Getting Pre-Approved- Banks are lending money to buyers even though the financial market has changed. First, your lender will analyze your income, debt and credit report to determine how much you can borrow for your new home. By doing a thorough analysis of your actual spending power, you’ll be less likely to get in over your head. You can also put yourself in a better position to make a serious offer when you do find the right house.

Making the Right Offer- The internet is full of so much information. Go online and evaluate what the houses in the area are being sold for. Keep in mind that the house needs to be comparable to the house that you are wanting to buy.

Choose Your Mortgage Carefully- Today, the debt the average person will accumulate due to credit cards, student loans, etc. means it’s better to opt for the 30-year mortgage instead of the 15-year. This way, you have a lower monthly payment, with the option of paying an additional principal when money is good.

This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.