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The Mortgage Process for First Time Home Buyers

Posted: November 06, 2017 by Rebekah Holten

So you want to buy a home…but your mom and dad are telling you it’s so much harder than it used to be.  You look up homes on Zillow and you think…. Wow! I could never afford that.  Your friends don’t own homes, or the ones that do have great jobs…. Everything out there is so discouraging.  Then you analyze your rent and think why am I throwing away money?   Well, let me tell you it is NOT as SCARY or HARD as you think.  A good lender will take the time to explain this process and walk you through the ins and outs of this big life changing event.  Here are some details:

THE ESSENTIALS  (what you need to provide a loan officer to get started):

Two (2) years of tax returns and/or student transcripts
1 month of recent paystubs.
Bank statements

Once you have this information gathered and before you meet with your lender there are a few questions you need to ask yourself.   What would you feel comfortable with as a payment?  Would you have roommates?  What will your income stream look like in the future?  Set your own personal range.

Then, it's time to meet with a lender to fill out an application.

Along with the application, they will need:

Employment history
Address/Rental history
Personal information
Credit report (lender will order this)

Here are some more things to consider/ some important facts to know:

There are different programs available to meet different debt to income ratios.
Your gross income is the number they use; this is the number BEFORE taxes.
The only consumer debt is calculated in ratios; i.e.:  loans, credit cards, and other notes.  Your cell phone bill and utilities DO NOT count against you.
A local lender and a savvy real estate agent will go a long way in helping ensure you are getting a fair deal in our competitive Sun Valley market.  

I hope this gave you a little more insight into the mortgage process.  If you are at all considering purchasing a home, please don’t be afraid to contact me or a lender.  The worst thing that could happen is you could leave knowing what steps to take and a plan of execution.  If you have questions, or would like more information you can reach me at 208-720-1254 or Janine@Janinebear.com.  I would love to talk to you about getting into your first home!


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