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Profile picture for thesparrow0112

Where to start?

My husband and I are just starting out ( 30 and almost 26), we have been waiting until I got of college to look for homes. I need to know what we need to do before going to see a bank about a loan, and when is a good time to go see a bank. Thanks
  • March 16 2014 - US
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Answers (8)

Profile picture for CA Direct Lending
I recommend starting by finding a good lender you're extremely comfortable with.  In order to find the best rate available, click on the Mortgage Rates tab above and enter a generic loan scenario or be more specific if you know what you're looking for. 

You'll get Zillow confirmed lenders ranked by rate and also see their ratings and read past reviews from clients.  Talk to a few and choose the one you're the happiest with!

Your new lender will let you know everything necessary you'll need to do in order to get pre-approved to go shopping for a home as well as to get full loan approval.
  • March 17 2014
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One of the first steps to buying a home would be to speak with a lender that best fits your situation to get pre-qualified. Then when you do apply for a loan, lenders like myself will need to look at several different things if you are trying to prequalify for a loan. We will need to analyze your assets, credit, expenses, income, debt, employment, down payment, etc. Once you have a pre-approval then you can start submitting offers to houses that you would like to buy. I would recommend that you speak with a lender as soon as you can. The lender can then check out your finances to see if there is anything you would need to fix. So when the time comes to buy, you should be completely ready. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • March 17 2014
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I would add that it is best to speak with lenders and get a preapproval before you look at homes with a realtor.  You need to know the costs involved and how much you are willing to spend.  Good luck.
  • March 17 2014
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I noticed you said, "Bank". Be advised that Banks are traditional much more strict than Mortgage Lenders. So if you decide to start with your bank, don't be surprised or dissuaded if they turn you down. Nearly 25% of my business is converting other bank turn downs to happy homeowners. So don't give up if the Bank kicks you to the curb.

Best of Luck!
  • March 17 2014
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Profile picture for wetdawgs
Zillow has compiled a series of articles in a section call "buyer's roadmap".  You start from the beginning. 
  • March 16 2014
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Hi,

First of all, congratulations on deciding to become first time homebuyer!  Like I tell my clients, becoming a homeowner requires you to not just be financially ready, but emotionally ready as well. Learning as much as you can about the home buying process as well as where you want to live will help you feel confident that you can do this and will be holding the keys to your first home one day.

The home buying process can be overwhelming at times, after all it's probably the biggest investment you'll ever make. As for myself, I would have never made it through the process without my own realtor guiding me through every step of the way...Now that I am a realtor as well, I break it down for my clients into steps:

1.) Find a realtor you trust and communicate to them what you need/want in a home
2.) Get a pre-qualified with a lender you (and your realtor trust) so you know how much home you afford
3.) Gather and bring in your documents (taxes, pay stubs, bank statements, etc.) to the lender
4.) Start seeing homes with your realtor
5.) Your realtor will take it from there in terms of writing offers and the escrow process. 

Good luck!
  • March 16 2014
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Anytime is a good time to see the bank loan officer, sooner the better. Just make an appointment and they will tell you what to bring. Go and talk and ask questions. Then go see a mortgage broker next, they have loans from other sources than just the bank, that the loan officer works for, and might have better options. Both are free and they should not be pulling a credit check at this point. Then find a Realtor to work with and tell them what the lenders told you and they will guide you from there.

Good luck.
  • March 16 2014
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1. Find several Mortgage Brokers and a few banks/credit unions in your area that are reputable.
2. Grab your personal information (SSN, ID's, etc.) and head to their office and fill out the initial
paperwork to find out your credit score and which loans and loan programs you qualify for.
3. Compare rates/programs with the lenders you qualify for

Anytime during normal business hours is a good time to see a bank or mortgage professional about your prospective loan. They will make time for you!

Good luck!

John Newman
  • March 16 2014
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