Buying your first home can be (but shouldn’t be) an intimidating process. Many buyers make mistakes when purchasing their first home because they don’t know enough about the mortgage market or what to expect when applying for a loan; however, there are many resources for first time homebuyers that make the buying process much easier and more affordable. Below we will explain 5 common mistakes made by first time homebuyers as well as how to avoid them.

Millennial buyers are flocking in droves to the new trend in loan financing: 3% down mortgages. This new pricing model is only two years old, yet according to HousingWire, a popular mortgage news source, it's here to stay. In fact, in their latest article, “Are 3% down mortgages the new normal?”, mortgage experts discuss why the flashy new option is actually a sound financial strategy.

Buyers are often excited to begin their search for a new home, but tend to forget the first and most important step to the buying process: mortgage pre-approval. In this process, a lender will ultimately determine the buyer’s housing price range, which, as we discussed in 5 Key Strategies For First-Time Homebuyers, makes the house hunting experience much more efficient and effective. By following these five steps, you have a significantly higher chance of getting pre-approved for a mortgage.

Buying a new home is one of the most exciting decisions of your life—especially if you’re a first-time homebuyer. With endless decorative decisions to make and countless open houses to attend, it’s important not to overcomplicate the simple and rewarding process of home buying. Here are five tips to ensure that your first home buying experience is amazingly easy and stress-free.

According to MGIC Connect, a popular mortgage industry blog, single women now follow married couples as the second largest group of homebuyers in the country. Up two percent from the end of 2015, single women constitute 18 percent of this year’s homebuyers, followed by unmarried couples at 15 percent, single men at 11 percent, and other at two percent.

If you are planning to buy a home you may hear about the TRID or TILA-RESPA Integrated Disclosure.  TRID is an effort put in place by the Consumer Financial Protection Bureau (CFPB) to protect home buyers from hidden fees and other abuses on the part of real estate agents, lenders and title companies.

Despite the increase in housing rates and mortgage fees, buying your own home can be a very financially savvy move this year. According to RealtyTrac’s 2016 Rental Affordability Analysis, buying remains more affordable than renting in 58 percent of the U.S. housing markets. In addition to rising rents, which are now overtaking weekly wage growth in more than half of the nation’s housing markets, various tax breaks make homeownership the more appealing option.  

Buying a home is likely the largest purchase that you will ever make. Before you jump into the process, it is important that you are prepared and ready to pull the trigger to get a house under contract. Below is a quick list of things that a buyer should think about both before and during the home buying process to get you ready to go.

Recently, the credit availability index has reached an all-time low, with mortgage credit becoming increasingly available. The Housing Finance Policy Center found that during the fourth quarter of 2015 it was easier for homebuyers to secure financing than it was during the previous quarter. This low marks a possible light at the end of the tunnel of the housing crash, as credit availability is an important indicator of the conditions of the market. Following the housing crash, lending standards tightened and it became more difficult for prospective buyers to get a loan.