Tips for First-time Home Buyers:

Know your credit situation. Your credit standing will affect the terms of your mortgage. You should try and strengthen your credit rating before applying for a loan by paying bills on time, reducing your total debt load and avoiding unnecessary inquiries to your credit report.


Pinch your pennies. Expenses seem to come out of the woodwork when buying a home. You will have closing costs, homeowners insurance and .the lender will most likely want you to have a “reserve" – money left in your savings account after you’ve covered all the costs.


Tax Advantages. Mortgage interest and property taxes are deductible. Your mortgage payment maybe more than the rent you are paying now, but take into consideration the amount you are saving in taxes.


Weigh your options. Are there any financial programs that may help you get into your first home sooner. Federal and State-backed loan programs make it easier to qualify. Many of them offer little or no money down programs. Some cities, like the city of Los Angeles, also have first time buyer programs .


Where do you stand? Pre-qualification or preapproval of a loan will not only help you know how much home you will qualify for, but also show owners that you’re serious about buying. Your bank or mortgage broker can help you with either of these options.


Location, location, location. Figure out what’s essential to you, such as school district, crime rates, convenient shopping areas, parks, children in the neighborhood. Rank these qualities in of order of importance. Focus on neighborhoods that meet these criteria.


Know what you’re getting into. Make sure you get a professional home inspection as part of your offer on any house. Before you close the deal, be confident about the condition of the home and the expenses you may incur as a result of purchasing that particular house.