What is the first step in getting a home loan?

Hi Sandy,The first step would be to contact a reputable mortgage provider (or more than 1 for comparison, etc) and go through the pre-qualification steps in order to establish preferred budget and down payment, resulting in understanding your range of home prices and approval details.Andy

Find a trusted mortgage professional - Dont pay more than 1% origination - Dont pay points and dont pay a high interest rate. Just because your a first time home buyer doesnt mean you cant have the same deal as a seasoned home buyer. Good luck and happy hunting :-)

Hi Sandy, The first step is to meet with a local mortgage professional who will clearly show you your options. Once you have gone through the pre-qualification process and you are also comfortable with what you can afford, then you can confidently shop for a home. Finding a good "buyer's" real estate agent is also important. Most of the top 5 real estate agents in Lane county will refer clients to direct-lender mortgage banks. Opes Advisors is a direct-lender mortgage bank right here in Eugene, and we fund the loan with our own money. Our processing, underwriting and doc preparation takes place, locally, in our building (this is uncommon). We have the ability to broker loans as well, but since we can do nearly all loan types "in-house" with excellent interest rate pricing, we seldom need to. If a loan is brokered, as is the case with most credit unions and brokerage shops, then there will be a "middle-man" company will be involved. There is more hassle with the paper work, and the communication is diluted. In contrast, we are a direct lender to Fannie Mae. There is a benefit to working with a local lender bank that is well priced, but also timely, efficient, and knows exactly where the loan is at during the process. Please contact Randy Free to gather more details and to start the home buying process: rfree@opesadvisors.com or 541-984-5626 Ext.111

The first step is to find a local Mortgage Banker/Broker to work with. I would start with the National Association of Mortgage Professionals at www.NAMB.org. Select the "Find a NAMB Broker" tab and select your city and state in the search parameters. You will find that working with a Licensed and Certified NAMB member will be to your advantage for a number of reasons, including the fact that in order to be a member, we must agree to adhere to a stringent code of ethics. Plus the additional training required to obtain proficiency certifications, gives you, the consumer, a distinct advantage you don't get working with other originators or big bank employees. Once you have selected your originator, they will work with you to guide you through the pre-qualification process, explain to you the different loan programs that are available and help you determine the payment you are qualified for and are comfortable with. They will then explain how that translates into a purchase price range so that you can shop for your new home with confidence. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Hi Sandy,Your first step is to get a pre-approval from a lender. Call me at your convenience and I am happy to walk you through the process! Lea Snyder - 503-577-3895 - MLO#39346 - www.LeaHomeLoans.com

Sandy.. you should contact a LOCAL mortgage broker, not your local bank, and certainly not one of those 50 states, internet lenders... the LOCAL broker is familiar with local customs and works with many lenders and can find the right loan product for your particular scenario, all the while offering lower rates and fees.. WilliamAcres.com