Are you concerned that a visit with your mortgage lender will be more like an interrogation? Many first-time home buyers feel some degree apprehension about this very important part of the home-buying process.
It’s important to remember that your loan officer isn’t there to ask you uncomfortable questions or grill you about your personal history. Loan officers are there to help you explore of all the different ways to finance one of the biggest purchases you’ll ever make. Your loan officer also is there to make sure that your financial institution has all of the information needed to make a decision on your loan application.
To determine if you qualify for a mortgage, a lender will need details about your employment history and income, assets and expenses. Your lender also will look at your credit score. If you are a first-time homebuyer, a visit with your lender is especially important. A mortgage professional can help you understand the loan process, know how much home you can afford and find the type of loan that best fits your situation. You don’t have to try to guess about the information a lender will need; they will let you know!