When getting your first mortgage, it's crucial to budget wisely and consider future interest rate changes. Putting down at least 20% can avoid PMI costs. Shop around for the best mortgage broker and interest rates, and choose between fixed and adjustable rates based on your preference for payment stability. Gather necessary documents like bank statements and proof of income. Your ability to pay and your credit score are key in qualifying for a mortgage. Understand that applying for a mortgage will initially lower your credit score, but consistent payments will improve it unless you miss a payment, which can harm your score for years. Refinancing is an option at the end of your mortgage term but may incur fees if done prematurely.

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