For many of us we learned certain things from our parents, and although they meant well, we may not have learned the best way about many things that we needed to. I was told to save my money for the deposit, make sure my credit was okay, and make sure I had a good job that was going to pay for the loan.
If you are like many of us you're going to need a loan from the bank, I mean unless you have all cash, and in that case, you are good to go, but for most of us we're going to need to finance this dream and so we go to the bank.
I don't know about you, but I wasn't taught in school, and other than my parents saying make sure you do this, I didn't know how this was done, and most of my friends did not as well, so we did the best we did. The only problem we didn't know, that we didn't know. What I mean by this is, I didn't research, read or ask anyone else how was I supposed to improve my credit.
I know cash is king, but credit is the next best thing, and unless you improve it, and make it the best that it could possibly, you are really hurting yourself.Example, if you had a $300,000 30 year loan with 6% interest, your end total will be about $801,000, if you took the same loan with 7% interest, your end total will be $876,000... yes really. If your credit isn't where it should be and they gave you a different loan, then they would charge you a higher rate, and so you will pay more in the end.
This is the information age, and there is a lot of information out there, but you have to know you need to improve your knowledge, and become what Robert Kiyosaki calls financially literate.
Don't give your money away, keep all that you can and use it for other things you are sure to need in life.
I hope this gave you some insight when home buying for your first home.
Incredible Secret About Saving Money When Buying Your First Home