Owning a home of your own is part of the American Dream. But a first-time homebuyer must take diligent steps to be in a position to make what may be their single largest investment. If you are getting organized to secure a mortgage, these are essential things every first-time homebuyer needs to know.

Hard-working community members deserve the best possible mortgage interest rates and terms. Homeowners whose financial situation has changed over the years sometimes wonder whether they should refinance their mortgage. Although refinancing may improve your financial health and wellbeing, it’s a process that should not be taken lightly. Before refinancing a mortgage, thoughtfully consider long-term changes and be sure you fully understand the answers to the following questions.

Americans average about four credit cards per person with an average balance of about $8,000. Add in a car payment and an outstanding medical bill, remembering to make all those monthly payments or struggling to meet the minimum payment are the main reasons people look at debt consolidation. Instead of making multiple monthly payments, consumers consolidate their debts into one monthly payment, often at a lower interest rate and monthly payment.

Home values have become more sensitive to changing mortgage interest rates as rates climb back toward historic norms. Years of rates near historic lows have kept monthly payments manageable even as home values were rapidly rising.