I’ve already written about the importance of getting a mortgage pre-approval when you are in the market to buy a home in Guelph. Now… how to prepare for that first meeting with a Mortgage Agent?
Here’s what you’ll need to gather, in order to make the meeting as productive as possible:
- Income statements and tax returns for the last two years;
- Bank statements for the last three months;
- Recent pay stubs (and, if you can get one fairly easily, an employment letter can’t hurt;)
- Proof of any other income you will be using as a basis for your pre-approval; and
- Information related to your down payment.
Be sure to go to the meeting with as much clarity as possible on what you intend to buy – and for what purpose. Are you looking only at freehold homes in Guelph – or could a condo be an option? Will this be a family home for you, or are you buying this Guelph home as an investment for someone else to reside in? These distinctions matter, when it comes to mortgages.
Lastly, go to the meeting with questions. Take time to educate yourself during the process. Ask questions about anything you aren’t sure of, including fees, terms, etc. You are there to provide information, but you’re also there to gather information!
A final word of advice: Give serious consideration to talking to a few Mortgage Agents. Many home buyers head to their bank of choice and stop there. I say shop around. Talk to at least two if not three mortgage professionals to find someone who you really connect with, who offers good products and services, and who you feel is trustworthy. Don’t be afraid to ask for references. And by the way, all of that advice applies to searching for a Guelph real estate agent, too! You really owe it to yourself to take the time to interview a few industry professionals, rather than just settle on the first person you talk to.
Please feel free to contact me if you need a referral to a Guelph Mortgage Agent.