Take a look at your credit score. The 3 credit bureaus have to give you a free credit report once a year. Take advantage of that. If there are any issues you may want to consider clearing them up before applying for a mortgage. Think about how much of a down payment you can afford. Calculate your monthly obligations. Knowing this will help you to get pre-qualified.

Carrington will request income, asset, liabilities and other information in order to pre-qualify you for a loan. We will provide you with loan options and help you decide what loan is the best fit for you. When you're pre-qualified you'll know how much home you can afford. Our mortgage affordability calculator can also help you figure out how much you may be able to afford.

Once you determine what you can afford, you can begin searching for homes that fit your budget and meets your needs. Make sure you factor in commute time, neighborhood demographics, distance from shopping, school districts and the potential future value of the home when looking for a home. Make a list of must-have and nice-to-have features for your new home when shopping.

Now that you've found the perfect home, you need to make an offer. Do your research to figure out what a fair price is. A qualified real estate agent should be able to help you do this. If there is an abundance of home inventory this is considered a buyer‘s market, giving you a little more negotiating power. Low inventory or a desirable neighborhood or if there are multiple offers on a house means you're in a seller‘s market. You maybe want to consider a stronger offer in this case. After considering some of these factors, submit an offer.

When your offer has been accepted, you will want to have a professional perform a home inspection. If a problem is discovered before closing, you can go back to the seller and negotiate repairs. If you forgo an inspection and a problem arises it will be your responsibility.

Now you need to get a loan.

What happens here. When all the conditions of the loan have been met, you will be ready to close your loan. Expect to meet with agents, attorneys, and title officer. Review your loan documents and sign if they are satisfactory. After all the paperwork is complete and funds are distributed, you will become a homeowner.

Grab the keys to your new home and celebrate!

You will also need to get homeowners insurance. This protects you in the event there is a fire, natural disaster, or other unforeseen events. You will have peace of mind once you have a homeowners insurance policy. Don‘t forget to set a date to have your utilities set up!