First-Time Homebuyers Have an Edge

It's a great time to be a first-time homebuyer.

Housing prices have fallen steadily over the past few years, and first-time buyers have their pick of the housing market without having to sell their own homes. In fact, first-time buyers accounted for a bigger share of home purchases this year than the previous two years, according to the National Association of Realtors.

Still, buying your first home is a major financial decision. Understanding the dollars and cents of buying a house will give you a head start toward making a successful purchase. ...