Social Anxiety and Mortgage Brokers

D

davegeorge

Hi everyone,

This may be a bit longwinded, but I hope that you will indulge me. I have a social anxiety disorder and have a hard time in social situations. I find it helpful to break things down step by step before entering a social situation. I am interested in a purchasing an investment property and am currently looking at different mortgage brokers and was hoping that you would be able to help me clarify a few points.

As far as I can tell, the Mortgage broking process is as follows:

(1) I will need to contact a mortgage broker
(2) I will need to tell the broker about my income, how much I am looking to borrow, and for what purposes.
(3) The Mortgage Broker will assess what kind of loans would be suitable for my situation.
(4) I will need to supply the broker with personal documents such as payslip, 100 points of ID, and other documents.
(5) The Mortgage broker will use these documents to fill out a loan application on my behalf to send to the lending institution
(6) If everything goes well, I will receive a loan offer in the mail from the lending instituion.

Please correct me if any of this is incorrect.

(1) Do I need to come into an office or can everything be conducted over the phone/online/mail?
(2) Will I need to sign anything?
(3) Are there any other documents that I need to provide?
(4) I also read that I may have to obtain a letter from the real estate agent about rental income, is this true?


Thank you all for your help and time.
Dave
 
Ive been dealing with a Broker from this forum for years now and never actually had a face to face meeting yet !

All done via email and post.

Not sure if you know but your last 2 years tax returns are required too.

Easy.
 
The only face to face time in acquiring an IP is the inspection itself. Other than that, everything can be done over the phone or via email.
If you're buying in QLD you might have to get a JP to witness you sign the mortgage papers, but I don't think you have to in NSW.
 
You pretty much summed it up. If you are PAYG then you only need to show payslips/PAYG summary or if you are self employed you will need to see all your tax returns etc. No need for face-to-face these days as email/phone suffices as most applications are all online.
 
The other part of course is finding the property you want to buy. There are specific steps for this process too, so you should map those out as well.
 
davegeorge said:
As far as I can tell, the Mortgage broking process is as follows:

(1) I will need to contact a mortgage broker
(2) I will need to tell the broker about my income, how much I am looking to borrow, and for what purposes.
(3) The Mortgage Broker will assess what kind of loans would be suitable for my situation.
(4) I will need to supply the broker with personal documents such as payslip, 100 points of ID, and other documents.
(5) The Mortgage broker will use these documents to fill out a loan application on my behalf to send to the lending institution
(6) If everything goes well, I will receive a loan offer in the mail from the lending institution.

Please correct me if any of this is incorrect.

(1) Do I need to come into an office or can everything be conducted over the phone/online/mail?
(2) Will I need to sign anything?
(3) Are there any other documents that I need to provide?
(4) I also read that I may have to obtain a letter from the real estate agent about rental income, is this true?


Thank you all for your help and time.
Dave
Click to expand...

Your summary of what we do is fairly accurate in a broad sense. More specifically on your questions:

1. Everything can be done remotely. We do have to get certified copies of your ID if we don't meet (to identify who you are for legal reasons), but we've worked with clients all over the world. Personally I do find the whole process works best when people can meet directly but that doesn't work for everyone. I dealt with one client remotely for 5 years before meeting him. He lives in the next suburb from me.

2. You will need to sign the loan application form and privacy consent before the broker can send anything to the bank. Brokers should also provide you with a disclosure of what they're doing and may require you to acknowledge receipt of this by signing a copy of that disclosure.

3. The specific documents required will depend on your circumstances. In general you're required to show evidence of who you are (ID documents), what you earn (payslips or similar), how much deposit you've got (bank statements) and what you're purchasing (contract of sale).

4. Part of the deposit is proving that you've saved the money yourself. In some circumstances lenders will accept that you've got a gift from family but they still want to see savings. In this case some lenders accept consistent rental payments via a real estate agent as evidence of savings. If you've got a cash deposit you've saved yourself, you've already got this covered and don't need to worry about it.

Your broker should deal openly and honestly with you. People come to us wanting a solution to a problem (a loan to purchase a property) and I've never found that it needs to be a hard sell. If you're not comfortable with your brokers approach, work with someone else.
 
I am so glad to have come across such a warm and supportive community! You have collectively assuaged my apprehensions with your wisdom; thank you all very much. Your thorough responses don't leave much room for other questions. I will start drafting letters to Mortgage Brokers this evening!
Thank you all very much again, Dave.
 
Welcome to SS Forum davegeorge :)
I do find an increasing number of lenders are asking if a "face to face" interview has been conducted and some even requiring it. Could be a bum steer by an over zealous BDM or could be a requirement that is on the increase due to AML & NCCP regs.
 
ANZ is one that required face to face with the broker witnessing the borrower's signature - so couldn't do it over skype.
 
Find yourself a local mortgage broker or mobile lending arm of a bank prepared to visit you at home to run through the initial paperwork. Still involves face to face however it's at home, with no other noise or people around which reduces the anxiety level. This way they get to witness your identification and signature. From this stage all other correspondence can be via email until the final stage when the bank sends you the loan mortgage documents. This needs to be witnessed by the bank manager however by this stage it's just a formality of them watching you sign the forms after they have given you a short disclaimer about what a mortgage is and your right to get legal advise, etc.

Once you have done business with them once, you can skip the first section when you want your second investment property. Only having to go into the branch/office once the loan docs have been prepared.
 
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