An introduction: The task of the first time mortgage buyers are the most difficult ones. They have to be up to date with all the interest rates that will be floating in the market along with a brisk knowledge of the kind of the mortgage that will be actually suitable for his needs. The first time buyer always has a lot of questions in mind regarding the best deal which is available? How to get the mortgage? Will going to a bank or some other source of loan will be suitable? Etc. All these questions keep around the first time buyers. Tips for the first time buyers: The borrower should be having a perfect knowledge about when is the suitable time for talking the mortgage. No matter however attractive the offer presented by the lender looks a careful scrutiny is the most essential thing to be done before indulging in the deal. Next question that arises is that how much should be borrowed. Various financial banks provide up to five timers the value of the salary but it is strongly advisable by the Financial Services Authorities that the people who are single should opt for three times the salary and couples should be opting for half timers the salary. All these questions if noticed along with the type of the mortgage taken will certainly save the first time buyer from running into bad credit situation.