What your mortgage broker needs to know
When you are ready to purchase a property, you want the process of securing your home loan to be as efficient and streamlined as possible. Your mortgage broker or lender can help you work through the process of securing the right loan for your circumstances, while t here are some things you can do to stay prepared and organized to ensure you achieve your goal.
Your standard ID
When you are meeting your lender to arrange the loan, bring along a few forms of identification, such as your driver’s licence or passport. It’s always a good rule of thumb to bring one more piece of identification than required, to ensure you are fully covered. For some loans, such as a first homeowner’s grand, you may be required to bring along your birth certificate.
Naturally a core element of securing a loan is confirming your financial status. You will need to provide proof of income documentation, such as your most recent payslips and tax returns. If you are self-employed, your lender may require additional information to confirm that you will be able to manage loan repayments.
Your personal circumstances
You will need to give your mortgage broker a comprehensive view of your personal circumstances including all your financial commitments and outgoing expenses along with all forms of income. This way, your mortgage broker can help you select a loan that is specifically suited to your financial circumstances.
Your future real estate plans
Whether you are purchasing your first family home or expanding your investment portfolio, your mortgage broker needs to know what you intend to achieve in the future. This will determine the right loan for your circumstances.
What loan features you prefer
Do some general research before you visit your mortgage broker, so you know what type of loan features you would like to incorporate into your loan. For example, you may want the freedom to make additional payments or you may wish for an all-in-one loan, where your income is deposited into one account combining your mortgage, savings and cheque accounts.
Make a list of questions for your broker so you can be sure you understand every element of your loan and your responsibilities. Ask about the fee structure, any additional fees or interest you may accrue, and whether you need to pay commission. Your mortgage broker is the expert who can help you choose the right loan for your circumstances, and explain all the ramifications of the loan.