First-Time Buyer Readiness & Lender-Question Checklist

A printable worksheet for organizing questions and next steps Educational use only — not a loan offer, application, approval, or financial advice

Buying your first home involves both a property decision and a mortgage decision. This checklist helps you prepare, compare information, and keep a written record of questions. It does not determine whether you qualify, what you can afford, which product is appropriate, or what terms any lender may offer.

The Consumer Financial Protection Bureau (CFPB) recommends preparing your finances, checking your credit, setting a home-price budget, and gathering application paperwork before shopping. ¹

1. Read this before you begin

• I understand that a budget is a planning tool, not a lender decision.
• I will compare written information from more than one source when practical.
• I will ask a lender or housing counselor to explain unfamiliar terms before I decide.
• I will not make a major financial change, open or close credit, move money, change jobs, or take on new debt based only on a general checklist. I will ask the relevant professionals first.
• I understand that rates, fees, underwriting requirements, program availability, and eligibility can change.
• I will not send tax returns, bank statements, identification, pay records, account numbers, or other sensitive documents through Manus, a public form, email, or an unverified link. I will use only an approved employer or lender application portal after independently confirming the destination.

2. Personal readiness conversation

Use plain-language notes. Do not record account numbers, Social Security numbers, passwords, or document images here.

Why am I considering buying now?

______________________________________________________________________________

______________________________________________________________________________

Preferred area or areas (general location only):

______________________________________________________________________________

Target timing (approximate): ______________________________________________

Who should be included in decisions or on the application?

______________________________________________________________________________

What would make me pause or wait?

______________________________________________________________________________

Questions for a HUD-approved housing counselor or other independent adviser:

1. _________________________________________________________________________
2. _________________________________________________________________________
3. _________________________________________________________________________

A HUD-approved housing counselor may provide independent advice about whether mortgage terms fit your objectives and circumstances, often at little or no cost. Use the CFPB counselor search in the References section. ²

3. Money and budget preparation

The goal is to understand a comfortable overall housing budget—not to select a loan amount. Consider costs beyond principal and interest, including property taxes, homeowners insurance, mortgage insurance when applicable, association dues, maintenance, utilities, and an emergency reserve.

• I reviewed my spending over a representative period.
• I identified recurring obligations and subscriptions.
• I listed current housing and transportation costs.
• I considered a reserve for repairs, emergencies, moving, and other ownership costs.
• I identified possible upfront funds without assuming that every source will be acceptable for a particular transaction.
• I checked whether any gift, assistance, grant, or community program has conditions and whether it is currently available.
• I reviewed my credit reports early enough to dispute possible errors. ¹
• I understand that a credit score or report alone does not predict approval or a particular rate.
• I considered whether buying now fits my income stability, obligations, planned moves, and other priorities.

My planning notes (use ranges or labels; no account numbers):

• Comfortable monthly housing range: __________________________________________
• Separate monthly costs I must allow for: ____________________________________
• Upfront funds I may use: ____________________________________________________
• Reserve I want to protect: __________________________________________________
• Debts or obligations to discuss with a professional: __________________________

4. Organize documents safely

A lender may request documents to evaluate an application. Requirements vary by applicant, income type, property, loan purpose, and program. Do not assemble or transmit documents until you have verified the lender and secure portal through an official channel.

Possible categories to ask about—not a promise that all will be needed:

• Identity and contact information
• Recent income information appropriate to my income type
• Employment or self-employment information
• Asset and funds-to-close information
• Current debts and housing obligations
• Explanations for unusual deposits, credit events, gaps, or changes, if requested
• Purchase contract and property information, when applicable
• Other items identified in writing by the lender

Safe-document practices

• Use the lender’s verified, encrypted application portal. Confirm the web address and contact details independently; do not rely only on an unexpected email or text.
• Keep originals in your possession and retain a record of what you submitted and when.
• Do not send blank checks, passwords, one-time codes, full account numbers, or identity documents to an unverified recipient.
• Confirm any wiring or cash-to-close instructions by calling a known closing professional using a trusted number. Never treat a last-minute instruction change as genuine without independent verification.
• Ask how documents are stored, who can access them, how long they are retained, and how to correct or withdraw information where applicable.
• For this resource, keep all sensitive documents out of Manus and out of any public inquiry or contact form. Use the approved employer or lender portal only.

5. Questions to ask each lender or loan professional

Write the answer, date, and source for each conversation. Ask the same core questions of each provider so comparisons are meaningful.

