For Every person seeking a home loan and wanting to render the services of a mortgage broker they have to undergo a number of steps from start to settlement. Prepare yourself by ensuring you have an understanding of what happens in each step.
Preparation:
- Start by knowing your budget and finances as well as having an idea of what your goals are; ie do you want to buy your first property or are you wanting to invest in investment property? Is it just to refinance from your current lender to another as your needs have changed?
Initial Contact:
- Outline how much money you are seeking to borrow and discuss your finances and personal details.
- Organise a time and place to meet your broker.
- Determine what documents you need to bring to the meeting.
Being prepared with all relevant documents for your mortgage broker will ensure they are better prepared for your meeting.
The Meeting:
- Introduction: The interview; you meet with your broker and decide whether you wish to work with them as this is a partnership between you and your mortgage broker, you need to be happy with them. In this interview you will learn of their services and be briefed on what to expect from the process. You will also learn of the commissions and fees, paid by the Lender.
- Qualification: Once you provide your documents to support your fiancial situation and budget your broker will discuss your loan requirements tailored for your circumstances; ie do you need a loan for an investment property or is it for your place of residence?
- Offer: Discussion on what loan product and lender to use matching your requirements; this is usually when your broker uses a mortgage calculator to determine repayments etc
- Application: Completing the application form, and declaring the information provided is correct; your broker will inform you that once all documtation is provided your application can only then be submitted to lender selected,
- Close: Your broker will keep you informed as to what happens up to settlement, as well as an expected time frame for process.