Before you go get a loan to buy a home, there is some preliminary work you need to do and some things you need to know to make the borrowing process easier. First, you need to choose a lender. Ask family and friends whom they would recommend. Interview more than one lender, preferably a local banker, a mortgage broker, and a lender from a national bank. Ask questions such as how long they’ve been in business, how long they take to close the average loan, and how much experience they have with loans you’re interested in, such as FHA or VA, or a jumbo conforming loan.
Most lenders won’t choose to share their list of fees until you apply for a loan. That means sharing your personal information. The lender needs your personal information to decide whether to give you the loan and how much to charge you in interest. If there are any negatives in your credit history, now is the time to come clean. Once you apply for a loan, your lender will run your credit. She will contact one or more of the three credit reporting bureaus to get your credit report and your credit score. If you have late payments, an account in collections, or a dispute with someone that has resulted in a judgment against you, you need to tell your lender before she runs your credit.