| First time home buyer with loan questions?

First time home buyer with loan questions?

Materhead asked:


I have soooo many questions and my husband and I are going to the bank today to meet with the loan officer for the first time.

First, do I need to have an appointment with him/her?
Can you get a loan with a bank you do not have an account with?
Can you go to any branch of a certain bank?
Do I need to take anything with me?
What can I expect to happen(paperwork, questions, etc?)

Thanks so much in advance. I’m a nervous worrywart!

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Comments

3 Responses to “First time home buyer with loan questions?”

  1. Doctor Deth on May 27th, 2009 10:24 am

    bring copies of last 4 paystubs with you - you and husband
    the branch you go to has to have a loan officer present to be able to deal with you -call ahead
    all other questions you can ask the mtg guy - relax

  2. Jeromy W on May 28th, 2009 12:25 am

    First, take a deep breath and relax, remember, you are the customer and you need to be impressed to given them your business. No you do not need an appointment and you do not need to have an account to get a loan, some may offer a 1/4 point discount for opening an account, ASK! Yes, you can go to any branch. You should take your two most recent paystubs and 2007 w-2’s. You won’t need much more than that initially as your purchasing a home. If you have a purchase contract, bring that as well. As far as question, they will ask you about your credit and what you can put down. Tell them what you know, ask them about first time homebuyer programs that may be available to assist you with the down payment. If you feel comfortable enough and give them your social to run credit, get a copy of it. Also, if the lender runs numbers, get a GFE or Good Faith Estimate. This is a listing of what fees will be associated with the loan. It’s not all of them, but it’s a basic estimate. Use this to go to other lenders to see if they can beat it. Best of Luck

  3. NHMike on May 29th, 2009 11:34 am

    Yes.

    Yes.

    Maybe - the bank may only take applications at certain locations.

    You will need: proof of income (last 2 years of w-2’s and tax returns), list of your current credit cards and loans, list of bank accounts (checking/savings) as well as the details of the house you are looking to buy, expected property taxes and expected fire insurance amounts

    You will need to fill out (or they will fill out on-line) the application. You may or may not get an answer right then, but it may take a couple of days to get approval.

    Good luck.