money in interest fees.

Create a List of Questions

Your first meeting with a mortgage professional is your time to ask all of those questions that have been floating around in your head. It can be helpful to create a list of things that you want to know so that you don't forget anything during the meeting. It's a mortgage professional's job to make sure you understand everything about your mortgage, so don't be embarrassed to ask. Here are some of the most common things that borrowers ask:

• Costs that are involved in the mortgage process, like appraisal and broker fees, closing costs, and inspection fees.

• Penalties that may be incurred should you pay off your mortgage early or wish to make prepayments.

• Available interest rates how they may benefit you, what the downsides may be, and how long you will be locked into a certain rate. 

• Prepayment methods that are available for the mortgage product you are looking at.

• Any conditions that may be attached to the mortgage package you are considering.

A good mortgage professional will be sure to take the time necessary to clarify your questions and concerns that you may have before you sign off on a mortgage product. 

Going through the mortgage process can be less stressful when you work with an expert mortgage professional who has your best interests in mind. If you need help finding a mortgage product that is right for you, give our Atlanta mortgage lender team a call!