About the professional and process

• What is your legal company name and what role do you have in this transaction?
• In which state or states are you authorized to discuss or originate this product? How can I independently verify the current license or registration?
• Are you a lender, broker, servicer, or another type of provider? How are you compensated, and are there fees paid by me or another party?
• What information is needed for an initial discussion, and what information is needed for a formal application?
• Which secure portal should I use, and how do I verify that it is yours?
• Who will explain conditions, disclosures, and changes to me? How can I reach that person?

About loan choices and costs

• Which loan types may be relevant to my stated goals, and what are the important trade-offs?
• Is the rate fixed or adjustable? If adjustable, when and how could it change?
• What are the principal-and-interest payment and the estimated total monthly payment, including taxes, insurance, mortgage insurance, and other applicable items?
• What are the upfront costs, recurring costs, lender credits, points, and other charges?
• Are there prepayment penalties, balloon payments, negative-amortization features, or other special features?
• What assumptions are being used for taxes, insurance, association dues, down payment, property type, occupancy, and credit information?
• Which costs may change, and under what circumstances?
• What funds may be needed for the down payment, closing costs, prepaid items, reserves, or other requirements?
• If I am considering assistance, gifts, or grants, what documentation and restrictions should I understand?
• What could cause the final terms, costs, or required funds to differ from an earlier discussion?

About comparing written disclosures

After a mortgage application, a lender generally must provide a Loan Estimate within three business days of receiving the application. The standardized form shows estimated rate, payment, closing costs, taxes and insurance, possible future changes, and certain special features. Receiving a Loan Estimate is not an approval or denial. ³

• I received and dated each Loan Estimate.
• I compared the loan purpose, amount, term, product, rate, APR, payment, cash to close, and closing costs.
• I asked about differences rather than relying on a verbal summary.
• I saved the written disclosures in a secure location.

6. If I receive a Closing Disclosure

For most covered mortgage transactions, the lender must provide a Closing Disclosure three business days before scheduled closing. Use that time to compare it with the latest Loan Estimate and ask about anything unexpected. ⁴

• My name and contact information are correct.
• Loan purpose, product, type, term, and amount match what I expect.
• Rate and estimated total monthly payment are understood.
• Taxes, insurance, assessments, mortgage insurance, and escrow treatment are clear.
• Closing costs and lender or seller credits are explained.
• Cash to close is understood and matches the verified closing instructions.
• I asked about any prepayment penalty, balloon payment, adjustable feature, or other special feature.
• I know whom to call if a number, name, fee, or instruction is wrong.
• I read the note and security instrument or asked a qualified professional to explain them.

The CFPB provides official blank and sample Loan Estimate and Closing Disclosure forms for comparison and study. ⁵

7. Comparison notes

Provider or professional name: ______________________________________________ Date of conversation or document: _________________________________________ Product discussed (if any): _______________________________________________ Secure contact or portal verified by me? Yes / No / Not yet Key assumptions: __________________________________________________________

What I understand:

______________________________________________________________________________

What I do not understand yet:

______________________________________________________________________________

Fees or features I need explained:

______________________________________________________________________________

Follow-up question and due date:

______________________________________________________________________________

Repeat this page for each provider. Do not use this worksheet to enter passwords, full account numbers, Social Security numbers, or copies of financial documents.

8. A neutral next step

Choose the next step that fits your situation:

• Review the CFPB homebuyer tools and make a personal budget before contacting a lender. ¹
• Contact a HUD-approved housing counselor for independent education or a second perspective. ²
• Interview more than one appropriately authorized lender or loan professional and request written information.
• If you decide to apply, independently verify the official secure application destination and use only that approved portal.
• If you are not ready, keep learning and revisit the worksheet later. There is no requirement to apply or proceed.

Important limitations and licensing/product disclosures

This checklist is general educational information, not legal, tax, credit, housing, investment, or financial advice. It is not a mortgage application, prequalification, preapproval, commitment, rate quote, offer, guarantee, or prediction of approval, terms, closing speed, savings, or eligibility. No product, program, property, state, or borrower situation is promised or endorsed here.

Mortgage products and lending authority vary by state, property, occupancy, income, credit, documentation, and current program rules. A company name, individual NMLS number, website, or public contact channel does not by itself establish current authority for a particular state or product. Verify current licensing and authorization with the applicable regulator and ask the professional to identify the entity responsible for the discussion. A housing counselor is not a substitute for a lender, attorney, tax professional, insurance professional, or other adviser.

Do not send borrower financial details or sensitive documents to Manus, this resource, or a public inquiry form. If you choose to continue, use the approved employer or lender application system after independently verifying the destination and following its privacy and security instructions.