If you've recently begun your first house-hunting expedition as a prospective buyer, congratulations! For many, home ownership offers a unique opportunity to stake one's legal and financial claim to a piece of property and to truly turn a house into a home without asking "what will the landlord say?"

But for those who don't already have a home purchase under their belts, navigating the home-buying process can be tough. The Great Recession and regulatory reactions to the mortgage crisis added to the already-complex paperwork home purchasers are required to complete. Read on for three things first-time buyers need to know when purchasing a home in today's market.  

Collateral Costs Are Key

Whether you've been pre-approved to apply for a loan or are actually pre-approved for a specific loan amount, it can be tempting to simply add the principal and interest payments and declare this to be your monthly mortgage amount. But additional costs like homeowners' association (HOA) fees, property taxes, homeowners' insurance, and even trash collection and utilities can significantly add to your cost of home ownership. Buying a property that's just at the outer edges of affordability can leave you without much room in your budget for other home-related expenses that are all but inevitable, including repairs and maintenance. When you're browsing for homes, make sure to confirm and consider all the other costs you can expect after closing.

First-Time Home Buyer Programs Are Available

Many federal, state, and local housing organizations like the US Department of Housing and Urban Development (HUD) offer home ownership programs to first-time home buyers. These programs can run the gamut from buyer education programs to down-payment assistance or even favorable interest rates for those who qualify. Even if you're looking for homes that are well within your price range, it can't hurt to see what options are out there to cut your costs when you're investing in such an expensive asset. After all, once you have one purchase under your belt, you'll no longer qualify for these programs!

Don't Skimp on Title Work

By the time a first-time home buyer gets to the closing table, they're eager to see the light at the end of the home-buying tunnel. But rushing through this process could be a mistake, as it's crucial to make sure that all the paperwork is in order. Things like title insurance (which insure you against any title defects that could impact your legal claim to the property you're buying), federally required forms and disclosures, and the division of closing costs are important components of the purchasing process. If you don't have a real estate agent representing you at the closing table, it may be worthwhile to enlist the help of a real estate attorney to make sure your rights are protected.  

Contact a company that offers first-time home buying services to learn more.