Buying your first property is an exciting time. It’s a huge milestone in a person's life and something that makes a person's life more meaningful and successful. 

Many people dream of buying a house for years, if not decades before they actually begin the process. This is common when people don't have their finances sorted out, and when they have to figure out how to get the money to purchase their dream place. 

Before you start the process, it’s important to understand the hidden things, and how to manage them. 

Thinking about purchasing your first home? Here are the most effective tips to consider before buying your first property. 

The Mortgage Process

Buying your first home should be an easy and fast process. Therefore, you should have enough money to help you get through this easily. 

After all, money will always help you get those keys, and no better way but mortgages to help you get that dream home.

This is why the proper knowledge can be a make it or break it a moment. For example, knowing the difference between bankable mortgages and non-bankable mortgages can be a huge life (money) saver. 

If you want a more traditional and longer approach then you should think about bankable mortgages, also known as qualified mortgages. They are always issued by a bank and require a complicated procedure - they will always check how suitable you are and if you really pay off your mortgage on time or not. 

You have to prove that you have the ability to repay your mortgage before you take it out. 

On the other hand, non-bankable mortgages are specially created to make your life and loans easier. 

As such they are approved with a lot less check opposite to bankable mortgages and almost anyone can get them. 

For non-bankable mortgages, credit score, salary, and even citizenship aren't a matter. These mortgages are always approved by the client. In fact, once your application is approved, the lender will always offer the borrower a loan - this is why the loan is fixed, comes to a certain amount, and at a particular interest rate. 

It’s important to note that mortgages come in a variety of forms. Make sure that you know their basics and how they work. Only by mastering technicalities, you can in fact get that house fast. 

Always know what you can afford. To understand this, you should know what exactly you can afford based on your personal finances. Always keep track of your credit score and do your best to continually improve it whenever possible. 

Don't Let Hidden Costs Surprise You 

Think about the worst-case scenario. Just when you tough that you have everything organized, sorted out, and defined, an unplanned thing happens... How do you react to it? Can you overcome it? Or you must spend additional months recovering from it? 

To keep things running smoothly, you should do your best to think about hidden costs and expect the unexpected. Therefore, you should act as if there was a disaster just around the corner. 

Think about monthly payments, loan costs, property taxes, and homeowner’s insurance. On top of this, you may be inspired to purchase additional, private mortgage insurance. This will depend on the size of your down payment. Plus, the home buying process can also be extra costly. 

Think about the unplanned, plan well what you know, and always have some extra cash on the side - for just in case situations. 

Research The Local Market

The research comes first. Just before you decide to purchase your dream home, be sure that you do your research first. Before you put an offer on a home, you should know the market. 

In fact, you should know everything there is to know about the market's advantages and downsides, prices, and anything else that could be useful for you. 

Pro tip: Partnering with any local realtor can help you understand the market better and get a better home faster and at a better price. 

Ten Fast Tips For First Time Property Buyers

Fail to plan, plan to fail - this is so true when it comes to any purchase, especially when investing in homes. 

Make sure that you know what you are doing and that you are ok with double-checking on everything. 

If you are not sure where and how to start, check the tips below. These effective tips will help you make that purchase faster:

1. Be honest about your priorities

2. Go through the pre-approval process

3. Hire an agent

4. Make an offer and always negotiate

5. Deal with inspections 

6. Secure a loan

7. Submit paperwork on time and completely

8. Take stock of your finances

9. Choose Good Real Estate Agent 

10. Last, but not least: Use your head, not your heart