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The first home is the most important purchasing for many people. You will want to consider some questions before becoming an ownership. Such points usually don’t come to mind until the process of purchasing your house has begun.

The first and the main thing you should think about- can you afford buying a home. You can meet some expenses not assumed earlier.

Homeowners must pay taxes on their properties annually, besides don’t forget about homeowners insurance.

In some places where home will be located you will pay city and country taxes annually. In most cases cost of homeownership will rise over time, because homes usually appreciate in value and homeowner taxes are calculated based on the value of the home.

As the lender will check some information, so your credit and employment history should be in perfect condition, otherwise to secure a home loan will be more difficult. Working for a long time on the same job with permanent income makes you less of risk.

Moreover the lender will check your credit history to see how well you’ve paid your debts in the past.

If your credit history isn’t perfect you will have higher interest rates –at best, or not qualifying for the home loan – at worst.

In most cases you will have to pay 15 to 20% of the home price as a down payment. Lack of money will make more difficult to secure a mortgage for the home of your dream.

A down payment will be 3 to 5% in case you don’t have problems in your employment or credit history. It’s really important to have unblemished credit and employment history.

Buying a home is a very important step in everybody’s life. Being a homeowner is also a very useful experience. As you can see, if you have imperfect employment or credit history take care of past bad debts or establish more time at your current place of employment. Probably you will have to put off getting your home for a year or two. But don’t give up; if you’ve established yourself as a good candidate for homeownership you can get a home loan.