The first step to home ownership is to have credit. If you have a low credit score (or no history at all), you'll have to establish/improve your credit. There are a number of ways to do this, such as getting a secured credit card through your local bank.

Right now, more than ever, it's a supply/demand situation — there is a lack of supply in many markets, bringing prices up. Plus, rates are at historic lows, so many people are looking to buy.

That's a great question, CRS. The lowest down payment program is 3.5% down, so you may be limited to the home you'd like to buy. I do recommend saving up a little more — at least 3.5% for the home you want plus closing costs and six months reserve.

Sites like Zillow, Trulia, Realtor.com are great, but they tend to be more general. So, to get the best advice, I'd recommend going through a licensed real estate professional in your area.

Thanks for the question. You definitely should start now if you're looking to buy in February — we actually encourage people to start 90 days in advance of when you want to buy. Start as early as possible to get your finances in order, clear up any issues that may show up on your credit report and be in the position…

Great question. First, make sure they're licensed. Look at their customer service ratings (we like Angie's List) and ask the inspector for references. Just do your due diligence to make sure they're legit and that others who have worked with the inspector have had a good experience.

I feel the same way; that's why I started Guaranteed Rate. We know that people buy on low rates, great service and an easy to understand process. That's what we work to do every day. To determine the lender right for you, check the BBB rating of the company, talk to your friends/family, look at customer reviews. We've…

There's no hard and fast rule anymore. The best thing to do is to talk with a mortgage professional and figure out how much you can put down. All things being equal, 20% may get you the best rate, but it's not necessary.

That's a conservative rule of thumb, but it was more true when rates where much higher. Rates are at historic lows, so you may be able to afford as much as 4x your salary.

There are two schools of thought here: 1) put down 20% to get the best rates, lower monthly payments and have significant equity in the home and 2) you can take advantage of government programs that allow you to put as little as 3.5% down, you'll get low rates, and you'll have extra cash to pay off other debts or to…

If you can qualify, we encourage people to take advantage of the historically low rates. But, also consider your current finances (grad school expenses/loans plus other monthly payments) plus the length of time you anticipate staying in the area after grad school. Buying with a partner is great, but like everything…

It's good to make one additional payment per year — it could cut up to 7 years off your mortgage — but it's not necessary to go through a third party. You might incur fees that aren't necessary.

We're not in Canada yet, just the US — we're in 47 states plus DC.

Biggest mistake is people who go house shopping without first talking to your lender. Home buyers should make sure to get pre-approved before they start shopping to help figure out what they can afford.

Great to hear you had a good experience. We'll give April a pat on the back for you!

Good question, Robert. Definitely check in with your lender once you make the last payment to ensure everything has gone through and you have a zero balance. Ask for a copy of the release, as well.

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