Buying your first home will probably be one of the most important financial decisions that you make in your lifetime. That being said, it is important to get it right. Not only do you have to find the perfect home, it is important that you get a good mortgage for your home. Before getting a first mortgage there are a few things that you should know to help you get the best mortgage available.

When you are looking at how much you can afford for a mortgage make sure your mortgage payment is never more than 30% of your gross monthly income. This will ensure that you don't over leverage yourself financially when you get the mortgage loan approved. You mortgage broker will be able to help you determine how much you can afford when you take out the mortgage.

Another important rule that you should follow is keep your total debt limit to 40% of your monthly income. This will ensure that you are financially able to maintain your loan payments. Given the recent mortgage crisis that occurred it is not surprising that many people failed to follow this simple rule and ended up in a lot of debt.

Keeping your debts below 40% will give you some breathing room in case something happens. The last thing you should do before getting a first mortgage is to find the right lender. The lender that you choose for your loan will determine what interest rates you are awarded for your loan. This is important because you may be able to save thousands of dollars every month if you are able to find a good mortgage lender.