3 Ways to Prepare for Your First Mortgage Appointment

How can you better prepare for your first mortgage appointment? Here’s our advice to ensure that you’re armed with everything you need to speed up the process and get the best rate and terms possible based on your needs.

Learn the Common Terminology

It can go a long way to have a basic understanding of some of the mortgage terminology and processes. Your advisor will help explain all these to you in more detail, but you can be better prepared for your meeting by researching the following common mortgage terms beforehand:

  • Amortization
  • Loan to Value
  • Fixed vs. Variable Rate
  • Open vs. Closed
  • High Ratio vs. Conventional
  • Insurable vs. Uninsurable
  • Standard charge vs. Collateral
  • Stress Test 
  • Renewal vs. Switch vs. Refinance

Get Your Paperwork Ready

There are a number of documents that you will be required to present to the agent in order to start the approval process. These documents are in relation to your employment, income, debt, and down payment. Here is a basic list of what information will be typically requested by your agent that you can start preparing in advance:

  • Government identification 
  • Whether full-time or part-time employed – pay stub and job letter, T1 and last two years NOA
  • Commissionable income– pay stub, job letter, T4 and last two years NOA
  • Self Employed – Last two years financial statements and NOA, T1, business license and Articles of Incorporation,
  • List of assets, savings, investments
  • Proof of down payment 
  • Details of your liabilities and credit, current loans and debt– credit card statements, car loan statements, is any Bankruptcy, collections, default or judgement information
  • Details on other property you may currently hold – mortgage info, address, insurance and tax documentation
  • Purchase Documentation – MLS agreement, APS documentation if available
  • Refinance/Switch – mortgage statement, amount outstanding, tax and insurance information

Have Questions Ready to Ask

When it comes to obtaining financing, you want to make sure you’re in the right hands. One of the biggest mistakes you can make is choosing a mortgage professional based on the rate alone. That’s why it’s important to have a list of questions ready to ask the advisor to ensure they are not only highly qualified but are the right professional for your specific needs.

What to ask:

  • How long have you been a mortgage agent?
  • What is your experience and background?
  • What hours are you available?
  • How many different lenders do you deal with?
  • How do you determine that the mortgage is best for my needs?

Ready to set up your first appointment? Our agents will guide you every step of the way and provide you with honest, reliable advice. Contact us today to set up your first meeting with the Mortgage Advisors.

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