📞 First Call with a Mortgage Broker: What to Expect & How to Prepare 🏡

🏠 Talking to a Mortgage Broker for the First Time? Here’s Exactly What Happens 📊

📞 What to Expect on Your First Call with a Mortgage Broker

For many buyers, the first call with a mortgage broker feels intimidating. It should not. That initial conversation is not a sales pitch or a credit interrogation—it is a strategy session designed to clarify your options, identify potential obstacles, and map out the smartest path forward.

At Medallion Funds, our goal on the first call is simple: understand your situation, educate you on available loan programs, and help you make informed decisions before you ever submit a formal application.

Here is exactly what to expect.

1️⃣ The Purpose of the First Call

Your first call is about alignment, not pressure.

A professional mortgage broker uses this conversation to:

·Understand your home-buying or refinancing goals

·Identify loan programs that fit your profile

·Flag issues early (credit, income structure, down payment, timing)

·Set expectations on pricing, documentation, and next steps

Think of it as a financial discovery call—not a commitment.

2️⃣ Topics We Will Cover

Most first calls last 15–30 minutes and focus on a few core areas:

Your Goals

·Purchase vs. refinance

·Primary residence, second home, or investment property

·Desired price range or loan amount

·Target timeline

Your Financial Snapshot

·Estimated credit score range

·Employment or self-employment structure

·Income type (W-2, 1099, business owner, bank statements)

·Available down payment and reserves

Loan Strategy

·Conventional, FHA, VA, Jumbo, DSCR, or specialty programs

·Rate vs. payment tradeoffs

·Down payment options and cash-to-close expectations

You do not need perfect numbers—estimates are sufficient at this stage.

3️⃣ What You Do Not Need on the First Call

Many borrowers delay calling because they think they must have everything ready. You do not.

You do not need:

·A full application

·Documents uploaded

·A property under contract

·Perfect credit

The first call is designed to help you prepare—not disqualify you.

4️⃣ How a Mortgage Broker Adds Value Early

Unlike a single bank or retail lender, a mortgage broker:

·Shops multiple lenders simultaneously

·Matches your profile to the right program

·Explains why one option works better than another

·Structures loans around real-world income scenarios

This is especially valuable for:

·Self-employed borrowers

·Investors

·Doctors and high-income professionals

·Buyers using non-traditional income

5️⃣ What Happens After the Call

At the end of the conversation, you should leave with:

·A clear understanding of your loan options

·Estimated rate and payment ranges

·A checklist of next steps

·Confidence in your buying or refinancing plan

If it makes sense to proceed, we will outline the documentation needed for a full pre-approval. If not, we will explain what to fix—and how.

📌 Final Thought

The first call with a mortgage broker is about clarity and strategy—not pressure. When done correctly, it saves time, avoids surprises, and positions you to win when it matters most.

If you are considering buying, refinancing, or just want clarity, a short conversation can make a significant difference.

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© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory