Four things you should know before your first appointment with a mortgage advisor

Before you start house hunting, it's a good idea to meet with a mortgage advisor. During an orientation meeting, you’ll gain insight into your options and have the chance to ask questions. So how can you prepare well for your first mortgage conversation?

You don’t need to know everything yet

The first mortgage appointment is often called an orientation meeting, and for good reason. The main purpose is to get an idea of what your options are for obtaining a mortgage. The most important question, of course, is “How much can I borrow?” but the mortgage advisor may also inform you about other factors that can improve your chances in the housing market.

Know what you want to ask the mortgage advisor

During your first mortgage meeting (and afterward as well), asking questions is encouraged. There’s no such thing as a stupid question, and the advisor is there to answer all of yours. As the conversation unfolds, more questions will likely come to mind, but it’s a good idea to prepare a few in advance. Write them down or note them on your phone so you can refer to them during the meeting. That way, you won’t find yourself thinking “I wish I had asked that!” on your way home.

Make sure you have the most important documents ready

A mortgage application involves a lot of paperwork. There's no way around it. The lender wants to get a clear picture of your financial situation, and certain documents are essential for that. The good news is that most of these documents are only required for the actual mortgage application, not for the first meeting.

Still, the mortgage advisor may need some basic information during the orientation meeting. This includes details about your income, savings, and any existing debts. So make sure to have these ready before the meeting. Look up your most recent payslip, print out your savings balance, and get an overview of your financial obligations. This makes the advisor’s job easier and gives you more time to ask your questions.

Be honest about your debt

Do you have a loan, for instance a personal loan, or a car on a private lease? You’re definitely not the only house hunter in that position, and it’s often still possible to get a mortgage. However, it’s important to be transparent about any financial obligations during the orientation meeting. These obligations reduce the maximum amount you can borrow.

To get a realistic picture of your mortgage options, it’s crucial to know what loans and debts you have. Even loans you might not immediately think of - such as a phone on installments, an employer-sponsored bike plan, or a credit card with a balance you haven’t paid off yet - count as financial commitments and can lower your borrowing capacity.