Are you prepared to meet with your home lender? What you need to know!

So, you’ve decided to buy your first home – or you’ve almost decided. First you need to meet with a lender and see what you will qualify for. This prospect can seem a little scary if you’ve never done it before. But if you go into the meeting well prepared, it will be much easier than you think.

So, how do you prepare to meet with your home lender?

Begin by gathering paperwork. You’ll need your pay stubs from the last couple of months, proof of any other income you receive, and your last two year’s Income Tax Reports.

Then you’ll need a list of your ongoing obligations. Include everything – your school loans, credit cards, car loans, accounts you might have with local businesses, and child support or alimony payments.

Take along your last 2 month’s bank statements from all of your bank accounts, as well as proof of any investments you have, such as CD’s or 401(k) funds.

Next, make a list of your other assets. Since you don’t own a home yet, this would be your vehicles, and perhaps some toys – such as a boat or an RV.

Your lender will use all of this information, along with your credit scores, to determine how much his or her bank will be willing to lend you for your home purchase, the interest rate they’ll charge, and how much down payment you’ll be required to pay. They’ll also tell you what loan programs you qualify for, so we can choose homes that also qualify.

I know it may make you uncomfortable to lay your financial life out in front of a stranger, but if you want a home loan, it’s necessary. This is one reason why it’s important that you choose someone you feel comfortable with, and who will answer your questions.

Remember, it’s wise to shop around for a lender. Not only do they have different personalities, they have different loan programs to offer.

If you have specific questions about meeting with your lender please do call. I’ll be glad to help. 

P.S. If you’d like a list of lenders who have served my clients well in the past, just ask. 


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