Mortgage loan can be availed for various purposes and you need to apply for this loan from your bank. But most of these banks take much time to disburse the loan, and they need to go through a lengthy documentation process for the loan disbursement. In this case, if you want to invest on a property or you want to upgrade your existing home then you can consult with some mortgage broker. Apart from that, people also apply for the mortgage loan to upgrade their business, and in this regards you need to submit all your financial documents along with your identity proof and business proofs. It is better to consult with a reputed mortgage brokerage firm in this regard, and they can help you to forward your loan in a faster manner.
5 Things to take into consideration before the first meeting with a mortgage broker:
- Personal ID proof: When you first meet with a mortgage broker, you need to carry your identity proof. Lenders want to know your identity for which a photo identity proof will be required. You can bring your passport, driving license, citizen proof and identity card issued by the government. Along with that, you need to submit some non-photograph ID proofs like income tax certificate or birth certificate.
- Income proof: You need to show your earnings to the mortgage broker. They need to verify your earnings which they will use as a basis to calculate the loan amount. If you are a salaried employee, then you can submit your last 2-3 months’ salary slips. Else you can consult with your boss or with the account or human resource department of your office, to generate the salary statement on company letterhead. But if you are a self-employed person, or a businessman then you need to produce your last 2-3 years of income tax returns. Your income tax returns must contain all information like balance sheet with profit and loss statement, and tax deduction details. Along with that, you will have to submit third party liabilities like overdrafts, company loans and leases availed by the company. If you have any source of income from investment and government projects, then you need to carry these documents, too.
- Savings statement: Next, you need to submit your savings statement and in this case, you can produce your last three to six months saving bank account statement, and you can also submit your savings investment which you have made in the last six months. If you have made any investment on stationery in the last six months then you can carry these stationery slips along with you.
- Financial liabilities: Both, the financer and the mortgage broker need to know about your financial liabilities and in this regard, you will have to produce your past loan statements. If you have some home loan, personal loan, car loan, credit card loan or any other loans in your name, then you need to provide detailed statements of these loans. Brokers will deduct your current installment amount from your income and then they will calculate your loan amount.
Property details: If you have already chosen a property then you need to provide a copy of sale contract. Else if you want to build a new house, then you’ll need to produce the tender details to the mortgage broker. Those who want to refinance their current home need to submit their council approved plans to the mortgage broker.
If you carry these documents on your first meeting with a broker, then they can easily proceed with your loan on the next day only.