A home is the most important purchase a person can make, so it goes without saying that you need to approach it very carefully. Unless you're one of the lucky few who can afford to buy a house without relying on a bank, you'll need to make a mortgage loan — and that's an adventure in itself. Mortgages are long-term financing options that will have a massive impact on your future and you need to weigh your options carefully. Navigating the mortgage market can be quite challenging, especially as a first-time home-buyer, so follow these tips to make your journey easier: Sometimes, renting makes more sense than buying. A mortgage is a long-term commitment and it will influence the way you save and spend money for years to come. Unless you're completely comfortable with paying monthly installments, it's safer if you simply rent a property. Renting is a practical solution when you haven't achieved a high enough degree of financial independence. Don't rely on your emergency fund to get a mortgage. When the housing market is very competitive, first-time buyers often rush into making a purchase using their emergency funds as a down payment. However, that can be a huge mistake and it might affect your financial security in the long run. The emergency fund is for just emergencies. If you are left without your main source of income, you can use it, of course, but otherwise, it should be left untouched. The deposit matters just as much as the credit score. You've probably heard stories from senior family members who bought superb homes with no down payments. Unfortunately, the market has changed and approval conditions aren't as flexible as they used to be. To buy your dream home, not only do you need a good credit score, but you also need to spend years building up your deposit. Many first-time buyers stop after reaching the minimum amount for the deposit, but, if you save more and wait an additional year, you can borrow at a better interest rate.