It goes without saying that buying a home is a big investment. Though it promises security, and the feeling of truly being a part of a community, it involves a lot more work than simply renting. When you rent, you have a landlord to fall back on in case of expensive repairs or home maintenance issues. When you own the home, you're responsible for its upkeep.

Are you ready to buy your first home? A great way to figure out your options is by sitting down with a bank lender to get pre-approved. The pre-approval process is great because it essentially sets your budget for you. It involves reviewing every aspect of your finances with the bank. When you meet with the lender, they will review your credit score, annual income, tax information, savings, any outstanding debts you may have, and any assets you've earned over the years. After taking a careful look at your financial portfolio, they'll let you know how much the bank is willing to loan you.

We also recommend meeting with at least two to three lenders before making a decision. That way, you can rest assured knowing you're getting the best deal possible.