One should know and assess a number of factors before deciding to buy a house for the first time. To begin with, one needs to check their financial status and whether they can afford a new property at the time of recession. Factors like is there a steady job, is there an emergency fund to count on for at least six months and whether there is enough money for the down payment need to be considered.
One should always try and get a well informed and a credible estate broker who could provide the relevant information about the best mortgage lenders. One needs to undertake a special research on them and establish a good relationship with one or two. This might involve opening an account with these two. This provides a great help at the time of buying the house.
One would need a letter of pre-qualification from the banker and would need to know what has to be done in order to do so. The process of pre-qualification is finding out from the lender as to what is required to get a loan to finance a house after discussing the income pattern and assets. Once all this information is provided, the mortgage lender will then give an estimate of what the institution can lend. One can also try and find out what qualifies for a low down payment or no payment at all. Veterans and a few other categories might qualify for this rule.