First time home buyer – how did you find your mortgage?

posted 3 years ago in Home
Post # 2
Member
5111 posts
Bee Keeper
  • Wedding: December 2014

toolate81 :  We used a broker on the recommendation of a friend who has bought and sold a lot of houses. He was great; always available to answer questions and we did not need that much documentation (2 years tax returns and 2 pay stubs).

We’re in the Tampa Bay Area, if you are too I can give you his name and an awesome realtor too.

Post # 3
Member
7919 posts
Bumble Beekeeper

toolate81 :  you can get preapproved from a bank but that doesn’t mean you have to use them for the final mortgage – it just shows what you are eligible to get and most banks have similar standards.

I went bank because I did a first time homeowner program through my state – literally every bank that offers the program offers the same rates, closing costs, etc. so it made no difference to me. 

Post # 4
Member
4232 posts
Honey bee
  • Wedding: September 2015 - Hotel Ballroom

We went through the bank. I remember being shocked at how much paperwork they required too!

Post # 5
Member
28 posts
Newbee
  • Wedding: October 2017

I went with a broker, recommended from a friend.  We did first time home buyer as well.  I liked the broker because they were much more personable, and easy to reach.  And he was able to help us fix something that appeared on our credit that wasn’t there when we first started the process.  (Sneaky companies)

Post # 6
Member
2013 posts
Buzzing bee
  • Wedding: April 2018

We went VA Loan since Fiance was a Marine. 

there was endless amounts of paperwork for the final approval. But getting preapproved seems like it was easy. 

Post # 7
Member
298 posts
Helper bee

I first found a real estate agent I really liked and wanted to work with.  She then referred us to the lender she works with all the time. Having 2 people that are familiar with one another and that work together frequently made things go smoothly. It’s also important to make sure you find a lender that has experience / does a lot of work with first time home buyers. There are a ton of special programs and benefits for first time home buyers but this causes more work and paper work for the lender. If you get someone who likes more traditional loans / is not willing to put in the extra effort it could make things more difficult and you could miss out on great benefits. Good luck ! Home buying is stressful but so worth it in he end!

Post # 8
Member
47 posts
Newbee

Broker, they can get the best deals for you, ones that aren’t advertised.

Post # 9
Member
161 posts
Blushing bee
  • Wedding: May 2016

Wow, looks like we were pretty lucky in comparison! We got in touch with the same bank that had the previous owner’a mortgage (it’s a small, local bank with only two branches) and all they wanted was two years of tax returns and one month of pay stubs. 

I did get in touch with a broker to see if they would have a better interest rate. I went to the one I did on the recommendation of a coworker. The interest rate was the same but they wanted an truly insane amount of documentation about our income, etc. so going with the bank was a no brainer.

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