Home ownership has its advantages and disadvantages, but the security of knowing you own your home and no one can give you notice to leave is very assuring. The peace of mind you have in being a home owner makes everyday life a lot easier.

In today's economy getting a first time buyer mortgage may be easier than it has been in recent years. The FHA First Time Home Buyer Program may be the perfect solution for you. This program offers assistance on qualifying for the loan and can help with the down payment and closing costs.

If you have not found the home you want to buy, your first task will be to choose a real estate agent.Talk to several agents, explaining what you are looking for and choose the one you feel the most comfortable with.You do not have to work with an agent, but it will make your hunt for the perfect home a little easier.

A" Buyer's Broker" is an agent that works only for the buyer. This is the one you want to work with. A good buyers broker agent will work to help you find your home and guide you through the mortgage process. Give the agent all the information you can to assist them in finding your potential new home. You may be required to sign a Buyer's Broker agreement. If you do, read it carefully and completely. Sometimes, if you have signed an agreement, you may still be required to pay the fee, if you find your new home on your own.

If you should have your eye on a certain home and there is for sale sign posted, call the agent that is listed on the sign. This agent works for the seller. He/she is referred to as the "listing agent" and their goal to get the best deal for the seller.

A first time buyer will definitely want to be pre-approved for a mortgage. this allows you to know ahead of time what price range of home you can qualify for. For example, if you get pre-qualified for a 100k home, there's no point in looking at 150k to 200k homes, unless you have a substantial amount of cash available to pay the balance.

When you apply for the mortgage, whether you use a real estate agent or do it yourself, you will be required to provide substantial documentation of your income and expenses. This will include copies of income taxes from recent years and credit reports. The mortgage company can retrieve the credit reports, with your permission.

Title searches, survey's and appraisals, may be done, but this will be at the direction of the mortgage lender. If there is something you need to do in order to complete the mortgage application, the lender will instruct you. Lenders will also advise you on credit or budget counseling, as they must be able to prove that you will be able to make the required payments on the mortgage.

Your agent will guide you in all steps of the mortgage process and help you to prepare your offer to the seller.

Learn more about this author, Grace Shellito.
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