We all know that Purchasing first home can be one of the most exciting and important events of a once life but it is also a truth that this mortgage procedure can also be complicated, confusing, and a little bit scary.But now come out of you fear because a little knowledge about the mortgage can help you get the bets dela in industry.just research well before you step in. The two magical words knowledge and down payment will surely help you out .

• Ground work
• Check the monthly payment
• Evaluate the credit history
• Prequalifcation
• Choose the right mortgage
• Different loan program
• Purchase.

• Ground work
  The first step in first time home buying is laying the ground work that means make a review of few important things which will play a important role in buying a home,this will help you to determine whether you are eligible to apply for the loan and whether you can afford to buy the home or not.
  Review your assest,which includes saving,checking accounts.
  Review your monthly income,it should suport monthly payment for the loans.
  Make a list of current monthly expenses, to see if you can afford to pay the mortgage.
  Plan how long you want to live in house
  
  

• Decide Monthly payment
  Before you apply for the loan check what will the monthly payment be .Four major factors affect the amount of your monthly mortgage payment:of a mortgage they are :
  

  • Down payment
  • Amount of your mortgage
  • Interest rate
  • The repayment term

  now a days their are many mortgage pyament calculator available in the industry which will enable you to calculate your monthly payment ,compare the rates of different lenders .so determine your monthly payment well before you appy for a loan.

• Credit and Employment history
  if you are a first time home buyer then evaluate your credit score because the way you use credit plays a important part in determining your ability to qualify for a mortgage. because Lenders will first examine credit scores to ensure that you are eligible for the mortgage.
  
  Generally any lender grades the Customer or the borrower using two systems
  

  • Credit grade
  • Credit score

  Credit grade ranges from A-F (where A is the best ,F the worst) where as the credit score are mathematical formulae which are kept secret and are assigned by the computer on the name of the credit agencies. The statements that affect the credit grade will simultaneously affect the credit scoreIf your credit history is good, then you're on your way to get a mortgage but If not, it's never too late to start making it a good. the other important thing Switching from one job to another or from one industry to another may hamper the chances of getting qualified for a mortgage since employment history plays an important role in it. So in order to get qualified for a mortgage the borrow should resist from doing so as it may raise unwanted questions in the mind of the lender and that may go against you
  

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