Buying a home, whether it is your first one or your third one, is a big expense and not something to take lightly. Whenever you are considering buying a home there are things that you need to do before you even start to look at houses. The first thing that you need to do is sit down and figure out if this is really the right time to get a mortgage. You should be certain that you are ready to settle down in a certain area and city. After all, buying a home normally has a thirty year mortgage attached. If you are struggling trying to find a decent job or do not have a steady paycheck it may not be the time to think about buying a home. Once you have decided that this is the right time to purchase your first house there are more things to consider.
You should start by checking your credit report to make sure that everything is in order. If there are any mistakes you should have them corrected on the credit report so you will have an accurate credit score. If you have mistakes on your credit report that are not corrected or a low credit score this could hamper you getting your first home. Having an excellent credit score will help you not only get a mortgage to buy your first home but could help you get a better interest rate.
You should also set up a budget and even include the amount of mortgage payment you can afford. When you get paid take out the money you have budgeted for a mortgage payment and put it in a savings account but do not take it out of your savings account if you start to run low on money toward the end of the month. You would not be able to use it if it was already paid to the mortgage company. If you are running out of money toward the end of the month you may have to tweak your budget until you can get it right where you even have a little money left over at the end of the month.
When you start looking at houses know what you want, including size and price. If you are a young couple and plan to have a family make sure that there are enough bedrooms for the future children. You need to know, in addition to the number of bedrooms, a den/family room, fenced in backyard, a pool, a certain neighborhood, number of bathrooms, etc. Being your first home you should use a real estate agent because they know all the paperwork that needs to be done to make you a homeowner.