First Time Home Buyer Checklists

If you are thinking of buying a home for the first time it pays to be prepared in advance for your home loan.

Getting a mortgage loan is not as difficult as it seems. There are thousands of mortgage lenders available, and many of them have programs for first time home buyers.

Lenders in recent years have relaxed their lending standards to supply home purchase financing for people who have:

• bad credit
• difficult to document income
• difficult to document assets

Many lenders will allow you to qualify for a loan without proving your income or assets. Generally speaking, the less paperwork you show the lender the higher your interest rate will be. This is especially true for 100% financing.

You can use free online mortgage calculators to figure out:

• what your monthly payment will be for a loan size and interest rate
• how much you will save if you put money down
• how different mortgage loans will impact your monthly payment (interest only, regular loan, etc.)

You should order a copy of your credit report and review it for any errors. You can challenge credit report errors.

The typical timeline for a mortgage loan is about 30 days, although it can take longer if there are problems. These types of mortgage problems can include problems in appraisal value, discrepancies in our mortgage application, losing an interest rate lock, or losing a job in the middle of the process.