Are you a first-time buyer meeting with your mortgage broker to get the process started? There are a lot of things you should be considering when you are in this important phase of your life. Some people say that purchasing a new home is one of the most stressful times in someone’s life. This is probably true because there are so many different things you have to think about. Not only are you weighing all your options but you and probably thinking about all the money that will be spent in the future between taxes and home repairs. The first thing to think about is obviously where you want to be living, once you find a town or neighborhood you have to go see all the different houses that are for sale. Even if you find a house that seems like the right fit for you, you have to start the process of an inspection and working with a bank to get all the financial pieces lined up. This is where a mortgage broker comes in. Chances are you will not be able to buy a house straight up, unless you are sitting on a fat chunk of cash. The most common way to purchase a home is to get a loan from the bank. When you do this, the bank essentially owns your house, and you are required to pay them a monthly rate that goes towards the cost of your house. In some ways, this is like paying rent to the bank, but the big difference is that this money is being put towards something you will actually own at some point if you continue to pay it. If you ever sell your house, the bank will keep whatever portion of the sale is still owed to them, and give you will keep the rest of the money, or the amount that you have already paid in mortgage. Therefore, the people who help you with this process are going to be important in your life.
Always Dress your Best for the Meeting
Even if your finances are in line, and you are well prepared, the first impression is always your appearance. Make sure you give a good impression by picking up a nice suit from Eddie Bauer and getting a fresh haircut. Otherwise you may risk coming off as a slob and no one wants that.
Be Well Informed Before You Arrive
Before you even show up at the meeting you should have done a little research of your own. You should be well informed about your personal financial background and everything you will need to fill out any paperwork. Bring your own documents that may need to be provided, such as a passport, taxes, previous loan information, or other items that will help inform the process. The number one thing you can do is read up a little bit about how the process works and learn some of the general terminology so you are able to keep up in conversations.