Today we welcome a guest writer to the blog. Amy Hyde is a loan officer at A Preffered Mortgage Team here in Bozeman. They are a team of dedicated professionals ready to help you secure the best loan and realize the dream of owning a home. Having been around since 1999 they know a thing or two about purchasing or refinancing your home. Here Amy breaks down the process so you can see it's really not as complicated as some may think!
So you want to buy a home…but your mom and dad are telling you its soooo much harder than it used to be. You look up homes on Zillow and are 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 it is. 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 is the skinny:
THE ESSENTIALS (what we need 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 we will need:
Employment history
Address/Rental history
Personal information
Credit report (lender will order this)
At the expense of going into too much detail, here are some things to consider:
- There are different programs available to meet different debt to income ratios.
- Your gross income is the number we 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 Bozeman market.
So have no FEAR, the worst thing that could happen is you could leave knowing what steps to take and a plan of execution. I can assure you this; more often than not after meeting with first time homebuyers they leave my office with a smile on their face. Surprised by the answers I have given and excited for the future.
If you have questions, or would like more information Amy can be reached at 406.570.6890 or amy.hyde@apmortgage.com.
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