The idea of meeting with a lender can be intimidating, especially if you’re buying your first home. After all, this is probably the biggest purchase you’ll ever make!
Take a deep breath and relax—you don’t have to be stressed. Think of your first meeting with a lender as a get-to-know-you session. They’ll simply want to learn a few basics about you and your financial situation.
Then comes the paperwork. Once your loan process gets started, be prepared to provide proof of:
- Where you work
- Your income
- Any debt you have (We suggest being completely debt-free before becoming a homeowner)
- Your assets
- How much do you plan to put down on your home (We suggest 10-20% of the home value)
A good lender will clearly explain your mortgage options and answer all your questions so you feel confident in your decision. If they don’t, find a new lender. A mortgage is a huge financial commitment, and you should never sign up for something you don’t understand!
It’s likely that your lender will approve you for more money than you want to spend. But keep this in mind: Just because you qualify for a big loan doesn’t mean you can afford it!
If you are ready to get prequalified for a mortgage loan, we recommend talking with our RamseyTrusted provider Churchill Mortgage. They are the only mortgage company endorsed by Ramsey!