1. Assess your credit. Most mortgage lenders use FICO scores to determine loan eligibility.

2. Determine how much to borrow. Many first-time home buyers make the mistake of borrowing as much as their banks or credit unions are willing to offer.

3. Factor in ongoing costs. One of the upsides of renting is that when the refrigerator goes kaput, you can simply call your landlord to have it repaired.

4. Save up to buy. Buying your first home isn’t just a matter of bidding on a house and signing on the dotted line.