Are you getting ready to look for your first home? There’s more to the task than checking out bedrooms and back yards. First, you need to consider important financial issues.

Here are 3 key tips, from the real estate website Keeping Current Matters:

Get prequalified: In a competitive home market like Denver, you need to be able to act immediately if you see a house you’d like to buy. If you are already pre-qualified for a loan, sellers will take your offer more seriously. In addition, you will know exactly how much you can afford before putting in an offer.

Set aside closing costs: While some lenders roll the closing costs into the mortgage payment, others do not. You’ll want to have enough available cash to cover these expenses, should they arise. Plan on setting aside 2.5% of your loan amount.

Lock in an interest rate as soon as possible: While interest rates are still relatively low, they can always rise without notice. “The sooner you can lock in your interest rate, the better,” notes Keeping Current Matters. (Note: Depending on your loan arrangements, you may need to have a home under contract to lock your rate.)

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