When you’re thinking about buying a home, that first meeting with a loan officer can feel a little intimidating.
You might wonder if you have the right paperwork, if your credit’s good enough, or if you’ll even qualify for what you want. The truth? Most people don’t walk in “ready.” That’s okay — meeting early helps you get there.
Here are the five questions we hear most often before that first conversation — and what you should know before you schedule yours.
What Documents Will I Need?
Most lenders ask for the same set of basics, and having these ready helps your loan officer get an accurate picture of your finances.
Typical items include:
- Two recent pay stubs (or profit-and-loss statements if self-employed)
- Two years of W-2s or tax returns
- Two months of bank statements
- A copy of your driver’s license or ID
- Statements for any assets you plan to use for your down payment
If you’re missing something, don’t let that stop you from meeting. Your loan officer can tell you exactly what’s needed and help you fill in the gaps.
How Much Can I Really Afford Each Month?
This is the heart of most early buyer conversations — not “how much can I borrow?” but “how much can I live comfortably with?”
A good loan officer doesn’t just look at your max approval; they look at what works for your lifestyle and goals. Things like car payments, daycare, savings goals, and your comfort zone all matter.
Here’s a quick framework:
- Use your gross monthly income as a base.
- Keep your total housing costs (mortgage, insurance, taxes, HOA) under 30%–33% of that number.
- Don’t forget to factor in future expenses — maintenance, utilities, and savings cushions.
That number might be lower than your official pre-approval, and that’s okay. It’s about setting yourself up to feel secure, not stretched.
Fixed vs. Adjustable: How Should I Think About Risk?
A 30-year fixed loan gives you long-term predictability. You lock in a rate and payment that never changes. Adjustable-rate mortgages (ARMs) start lower but can rise after the initial period (typically 5, 7, or 10 years).
So how do you choose?
- If you plan to stay in your home long-term, a fixed-rate loan gives peace of mind.
- If you plan to move or refinance within 5–10 years, an ARM might make sense.
The key is understanding your timeline and your risk tolerance. Your loan officer can model both options side-by-side so you can see how each plays out in real numbers.
How Do Buydowns, Points, and Credits Work?
This is one of the most misunderstood parts of mortgages — and also one of the best tools for strategy.
Here’s the quick breakdown:
- Buydowns temporarily lower your rate for the first 1–3 years (like a 2-1 buydown).
- Discount points are fees you can pay upfront to permanently lower your rate.
- Lender or seller credits can offset your closing costs or buydown expense.
The right move depends on your plans. If you’re buying a “forever home,” paying points may save you long-term. If you expect to refinance within a few years, a temporary buydown might make more sense.
Your loan officer can help you compare both and show exactly how long it takes for each option to pay off.
What Happens If I'm "Not Ready" Yet?
This is the big one — and maybe the most important. Many families delay meeting a loan officer because they think they need perfect credit, a 20% down payment, or all debts paid off. The truth is, that first conversation is about building a plan, not qualifying on the spot.
If your credit score, savings, or debt-to-income ratio isn’t where it needs to be, your loan officer can help you create a “Not-Ready Plan.” That might include:
- Setting a savings goal for your down payment.
- Paying off a specific account to improve your score.
- Tracking spending for a few months to fine-tune your budget.
You’ll walk away with a realistic roadmap to get ready — and that’s far better than guessing.
Final Thoughts
Meeting with a loan officer isn’t about pressure — it’s about clarity. Whether you’re months or years away from buying, that first chat helps you understand where you stand, what you can afford, and how to move forward confidently.
If you’re even thinking about buying, the best step you can take right now is to talk with someone who knows the process inside and out.
Schedule a meeting with us today and get clear, personalized answers — no sales pitch, just good guidance.
