Accurate Armour

First Time Home Buyer?

I am looking into becoming a first time home buyer. I know that I wish to get my mortgage through a mortgage company and not a bank. What should I be prepared for when I go to meet with them? What information will they ask for? I feel like I am walking into an appointment with an used cars salesman and to have my armor when I go ( is this accurate?) I hear that there is room in the rates offered and I want to be treated fair....... Thanks for any advice!

If you walk through life with "armor on" you are sure to be disappointed.
You are way over your head already. Banks issue mortgages also, but if by "mortgage company" you mean a mortgage broker, they just go to different institutions to find the right loan for you.
Usually you just pick up the phone and call your bank or preferred lending institution to start the loan process.
If you are working with a Realtor already, they often have in house mortgage brokers who can advise you.
HUD (Housing and Urban Development) has a lot of good information for first timers:

http://portal.hud.gov/portal/page/portal/HUD/topics/buying_a_home

You are wise to get pre-approved so you know how much of a house you can qualify for.

The interest rate you are approved for depends on a lot of factors, among them:
Income
Credit history
Credit score
down payment amount
job stability
other liabilities

You will be treated fair - there are all kinds of regulations in place in the mortgage industry, even more so after all the loan problems the last couple of years.

Buying a home is major investment, maybe the biggest investment you will ever make. Take the time to educate yourself before you make this big step.

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