Buying your first home can be an exciting time. But it can be discouraging as well. Making sure you follow the correct steps will make the experience more enjoyable.

• Get your financial ducks in a row. Make up a realistic budget and stick to it, pay all of your bills on time, and start saving. The higher your credit score, the easier, and more affordable it will be to get a mortgage.


• Get a pre-approval from a bank. Do some research for the banks who have a combination of the best rates as well as the least amount of fees on closing. A great rate will not seem so great if there are points due at your closing. Use UWSA's mortgage calculator to find the monthly payment This will be your guide on which houses fall into your price range.Click here to download UWSA's mortgage calculator


• Save. you will need at least a 10% down payment. If you can save 20% you can avoid paying private mortgage insurance (PMI). You will also need to set aside up to 2% of the selling price for the closing costs. Investigate the communities you can see yourself living in, and see if they have any down payment assistance programs. Many of these are grants that you do not have to pay back, provided you live in the home for a specified period of time.


• Hire a buyers broker. The broker who lists the home works for the seller, and focus on the seller's interests, not yours.


• Be realistic about price. Look at homes in your price range, don't allow yourself to be tempted by a home you cannot afford. In a few years you will have built enough equity to investigate a larger home with more amenities.


• Be realistic about buying a fixer-upper. Do you have the skills to replace that bathroom or kitchen? These projects are very expensive, and can take up a lot of time. If the home only has one bathroom, just think of the disruption it will cause when you don\'t have a toilet for a few days.


• Measure the rooms. If you have an over sized couch or giant projection TV, will it fit in the family room? Make sure the furniture you want to keep will work in the house or you may have to buy some new things.


• Hire a home inspector. A professional home inspector will do a comprehensive examination of the homes Structural elements (foundation, walls Roof), plumbing, electrical system, and garage. In the long run this will save you money by identifying possible future costly repairs.


• Hire an attorney. They will help you understand the contracts, ensure that the title is clear of any liens or easements, and represent you at the closing.


• Shop around for home owners insurance. You may be able to get a discount if you get a policy with the company that carries your car or life insurance.


• Be mindful of associations. If you are buying a condo or home in an association ask about the fees. Many of these associations also limit the improvements you can make on your house so ask to see the bylaws.


• Keep a nest egg for rainy days. Now that you own a home if the hot water heater goes, you will be responsible for fixing it (provided you want hot water for a shower or washing dishes).


• Do your cosmetics prior to moving in. Give your self a couple of days to paint, refinish floors or do any cosmetic interior work before you move in. It is much easier to do these projects when the house is empty.

Owning a home is a rewarding experience but can be challenging. Follow these important steps and you will start off on on a solid foundation.