For first-time homebuyers, entering the real estate market can be quite a stressful ordeal. Not only are these individuals being faced with the uncertainties that come along with making such a long-term commitment, but they also get so emotionally entangled in the process that they often overlook important factors — namely those of the financial nature.

Therefore, with that in mind, let us outline some of the most pertinent financial advice first-time homebuyers must keep at the forefront of their minds.

Always shop for your mortgage

There is certainly no such thing as a one-size-fits-all mortgage. Therefore, it is imperative you perform ample research on not only loans themselves but on the financial institutions that offer them as well, especially in light of recent scandals that have involved larger banks and lenders.

Furthermore, you should always take their financial stability into consideration before applying for a loan. For instance, those with low debt and high savings may benefit from a 15-year mortgage rather than the standard 30-year, as they could feasibly pay off the property over a shorter period of time.

Never pass on a home inspection

It is all too easy to walk through a home and find yourself so enamored by its appearance that any red flags do not seem as blaringly obvious or worrisome. However, that all tends to change after the deal has been closed. Once the new owner spends more than just an hour or so inside, it becomes increasingly apparent that more work was put into the property’s appeal rather than its quality and livability.

To avoid such a panic-inducing scenario, it is important to enlist the help of a home inspector. This professional will take a close look at every element of the home first-time buyers may forget about,like the state of the foundation, whether or not the attic is insulated, and even that strange spot on the wall the seller insisted was just an old patch-job.

Seeing as the results of such an inspection could make or break the deal, it would be wise to take that precautionary measure instead of being faced with expensive damage and subsequent repairs down the line.

Make the whole down payment

To effectively save yourself a considerable amount money in the long-run, it is important you make the full 20 percent down payment. Otherwise, you will be stuck paying private mortgage insurance (PMI) until you have gained 20 percent equity on the property. By opting to wait until you have the full amount saved, you will not only prevent yourself from paying that additional fee, but you will likely receive a better interest rate on your mortgage as well.

Clearly, there are many factors one must keep in mind while searching for the perfect home. However, you will certainly thank yourself for being mindful in the long-run, as it will save you both time and money that could be better spent elsewhere.