All Financial Education

The 5 Stages of Buying a Home

June 16, 2021

At Idaho Central Credit Union, we know how overwhelming the task of purchasing a home can be, especially in this market! As exciting and life-changing as it is, the process of buying a home can also be very emotional. ICCU’s home loan specialists are here to help you through the rollercoaster and make the transition to home ownership as smooth as possible.

We have broken down several emotions you can expect to feel on the journey to becoming a home owner, and some unique benefits that ICCU offers to help along the way!


The excitement is palpable! You’ve decided to make one of the largest purchases of your life! The options are endless and the housing market is your oyster. What will you choose?

Getting a preapproved letter from an ICCU Mortgage Loan Officer can make this process go smoothly. Some realtors require house hunters to be pre-qualified to save buyers and sellers time. In order to get pre-qualified, our lenders will want to see employment status, income, debt-to-income ratio, and your credit report. We can then help you determine how much you can afford and what type of loan is best for your situation.

We have several different tools to help you in these beginning stages of searching for your dream home. The Rent vs Buy Calculator takes into consideration taxes, insurance, and other fees when debating whether you should rent or take the plunge into home ownership. The Mortgage Qualifier Calculator will help you determine how much you can comfortably afford to borrow.


The house hunting is the fun part! However, there may not be as many options as you thought, and the housing market in certain price ranges can sometimes be a bit slim. Once you’re preapproved for a price, there are several things to consider such as square footage, school districts, property trends, and real estate taxes. While some of these factors may be negotiable, there are some that are deal breakers, and it is easier to have these decisions made before looking at certain houses.

Market conditions can change quickly and the high hopes that you had for your dream house may change along with it. After looking around and seeing what types of homes are in your area that fit your budget, ICCU is here to help you decide if buying, upgrading, or building is the best option for you.


Many things can go wrong during the initial stages of the house hunting process. It can be easy to fall head over heels in love with a house, but you may get outbid or the seller could reject your offer. In a seller’s market, there may be several offers on a desirable home very quickly. This can lead to feeling overwhelmed and disappointed if a bidding war ensues or if you feel the need to continue increasing your offers. Keep your head up and your mind open though! The house of your dreams may be just around the corner.


Making an offer on a house and getting it accepted is the end of the road, right? Not quite so fast! While the first step to owning your dream house is making an official offer and getting it accepted, there is still a lot to do, and determination will be needed to get you to closing!

A home inspection is usually necessary to find out what problems the house has before you move in. A home appraisal is also needed to give current value to your potential property before your mortgage loan can be processed. Expensive problems with the property found during inspection or discrepancies in the appraisal can both bring more demanding decisions. Our Mortgage Loan Officers have seen every type of complication when it comes to purchasing a home, and we are ready to guide you through these financial decisions!


Once you’ve closed on your home, you can breathe a sigh of relief, and start packing. Congratulations, all of those emotions will pay off once you have those keys in hand and the welcome mat set. You are officially a home owner!

We understand that no two paths of buying a home are the same. Whether you’re a first time home buyer or a seasoned real estate mogul, we have a variety of products and loans designed specifically to meet your needs. We offer local underwriting and fast approvals to save you time and money. We have options for down payments and additional resources like our Finally Home! online program to help guide you through the home buying process. Contact one of our home loan specialists to discuss your options today!