We know the idea of meeting with a lender can be intimidating, especially if you’re buying your first home. 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.
Next 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!
We always encourage a 15-year fixed-rate conventional mortgage with a payment of no more the 25% of your take-home pay.
Our team has additional resources that can help navigate you through this process:
Types of Mortgage Loans: Which is Right for You?
What is the Mortgage Underwriting Process?
Can You Buy a House With No Credit?
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!