Meeting With Your Mortgage Lender
Step 3: Meet with a lender
If you’re having difficulty with Step 2 and determining what you can afford, your lender will help you with this, as well.
When I first meet with my clients, I always have a list of trusted lenders I have used and had successful experiences with. Make sure to ask your REALTOR for their recommendation on lenders they’re familiar with and trust.
When you set up an appointment with a lender, you want to be prepared. Here is a list of things you should have prepared for them before your first meeting with your lender:
-An idea of the size of loan you think you can qualify for
-The monthly payment you will be comfortable with
-How much of a down payment you plan to make
-Personal information (name, phone number, address, date of birth, etc…
-Your Social Security number
-Your income and expenses (pay stubs, W2, bank statements, etc…
The idea of meeting with your lender so early in the process is to prequalify for a loan. When you find the home you want to make an offer on you must have your pre-approval ready to submit along with the offer. The seller will want to know that you are a well qualified buyer that is able to purchase the home before considering your offer to purchase his/her home.
Term to know:
Pre-qualify: When a lender informally determines the maximum amount an individual is eligible to borrow.
Getting prequalified for a loan shows sellers that you are serious about buying their home and eligible, too. This will speed up the process at the end, and give the prequalification loan time to process while you and your REALTOR start looking for the right home for you.
If you missed the first post on step 1 of the first time home buyer process:
Phoenix first-time home buyer: Steps to take – Step 1
Phoenix first-time home buyer: Steps to take – Step 2
Keep an eye out for the next step a first-time home buyer should take when deciding to buy their first home.
Also, you may have noticed words in italics in this post, and you’ll see them in future posts. These are real estate terms home-buyers should be aware of. These definitions and more information can be found in my FREE ebook, 8 SECRETS to make buying your first home EASY. There’s no catch. Just sign up and I’ll email it to you! This is a great resource and opportunity for first time home buyers to learn more about the home buying process.