As you embark on your home-buying journey, I'm here to guide you through every step. One critical milestone is meeting with your mortgage lender. To ensure a smooth process, let’s cover what you need to prepare:
1. Income Documentation
Gather the following income-related documents:
- Letter of Employment: A confirmation from your employer detailing your job position, income, and employment status.
- Pay Stubs: Recent pay stubs that reflect your earnings.
- Income Tax Statements: Provide your tax returns from the previous year.
2. Debt Information
Your lender will assess your creditworthiness. Bring details about any outstanding debts:
- Loan Balances: Note the remaining balances and payment schedules for existing loans.
- Current Mortgage: If you have an existing mortgage, share the relevant details.
- Credit Card Statements: Include statements from any credit cards you hold.
- Personal Loans: If applicable, provide information about personal loans.
3. Property Research
If you’ve already identified properties you’re interested in, share those with your mortgage broker. Myself and your lender can research them and provide insights. Additionally, consider properties similar to your preferences.
4. Questions to Expect
During the meeting, your lender may ask about:
- Your Goals: What type of home are you looking to buy?
- Search Progress: Where have you been looking?
- Qualifying Questions: Details about your income, debt, and credit score.
5. Questions to Ask
Take advantage of this opportunity to clarify doubts:
- Process Overview: Understand the steps involved.
- Your Role: Learn what you need to do independently.
- Broker Compatibility: Assess if this is the right mortgage advisor for you.
Remember, my goal is to make this process stress-free. Feel free to reach out with any questions or concerns.
Warm regards,
Alim Sovani | Sovani Realty
647-963-1799
alim@sovanirealty.com
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