Here are three important tips to help you prepare for buying your first home.

When applying for a mortgage, lenders not only look at your credit score, but will also consider how you use your available credit. 

• Keep your credit card balances low.  Try not to owe more than 30% of your allowable credit limit.  For example, if your credit limit is $1000 then don't owe more than $300 on that card. 

• Always pay more than the minimum payment and make payments on time.  

• Act like you already own your home.  Another tip to help you on your way to an approved home loan is to show that you are comfortable making that monthly mortgage payment.  For instance, say you are currently renting an apartment for $800 per month.  If you figure your monthly mortgage payments (including taxes and insurance) will be around $1300, you could start putting the $500 difference into a savings account.  It will not only help you save for your down payment and closing costs but it will also prove to the lender that you can handle the monthly mortgage payments.