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Need To Know: First Meeting with a Mortgage Broker

clock icon January 10, 2020

If you’re looking for a home loan but not sure what to expect, attending your first meeting with a mortgage broker can be a nervous experience.

After all, getting a home loan is no small feat, especially for a first timer. There are so many options out there, and there is a lot to learn. But luckily for you, you’ve picked the right person to help you towards reaching your property goals.

The first meeting with a mortgage broker will be your first step towards beginning your journey, so it’s a good idea to familiarise yourself with what to expect.

How long will my first broker meeting take?

Your first meeting with a mortgage broker will take on average around 30 to 45 minutes. Everyone’s situation is different, so the time can vary depending on your needs.   

What to expect

In your first meeting, be upfront about your financial position and goals, and have an idea of what and when you want to buy. A mortgage broker is the expert on home loan finance. They will develop a plan with you to secure the right product.

Understanding your position

The initial appointment between yourself and the broker will largely focus on understanding your position.

First and foremost, your broker will ask you questions about your ideal purchase, how much you want to borrow, and your short, medium and long-term financial goals. Think about when you want to buy your property and how this works with your current and lifestyle. If you’re refinancing for the first time with a broker, consider the reasons why.

It’s a great idea to think about these things before the meeting so you can better articulate your needs. Together, you and your broker will form a clear picture of your goals and objectives.

Questions ready

It’s recommended you give some thought before the meeting to the types of questions you would like to ask your broker.

Questions that can be useful include such things as loan types (fixed, variable and split), different product types and interest rates, and the ongoing fees and costs of a loan. Don’t worry if you can’t remember everything. Educating you through options and the process is what the broker does best but preparing some in advance will help you participate more actively in the conversation.

Your broker will also talk you through how the finance and property market works and explain pros and cons of various strategies suitable to your needs.  

Documents prepared

It can be helpful to bring along some documents to the appointment.

This paperwork can include a couple pay slips, transaction histories, or any other income or documents you think might be useful so the broker can get a full picture of your financial position. Brokers are required by law to maintain utmost confidentiality of any information you provide and will only use this information for a loan application.

This extra bit of information at the start will speed up the process, and save you time and effort down the road, plus help the broker provide more accurate options.

Know your broker

This is certainly not mandatory but, like any meeting, it can be helpful to research your broker.

Most brokers will have content available on their web page or social media and this can give you a good indication of their experience and expertise. You’ll better understand the service they can provide, where they are located and the lenders on their panel.

After the first meeting

After hearing your position, the broker will give you a general idea of your options. You will walk away with a greater understanding of you borrowing power and deposit, and how to balance both in your favour.

The broker will conduct their assessment and follow up with a detailed rundown of your options via email. They will run through your goals as per your initial conversation and provide multiple products that meet your requirements. Depending on where you are in the process, your broker will list the next steps that need to be taken to progress.

For the rest of the journey, your broker will be there to guide and support you every step of the way.

Want the best possible outcome for you and your loan? Speak with one of our award-winning Sydney mortgage brokers today and get the excellent service you deserve when making such a big financial decision.

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