Buying a home
What should I prepare before talking to a loan officer?
Written for Shawn Way MortgageUpdated Sources checked
The short answer
Know where and when you hope to buy, a monthly housing payment you're comfortable with, how much cash you have, how you earn your income and what you owe each month. You don't need to know the loan program. A summary is enough for the first call; documents come later, through a secure channel, when a lender reviews you for preapproval.
Your first-call checklist
| Have ready | Why it matters |
|---|---|
| Target area, price range and timeline | Sets loan limits, property taxes and urgency |
| A comfortable monthly payment | Your comfort can differ from the maximum a lender approves |
| Cash available for down payment and closing | Determines which programs and down payments fit |
| How you're paid (W-2, self-employed, other) | Decides how income is documented |
| Monthly debts (car, student loans, cards) | Drives your debt-to-income ratio |
| Rough credit picture | Affects programs and pricing; the lender will pull credit later |
What should you know before the first call?
Write down your target area, property type, timeline and an amount you'd be comfortable spending each month. Say whether the home will be your primary residence and whether your job or income is changing. Your comfort level and a lender's maximum approval are different questions; leave room for savings, childcare, transportation and irregular expenses.
What goes into the monthly housing payment?
Principal and interest are one part. Add property taxes, homeowners insurance, any mortgage insurance and association dues, plus money for maintenance and utilities. Some are collected with the mortgage payment through escrow; others you pay separately. The CFPB's Loan Estimate explainer shows where each appears.
How is cash to close different from the down payment?
Cash to close includes the down payment plus closing costs, prepaid items and the initial escrow deposit, minus credits and any earnest money you've already paid. See the worked example below. Keep moving costs, repairs and savings after closing in your plan too.
Which documents are useful to have ready?
- Recent pay stubs and W-2s, or tax returns and business records if self-employed.
- Bank and investment statements showing your funds.
- Current debt payments, including student loans and other property loans.
- A record of gifts or unusual deposits that will fund the purchase.
This is a starting list; the lender decides what your file needs. You can get a Loan Estimate before submitting every supporting document. Ask for a secure channel before sending statements or identification.
Does preapproval mean the loan is guaranteed?
No. A preapproval is a lender's conditional willingness to lend based on what it has reviewed. Lenders use "prequalification" and "preapproval" differently, so ask what was checked, what's still outstanding and when the letter expires. The appraisal, updated finances and final conditions can still change the outcome.
Worked example: cash to close on a $500,000 home
A hypothetical $500,000 purchase with 5% down needs a $25,000 down payment. Add $12,000 for closing costs, prepaid items and the initial escrow deposit, with no credits: $37,000 in total.
$37,000 − $5,000 earnest money = $32,000 at closing
The $5,000 deposit you paid with your offer counts toward what you owe; it isn't an extra down payment.
Illustrative amounts only, not a quote or estimate of your actual costs. Your Loan Estimate and Closing Disclosure show the real figures.
Questions people ask
Does talking to a loan officer affect my credit?
A conversation doesn't. A credit check happens when a lender reviews you for preapproval or a Loan Estimate, and the lender should tell you before pulling credit.
How long does a preapproval last?
It varies by lender, It varies by lender and letter. The CFPB describes 30 to 60 days as typical; ask for the expiration date and what requires an update. Ask when yours expires and what would require an update.
Should I get preapproved before looking at homes?
It helps. A preapproval tells you a realistic price range and makes your offer stronger, but it is still conditional.
How much do I need for a down payment?
It depends on the program: some conventional loans allow 3% down, FHA allows 3.5% with qualifying credit, and VA loans can require none for eligible borrowers.
Sources
- CFPB: Create a loan application packet
- CFPB: Get a preapproval letter
- CFPB: Loan Estimate explainer
- CFPB: What do I have to do to apply for a mortgage loan?
Checked November 1, 2026. Rules, limits and program terms change; confirm current details before you rely on them. Educational information, not a commitment to lend or a determination of eligibility.