Birmingham Mortgage Broker First Meeting – What Do You Need to Bring?

Birmingham Mortgage BrokerBirmingham Mortgage Broker First Meeting

So you are considering the purchase of a home. Most likely, you will need to get a mortgage to make the purchase. Birmingham mortgage brokers are a great resource when looking for a home mortgage. Be prepared for your first visit. Having the following items will help your Birmingham mortgage broker get started in finding you the best interest rate. A good mortgage broker can save you money up front and for the life of your loan.

Most people will want to pre-qualify for a loan. Getting pre-qualified, will let you know how much you can pay for a home. This first meeting is essential in getting started with a lender so that you can know exactly how much you can offer for the home you may want to purchase.
For your first meeting with a mortgage broker, you will need to have a good gauge of your finances. The broker will need to know your monthly income, expenses, the amount of money you have for a down payment and some information on your work history. Items needed for this meeting may include.

Birmingham Mortgage Broker Documents

 

  • Balances in your bank and savings accounts (typically the past two months for starters)-Pay stubs or business tax returns if you are self-employed
  • Credit card and loan statements (including auto loans)
  • W-2′s and tax returns covering the last two years.
  • Any other loans such as student loans-Statements from retirement plans such as IRA’s, 401K’s, insurance annuities or SEP plans

This information will help the Birmingham mortgage broker understand your current financial assets and liabilities. This information will be used to determine the risk level for the mortgage lender. All of this data will be used to calculate how much the lender is willing to loan for your purchase and help speed up the mortgage loan application process.

If you decide to move forward with this broker, you will need your checkbook. Part of the process will require the mortgage broker to do a credit check, which you will have to pay for.

Take the time to get to know your mortgage broker. Make sure you feel like it is someone you can trust and consider using a mortgage broker that is established and has been in business for some time. This is a huge investment and you should be comfortable working with this person. Often this process requires several meetings, phone calls and discussions throughout the process. Having the necessary information available will show that you are organized and serious about pursuing a home mortgage loan.

Good luck with your first meeting with your Birmingham home mortgage broker. Call WM Mortgage at 205-383-1966 for a free consultation.