I would like to address another aspect of this question, which you may not have considered, and that is, "Will being a first-time home buyer help or hurt my financing?"
As a veteran mortgage insider and author of Mortgage Rip-Offs and Money Savers (Wiley), I have to warn you against saying something to your loan officer that puts you in a vulnerable position for being taken advantage of. Here's what I mean...
Do NOT say something like, "I'm new at this, so I need your guidance." To do so will be like holding up a big sign that says, "Charge me more." And believe me, they will charge you more.
Instead, be a savvy borrower by asking one smart question that will get you your best deal.
And even though you're a first-time home buyer, you are a savvy, smart borrower because you've done your research, you know what's fair and what's not, and you're not doing meaningless things like calling a long list and asking what's your interest rate? (That approach just leads you to the biggest liar. It's like holding up a sign that says, "I don't know what I'm doing.")
I can't post my entire book here, but I hope this helps. Oh yes, the smart question. Ask, "Will you please give me a Good Faith Estimate for a 30-year fixed rate loan at $300,000?" (Or whatever loan you need.) You must get 2-3 GFEs on the same day and compare the entire loan.
-- Carolyn Warren, author, Mortgage Rip-Offs and Money Savers