What to Bring to Your First Meeting With a Mortgage Agent

What to Bring to Your First Meeting With a Mortgage AgentMeeting with a Mortgage Agent for the first time? You may be wondering what you need to bring along or prepare for your initial meeting or phone call, and really what to expect. Here we’ll show you exactly what you need to prepare to ensure the process goes as smoothly as possible.

What to Expect

The first meeting is more than just a meet and greet and can be in person or an over the phone encounter. It’s an opportunity for you and your advisor to get to know more about each other and to discover what your financial needs are. They’ll ask you a series of questions, explain the process to you, review all your documentation, and make recommendations that are best suited to your current lifestyle and financial condition. So it’s important to have everything organized before your meeting and to have all your short-term, mid-term, and long-term goals sorted. The initial meeting is also a great time to ask all the questions that have been on your mind so they can help you fully understand the mortgage process and your next steps.

What to Bring

You’ll need to gather all the necessary documentation before the meeting, often a completed online application and documents scanned and emailed upfront can help create a better conversation of what your options will be. These documents should include:

  • Proof of identity — Passport or Driver’s License
  • Proof of current address — if you’re renting this is confirmed on your Drivers License or if you own your home a recent property tax statement.
  • Proof of income — This could vary depending on your income type but for starters gather a recent paystub, employment letter and the past 2 years Notice of Assessments and T1Generals. Self Employed may be asked for additional documents including Articles of Incorporation and Audited Accountant Prepared Financial statements.
  • Bank statements — most recent three months
  • Loan statements — Credit Card statements, Line of Credit statements, Car Loans, other mortgage documents, etc
  • Documentation on other owned properties — address, mortgage information, insurance details, tax statements
  • If self-employed — Business registration documents, articles of incorporation, last two years bank statements, any audit documentation
  • Any documentation on the home you wish to purchase (if available – the Purchase and Sale Agreement and MLS listing)
  • A recent credit score (if available)

The more information that you can provide, the better. Every piece of documentation helps the advisor build your profile and determine what suitable mortgage products are available for your needs.

What to Ask

You should also make a list of questions that you would like answered during your meeting. We’ll take as much time as you need to explain important terms and clauses so you fully understand the entire process, inside and out. Some common questions people ask include:

  • What is the difference between a fixed or variable rate mortgage?
  • What is the total cost including third-party vendor fees?
  • Is there a prepayment penalty?
  • How long is the processing period?
  • Do you offer guarantees to close on time?
  • Do you offer interest rate locks and for how long?
  • How are you paid?
  • Why is the mortgage you picked for me the best option?
  • Is there anything I can do to get a better rate?

Being organized can speed up the process and ensure you get the best rate possible. At the Mortgage Advisors, we’ll do everything possible to make the mortgage process go smoothly so that you can get the loan confirmed as soon as possible. To book your first appointment with one of professional advisors, contact us today!

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