a couple touring a prospect houseThe housing market proves that it is currently cheaper to buy a house than it is to rent. Considering the month-to-month struggles many individuals encounter financially, it makes sense to reduce the cost of living. If you are tired of the rising rent rates and you are looking to buy your first home, there are a few things to know and remember.

Migonline.com cites some of the most important ones.

Work With a Credible Lender

Your best bet is to work with a reputable mortgage lender in your location. A qualified lender can help you get the best rates based on your finances and credit score. A mortgage lender can access different programs that will help you get a rate that suits you.

Make sure you are upfront and honest with your mortgage lender. Have all of your paperwork in order and tell the truth about what you can afford in terms of monthly payments. Honesty is key to getting a good deal on a loan.

Get Your Finances in Order

Buying a house typically requires a down payment. The amount you need to pay will depend on several factors. Many people are under the assumption that they will need 20% to put down on a home, but that is nothing more than a common myth.

In fact, some programs allow you to reduce the down payment you will need to pay. Your most important step is to get your finances in order, so you can figure out how much down payment you can afford. If you find that you can only afford 10%, be honest with your lender.

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Take a Pause on Credit Activity

When you buy a house, you do not need perfect credit, but you do need decent credit. Unfortunately, a certain activity can lower your credit score. Ensure that your credit score is in order for the purchase of a home and then put a pause on future activities.

In other words, do not fill out applications for new credit cards or store credit. Do not apply for anything that requires a hard inquiry on your credit report either. All of those activities can lower your credit standing and affect your ability to buy a home.

Buying a new house requires proper research and good decision-making. Weigh your options carefully and go for a deal that is convenient for you.