Bank owned properties, aka real estate owned or REO, are those that have been taken over by lenders due to problems paying the mortgage. These properties may be sold at bargain prices to move quickly.

A good starting point is to know how much house you can afford. A monthly mortgage payment weighs heavily on your budget.

Buying your first home is one of life's biggest milestones, and one of its biggest financial commitments. The excitement is real, but so are the responsibilities and hidden costs that come with it.