1. Decide what you can afford as a monthly payment on your Baltimore mortgage in advance. The general rule of thumb is that you can afford between 2 and 3 times your gross income.

2. Create your home wish list. Then, prioritize the features on your list.

3. Know where you want to live. Create a list of 3 to 5 neighborhoods you would like to live in, and don’t forget to take into account items such as schools, parks, proximity to shopping (or whatever is important to you), and of course, safety.

4. Start saving your money. Do you have enough money saved to qualify for a Baltimore home loan and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. And do not forget to factor closing costs into the expenses. Closing costs – including taxes, attorney’s fee, and transfer fees ? typically cost between 2% and 7% of the home price.

5. Get your credit report in order. Get a copy of your credit report to make sure there aren’t any errors on it, and if there are, get them fixed right away. A credit report provides a history of your credit, bad debts, and any late payments.

6. Establish your mortgage qualifications. How big of a mortgage are you able to qualify for? You will also want to have a look at a variety of loan options ? such as 30 year or 15 year fixed mortgages or Adjustable Rate Mortgages ? and then figure out what is best for you.

7. Get pre-approved for your loan. Organize all the documentation a Baltimore lender will need to preapprove you for a loan. Some items you’ll probably need include W-2s, your last couple of pay-stubs, bank statements for the past two months as well as your account numbers.

8. Weigh other sources of help with a down payment. For example, you might qualify for certain special mortgage programs or down-payment assistance programs. Check with your state and local government on down payment assistance programs for first-time buyers. Another option, if you have an IRA account, could be to use that money you’ve saved to buy your first home and you won’t need to pay a penalty for early withdrawal.

9. Calculate the total costs of being a Baltimore home owner. This total cost included property taxes, insurance, utilities, association fees and maintenance.

10. Ask around and find a good Baltimore Realtor. Some first time buyers opt to try to do the deal alone rather than getting an agent. Why even bother? A Realtor is there to represent you and to be certain you get a good and fair deal. And remember, since you’re the buyer in this deal, the cost of the agent’s services will come as a percentage of the sale the seller is getting, so it’s not money out of your pocket.