First time home buyer

3 Replies

So I'm in the process of getting a mortgage in Phoenix for my first home purchase. My question is that do I need to go through a lending company for a pre-approval or can I go directly to a bank for the pre-approval?

If I go through a lending company, will they only provide the pre-approval or will they also provide the mortgage loan? Also, are there two separate credit checks at the time of pre-approval and getting the mortgage?

@Aun Haider Congrats on joining a fantastic community! You can get a pre-Aprovel from a Bank or a Lender the difference is the Bank offers only there own products and most lenders work together with multiple banks and other lenders so you can shop around for the best condition. I personally would go with a local lender that works for you and has sort ways to the underwriting department and doses the job right because they care about you.

@Aun Haider Congratulations on your timing. Monday saw the lowest interest rates in 50 years so you picked one of the best times in history to buy.

Working with a lender you will have a range of options. There are several good ones in town. DM me if you want specifics. They will walk you through the process, let you know when and how your credit could be affected when they fill out you Prequalification  Form and help you understand the mortgage process.

Most homebuyers start with finding a home they love. Kudos to you for getting your PreQual done up front so you will be ready when you find THE ONE!

Let me know if I can help you on your journey.

Melanie

@Aun Haider.

The previous responses were spot on regarding the difference between lenders (and lack of). One more thing to consider is if the lender will work with the various "First Time" home buyer down payment assistance programs availabe, some based on the home's city.

Reach out to me for more details.

With warm regards,

Tim Theiss , Associate Broker 

Keller Williams Biltmore Partners 

Phoenix, Arizona

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