If you are getting ready to buy your first home there are a number of things that you should know. The first step when thinking about buying a home is to sit down with your spouse and to work up a budget and figure out what a comfortable monthly mortgage payment would be for you and your family. By calculating the maximum monthly mortgage payment that you would feel comfortable making ahead of time, you will be more likely to buy a home within your price range, rather than buying the maximum amount of home that you are pre-approved for instead. Let your mortgage professional know what kind of monthly payment you would feel comfortable making so that he/she can figure out how much of a home you can buy based on that your comfort zone. One of the single most common mistakes made by first time homebuyers (actually any homebuyer for that matter) is buying too much home and stretching themselves too thin financially. This is the recipe for disaster.

If you are working with skilled professionals buying your first home will be a breeze. Find a knowledgeable mortgage broker and real estate broker to guide you through the process stress and error free.

Take into consideration any future expenses you may incur: do you plan on starting a family soon? Look at your debts and see if your financial picture is set to improve as well: you may have some debts just about paid off, or are about to finish school, etc. This will let you know how to budget for a long term mortgage payment.

Buying a first home is an exciting but often stressful event. Your mortgage broker can help you determine what size loan and terms you qualify for through the pre-approval process. Your real estate agent can then search for homes that are within your price range and meet your criteria. By being pre-approved prior to shopping you can feel confident when it is time to make your first offer. Be sure to ask your mortgage broker and real estate agent if they are experienced working with first time home buyers and if there are any special programs or incentives for you.