Finally the time has come. You have been saving for years to collect enough money for a down payment on a home and the day has arrived. Buying a home for the first time can be overwhelming to say the least. It is a time of high stress and high emotions so when thinking about your first home purchase there are a few things that should be organized prior to beginning your search.

Likely the most important thing that you can have in order at the outset is your finances. If you don't know much about your credit, now is a good time to learn as much as you can. After requesting your credit report, remember to check it for any errors or out of date items. Many reports will contain old and dated information; many times there are also open or active items that you cleared up previously. Alert your credit bureau to any of these so that the errors can be corrected. These can negatively affect your credit rating so it’s a good idea to ensure that they are dealt with.

The next step in the process is to secure your home financing. Having a mortgage in place before you start searching for a home, not only relieves the stress of having to find financing quickly when you find a perfect home, but it also gives you bargaining power during negotiations. Ideally you will be able to get pre-approved for a certain amount. This is different that pre-qualification in that per-approval will give you an actual amount to work with. Pre-approval also will show the seller of the home how serious you are about purchasing their property.

Now is the time to begin working with your Realtor to find that perfect home. With your credit fixed and your financing securely in hand you will be able to shop confidently. Once you have found the home that you wish to purchase, have a professional home inspection conducted even if the seller says that they have already had one done. The inspection will assess the structural integrity, as well as the condition of the electrical, heating, and other important aspects of the home. If everything passes inspection, you may have just found your new home!

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Your home loan is the most important bill you pay, even more important than your credit cards and car payments. Make sure you are not paying too much! Refinance and pull out some money to put in that hardwood floor about which you have been dreaming!

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