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Katy Mortgage Lender - Tips For First Meeting

Tips for Your First Meeting with a Lender

It can be nerve-racking trying to get organized for your first ever meeting with a lender. Well here at Austin Capital Mortgage Inc., our team of experts has listed three helpful tips you should follow to better prepare you for your first meeting with your Katy mortgage lender.

Tip 1: Bring Appropriate Documents

When you arrive at the lender’s office, you want to be sure you look professional and are well organized for the meeting. Remember, you are going in to ask for money to help finance your home, so if you show up unprepared or disheveled, it will not do you any favors in obtaining a Katy mortgage.

This means you should have all the appropriate documents with you, which includes your personal ID and proof of income. Most lenders prefer you be with your current employer for at least two years or else they might refuse your mortgage application. They want to be sure you are financially capable of owning a home, so the longer you have been with a company the more financially stable you appear.

You also want to be sure you have all your current bills with you and any debt you may have, regardless if it is an automobile loan, student loan, and/or credit card debt.

Tip 2: Have Money Saved

Show your current bank statements at your meeting and be sure you have a substantial amount of money in your savings. This will help your application process because it shows you can afford to pay a certain percentage of your home’s down payment; which is a required closing cost. If you do not pay at least 20% of your home’s purchase price, you will be required to get mortgage insurance, and your interest rates will be higher.

Tip 3: Do Not Hide Anything

Your mortgage lender in Katy is going to run a credit check on you, so to speed up the process, be upfront and honest about any debt you may have, or state if you have ever filed for bankruptcy. This does not mean you will be denied a mortgage, it just means your lender might have to work that much harder to ensure you still get a good rate.

Contact Us

For more helpful tips for your first meeting with a lender, or to schedule an appointment today, please contact the Austin Capital Mortgage Houston Team at (281) 394-1201.

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