Your initial meeting with your mortgage professional serves two purposes: You’ll provide information to him or her, and your mortgage pro will provide information to you.
Depending on the individual lender, your mortgage professional may ask for a small amount of information on income and assets. Other lenders may want more: paystubs, tax returns, and/or bank statements.
Mortgage pros want a clear picture of you so they can find the best loan product or products for your needs. The more information you can provide initially, the better a profile they can create, and the less documentation you’ll need to provide later.
Once your mortgage professional has gathered this information and run your credit, he or she will explain your options. You’ll have an answer during or shortly after the meeting.
Of course, individuals who are debt free with high income and great credit scores are easy to put into a program, and this can happen quickly. Others may require more time to process. If it’s taking time, it’s because your mortgage pro is shopping for the best program.
Your pro will select a program and ensure you are able to pay the monthly amount. Then a prequalification letter is issued that confirms what you are able to afford. The next step is to approach your real estate agent with the letter and start your home search.
For new buyers especially, this process can be scary; ask your mortgage pro if you have questions or concerns about your mortgage application meeting.