What to expect when you meet with a mortgage advisor for the first time
For many, the first meeting with a mortgage advisor will be the first step in the home buying journey. So naturally it’s expected that this meeting is both an exciting and slightly nervous time for our first home buyers.
We wanted to walk you through what a first meeting with your Loan Market mortgage advisor looks like, and how we work with you to ensure the whole process is as stress-free and smooth as possible.
Once you’ve made contact with us, we will get in touch to introduce ourselves and will also send you through our Loan Market Fact Find. This is a series of questions which you complete online in your own time. It gives us an overview of where you are currently at, your income and expenses, and the sort of property you are looking for. You don’t have to fill this in perfectly, as we will go through it with you in person - all we ask is you give us as much information as you can.
Next we will be in touch to meet personally with you. This can be done face to face in either our Queenstown or Wanaka office, over Zoom, or we can come to a place that suits you.
During this meeting we will go over your Fact Find together, and fill in any missing information. We will discuss your goals, both short term and long term, as well as explaining how we are paid. We also outline the loan process with you, so you know the exact steps. At this meeting we will run the information provided in your Fact Find through our system to calculate your exact borrowing capacity - this isn’t a formal pre-approval but gives an idea of what a bank is likely to approve you at. We can also talk you through how Kiwisaver first home withdrawals work, as well as any government grants that you may be entitled to.
In order to apply for a formal pre-approval or home loan, we need supporting documents to include with your application. These could include the following, however depending on where your income is sourced from, depends on what documentation we require.
- Valid ID (Passport/Drivers license)
- Last 3 pay slips for any employed income
- Last year's financial statements and last 2 years tax return for any self employed income
- Last 3 months bank statements for cheque and savings accounts
- Last 3 months credit card statements
- Copy of your first home withdrawal eligibility letter from your Kiwisaver provider
It’s a good idea to have sourced these before you meet with us, as it will help to speed the process up. Otherwise you can collect this information after our meeting and then send it through to us to continue the loan approval process.
If you would like to find out how much you might be able to borrow for a home, get in touch with Loan Market Queenstown, Wanaka and Central Otago today and let’s get you on the property ladder.