Investing in a home is a daunting task for many people. This is compounded by the sheer amount of money involved in securing a house. A first time buyer mortgage is indispensable to people who don’t know the first thing about buying houses since it makes the process less scary. As first time buyers of a house, people must be conversant with the property market around the area. Prices of houses vary greatly depending on what part of the country you want to live in. A homeowner mortgage will usually cover the big costs involved in acquiring a house. The repayment is the borrowers’ burden though. An important thing to know is that houses and other real estate is always local. That means that national statistics don’t relate to the specific house you want to buy as closely as a person may think. First time buyer mortgage terms and conditions also vary a lot because property markets differ from one region to another. A person should therefore have information pertaining to the region he wants to buy a house. The borrower should therefore study the local prices of properties in the desired neighbourhood so as to get the best property. Using a budget calculator will help them to determine whether they will be able to repay the mortgage without straining financially. When a person has finally figured out the prevailing market prices of properties in the desired region, he should then narrow down to a specific type of house. In order to determine the first time buyer mortgage to pick, one must know how much money is needed for the house he has decided on. Knowing a specific house will let a person know whether or not they will afford to take a homeowner mortgage on it. If the dream property is too costly, a compromise here and there should be considered. A person should have in mind that this is only their first house and it’s not absolutely necessary to get their dream house the first time. A budget calculator will help them to know how the mortgage repayment will fit in their budget. An important factor to consider before taking a homeowner mortgage is the interest rates. Ideally, a mortgage repayment should be predictable. There are two main types of mortgages with regard to interest. There are fixed rate mortgages and variable rate ones. Fixed interest rate mortgages tend to have higher interest rates but are advantageous since economic conditions don’t affect the monthly repayment. A budget calculator will help a person to plan for the monthly repayments for the mortgage since the rate is constant. Taking a variable interest rate mortgage is ill-advised since during economic downturn, banks will often increase the interest rates rendering some people unable to cover monthly repayments. Such mortgages are often blamed for massive foreclosures during economic recessions. This happens as banks try to maintain profitability by increasing interest rates to get more money from issued loans Finally, a mortgage is not the final expenditure new home owners will face. As soon as a house is secured, costs like repairs, maintenance, and land rates, will start to come up. One needs to keep this in mind as well.