As a first-time homebuyer, here is what I learned going through the mortgage pre-approval process.
If you had asked me a few months ago what the mortgage process was like, I probably would have told you it sounded stressful, confusing, and full of paperwork. As a 26-year-old, single but recently engaged first-time homebuyer, I honestly didn’t know what to expect.
Now that I’ve gone through the pre-approval process myself, I wanted to share a few things I learned because it ended up being way easier than I imagined, and I gained so much valuable knowledge throughout the process.
- My Biggest Tip: Get Organized Before You Apply
Before I reached out to any lenders, I created a folder on my computer with everything I thought the lenders might request. I included:
- » Recent pay stubs
- » W-2s
- » Bank statements
- » Tax returns
- » Employment information
Having everything in one place made the process so much less stressful. Whenever a lender needed something, I could upload it in just a few minutes instead of digging through emails or paperwork.
- Shop More Than One Lender
One thing I’m really glad I did was apply with multiple lenders around the same time. I learned that mortgage rates aren’t the only thing that varies. Closing costs, lender fees, communication, and loan options can all be different. Since all of my financial documents were already organized, applying with more than one lender was actually pretty simple. Every lender I worked with had an easy, user-friendly online portal where I could securely upload documents, check my application status, and communicate with my loan officer. It was much more convenient than I expected. Comparing results side by side gave me confidence instead of wondering if I should have kept shopping.
- Choose a Realtor Early
Something else I learned was how helpful it is to find a Realtor before you start seriously looking at houses. My Carriage Realty advisor helped explain the entire process, recommended trusted lenders, answered questions I didn’t even know I had, and made sure I understood each step. Having someone guide me through the process made the experience feel much less overwhelming.
- The Pre-Approval Process Was Easier Than I Expected
The pre-approval process really wasn’t scary. The lenders asked for pretty standard documents, ran my credit, reviewed my income, and explained what I qualified for. Instead of being intimidating, this process actually gave me peace of mind and helped me to be educated and fully prepared.
- One Thing I Didn’t Realize
Once you’re pre-approved, your lender may still ask for updated documents throughout the process. At first I thought something was wrong, but I quickly learned that’s completely normal.
My advice? Keep an eye on your email and respond as quickly as you can. The faster you upload requested documents, the smoother everything moves toward closing.
- Avoid Big Financial Changes
This was a consistent piece of advice from each lender. This means:
- » Do not open new credit cards
- » Do not finance a new car
- » Do not quit or change jobs if you can avoid it
- » Do not make large unexplained deposits into your bank account
Even small financial changes can impact your mortgage approval, so it’s best to keep everything as consistent as possible until after you close.
Lenders I’d Recommend Looking Into
If you’re starting your home-buying journey, these are the lenders I recommend. Even if you don’t end up choosing one of them, it’s worth comparing options.
- » Personalized service
- » Great communication
- » Helpful for first-time buyers
- » Email: kallen@bell.bank
- » Walks buyers through every step
- » Offers a variety of loan programs
- » Easy online application
- » Email: ashland.alitz@fairwaymc.com
- » Strong communication
- » Knowledgeable about traditional and specialty loan programs
- » Simple online document upload process
- » Email: akozlak@cmgfi.com
If Your Credit Isn’t Perfect…
Another myth I believed was that you needed perfect credit to buy a home. That’s simply not true. If your credit needs some work, there are organizations that can help you create a plan and prepare for homeownership.
- Washington County CDA offers free homebuyer advising, credit reviews, Home Stretch workshops, and guidance on down payment assistance and first-generation homebuyer grants.
- Learn more here: Washington County CDA Homebuyer Advising & Education
- NeighborWorks Home Partners provides homebuyer education classes, one-on-one financial coaching, credit improvement assistance, and Home Stretch workshops to help buyers prepare for homeownership.
- Learn more here: NeighborWorks Home Partners Homebuyer Resources or register for a workshop here: NeighborWorks Homebuyer Workshops
- It’s worth reaching out before assuming you’re not ready. Even if you’re not in a position to buy today, these organizations can help you understand what steps to take so you’re ready when the time is right.
Final Thoughts
Going into this, I expected the mortgage process to be overwhelming. Instead, I found it to be organized, straightforward, and much more manageable than I anticipated. The online application systems were easy to use, the document uploads were simple, and having the right Realtor and lender made all the difference.
One thing I want people to know is that going through the pre-approval process is worth it, even if you don’t get the answer you’re hoping for right away. At the end of my process, I found out that my debt-to-income ratio was a little too high, and I also learned there were a few things I could do to improve my credit score. Of course, I was disappointed at first, but I quickly realized how valuable the experience was. Instead of wondering why I wasn’t ready, I left with answers and a clear plan.
Now I know exactly what I need to do to get to a place where I can buy a home. I also know I have an amazing team of experts – my Realtor and trusted lenders – that I can reach out to whenever I have questions or need guidance. I gained knowledge I simply didn’t have before, and I know that when I’m ready to apply again, the process will be even smoother because I’ll alreadyunderstand what to expect and have a plan in place.
If you’re thinking about buying your first home, don’t let the mortgage process scare you away. Whether you’re ready today or need a little more time, getting pre-approved is one of the best first steps you can take. It gives you a realistic picture of where you stand, helps you create a roadmap to homeownership, and puts you in touch with professionals who genuinely want to help you succeed.
For me, even though I have a little more work to do before buying my first home, I walked away feeling confident, encouraged, and excited for what’s next, and I hope sharing my experience helpssomeone else feel the same way.