If you are new to home buying, qualifying for a mortgage can be scary business. You will need to do a lot research and some of that research may be confusing until you get a good sense of what the many different terms mean, and understand how they can affect your loan. While there is a lot of new ground to learn, there are some rather easy to understand aspects of home buying as well.

There are certain things that almost all lenders want to know about you before they can make a decision on a mortgage. If you know in advance what these are and you are prepared to discuss them, your comfort level will be greatly increased.

Mortgage lenders will want to know what your income is from all sources. For example, if in addition to your salary you also receive payments from other companies or have a side job, that income should be included in your assessment. As long as the income sources are reliable, they will be considered.

On the flip side of that, the lender will also want to know about your expenses. Reputable lenders like to see a housing expense (rent (if you are renting) or mortgage payment, insurance and property taxes if you are buying) at no more than 28 percent of gross monthly income. This is not a hard and fast rule, but payments that go above that level can be cause for future trouble. Your lender will also consider other long-term debts, such as car loans or college student loans.

You will need to verify your income which means it is a good idea to have these documents handy:

• Recent pay stubs from your job as well as tax forms from the last few years.

• If you have interest income or dividend income, bring the most recent account statements showing the amount that you received.

• Also bring any other official documentation that can substantiate other income such as alimony or child support.

Lenders like to see job stability when considering a home loan. It helps if you have been at your current job for at least two years. Again, this is not a hard and fast rule, but it is something that you need to be aware of.

You do not have to bring your credit score with you, the lender will look that up on their own, but it may be a good idea for you to know what the score is before you approach a lender. If it is low, you may need to work on that before trying to get a home loan.

Lenders will also want to know about any personal assets you have. This might include your current balance in the bank, money market balances, savings, investments, etc. They may want to see any documentation you have showing interest in retirement funds as well as the face amount or cash value of life insurance policies.

As you might imagine, they will also want the details on your current debt situation. This would include any debts owed to credit card companies, vehicle loans, or other loans that you may have outstanding.

The more information you can supply, the better the process will go for you.