Step 4: CHOOSING A LENDER | First Time Home Buyer's Guide

Step 4: CHOOSING A LENDER | First Time Home Buyer's Guide

Now that you know how much you can afford and what type of property you want, it's time to find a lender. This can feel like a daunting task, but we're here to help. In this video, we'll walk you through the process of choosing a lender.

Most first-time buyers, even second or third buyers don't realize that there are a lot of options when it comes to lenders. It's important to shop around and compare rates, terms, and conditions.

Why? Each lender has different qualifications that they use to approve or deny a loan. So, just because one lender denies your loan doesn't mean that all lenders will. It's important to find the right lender for you. Also, ask them for a loan estimate so you can compare the costs of each loan.

Some lenders have certain requirements that must be met in order to qualify for a loan. For example, they may require a certain minimum credit score or down payment. Be sure to ask about these requirements so you can be prepared.

Once you've found the right lender, it's time to apply for a loan. The application process can vary depending on the lender, but most will require some basic information such as your name, address, social security number, employment history, and income. The lender will also pull your credit report to check your credit score and history. This is one of the most important factors in determining whether or not you will be approved for a loan.

Picking a lender is an important decision, but it doesn't have to be a difficult one. Just do your research and ask lots of questions. With the right lender, you'll be one step closer to owning your own home.

Thank you so much for watching. We hope this video was helpful. If you have any questions, please don't hesitate to reach out to us. We're here to help. Stick around for the next video in our series, where we'll be talking about step 5 of the Home Buying Process:  "Getting Pre-Approved".

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