When you decide that it is time to purchase your own home start checking the current interest rates and loan charges at the local banks and money lending institutions. Go online and check lenders there as well. Loans are big business and all lenders are competitive with each other for your business so you can choose the company that will give you the best deal.
Find out whenever the interest rates are fixed or whether they will fluctuate. It could make a big difference to your monthly payments if the rates are not fixed. You might find yourself later on in the position that you will no longer be able to afford your loan.
Loan charges on these loans are also high so find out whether this amount is negotiable. It is worth trying as every little saving makes a big difference in the end.
Gather all the information you require for the lenders before approaching them as this will make it easier and quicker to get the loan approved.
Things they will want to know is if you have a good credit history and how long you have been employed by your current employer. Your annual income is important as applicants earning less than a certain amount per annual are not allowed to get mortgage loans. How long you have lived at your present address is also important information they will want to have.
You will probably be required to have a cash down payment when you purchase your new home so be prepared for this as well.