Your First Meeting with a Financial Expert – What to Expect?
A meeting with a financial expert is the first step towards achieving your goals: buying a home, refinancing a loan, or finding the best financial solutions. Did you know that proper preparation not only saves you time but also increases your chances of securing better terms? Learn what to prepare, what to focus on, and how to build your creditworthiness.
What Should You Prepare for the Meeting?
A financial expert will help you navigate complex formalities, but your preparation plays a crucial role. Here’s a list of things to prepare:
1. Income and Expense Information
• What are your monthly net earnings? Do you work full-time, run a business, or work abroad?
• List your fixed expenses, such as rent, bills, school fees, or other obligations. This will help the expert assess your financial situation accurately.
2. Existing Financial Obligations
• Do you have ongoing payments for items like a TV, phone, or other purchases? Do you use a credit card or deferred payment services like Klarna or PayPo?
• Your expert will help you understand how these obligations impact your creditworthiness.
3. Financial Goals
• Are you planning to buy an apartment, build a house, or refinance an existing loan?
• Determine the loan amount you need and the repayment period you have in mind.
4. Documents You May Need
• Income certificates, e.g., PIT for the last two years.
• Employment contracts or documents confirming your business activity.
• For a mortgage loan: preliminary property purchase agreements and documents confirming your down payment.
Real-Life Example: How Proper Preparation Makes a Difference
Mr. Mark approached a financial expert to buy an apartment. He already had several installment purchases, which reduced his creditworthiness. After a detailed expense analysis, the expert advised paying off one of the installments, increasing Mark’s credit capacity by tens of thousands of PLN. As a result, Mark secured a loan for his dream apartment on significantly better terms.
Frequently Asked Questions During Meetings
Can I Apply for a Mortgage If I Work Abroad?
Yes, but banks will require sworn translations of your employment contract and documents confirming your income.
Do Previous Credit Mistakes Prevent Loan Approval?
Not always. A financial expert can help you understand your credit history and guide you on how to improve it.
How Does a Bank Assess Creditworthiness?
The bank evaluates your income, credit history, financial obligations, and employment type. Note that each bank has different criteria.
Why Is Preparation Important?
Preparation is the key to success. With all the necessary information and documents, you can:
• Quickly assess your creditworthiness.
• Obtain the best loan offers tailored to your needs.
• Ask specific questions to clarify any doubts.
Example: Anna’s Case
Anna runs her own business and wanted to buy a house. She was unsure whether the bank would accept her irregular income. After reviewing her case, the expert identified business-friendly banks and proposed an optimal solution. Anna not only obtained the loan but also saved time she would have spent visiting multiple banks.
How to Build Creditworthiness from Scratch?
1. Maintain a Positive Credit History:
Take a small loan or credit card and make timely repayments.
2. Avoid Excessive Debt:
Too many loans or installment purchases can lower your creditworthiness.
3. Plan Your Expenses:
Save a portion of your income regularly – banks view savings favorably.
4. Ensure Income Stability:
Stable employment or long-term business operations can boost your chances.
Learn more on the blog: Building Your Creditworthiness
Conclusion: A Well-Prepared Meeting is the Key to Success
A meeting with a financial expert is your opportunity to ask questions and get answers. Prepare the necessary documents and information, but don’t worry if something is missing – together, you’ll find the right solution. The most important thing is to feel comfortable and confident that the expert will help you reach your financial goals.