Relocation and First-Time Buyers

How do I choose a lender as a first-time buyer?

By Steve Lockhart

The short answer

Your lender matters more than your rate quote, because you work with them from pre-approval to closing, and first-time buyers have a lot of questions along the way. The right lender answers them in plain language and keeps the process moving on schedule.

Full answer

Start with local experience. A lender who closes loans in Las Vegas regularly knows the appraisal patterns, the escrow process, and the state programs like Nevada's down payment assistance. That local knowledge smooths real problems that a distant call center never sees.

Compare before you commit. Get loan estimates from two or three lenders and read them line by line, not just the rate. Fees, points, and closing costs differ in ways that change the real price of the loan. Asking questions is not an inconvenience; it is the due diligence.

Test the communication early. Send a question that matters to you and see how fast and how clearly it comes back. If the lender is hard to reach during the application, the closing week will not be easier. Responsiveness is a feature, not a luxury.

Also ask about the loan types that fit first-time buyers: conventional with a low down payment, FHA, VA if you are eligible, and Nevada assistance programs. A lender who brings those up before you ask is showing you how they think.

Go a little deeper

Frequently asked

Questions people often follow up on

Should I use the lender my builder or agent suggests?

Consider them seriously, because they are often experienced and efficient, but compare their written numbers against one or two others. The best recommendation is one you verify, not one you inherit.

Is the lowest rate always the best loan?

No. A slightly higher rate with much lower fees can be the better deal, and the loan terms matter too. Compare the annual percentage rate and the total closing costs, and make sure you understand any adjustable features.

When should I lock my rate?

When you are confident in your closing date and the rate is acceptable, your lender can lock it to protect against increases. Ask about the lock length and whether extending it costs anything, especially in a slow-moving escrow.

The Lockhart Method

Your Home | My Strategy | Proven Results

My strategy: interview lenders before you fall in love with a house. Local experience, clear communication, and comparable written numbers all matter more than a single rate point, and the decision protects you from the first phone call to the final signature.

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