first mortgage, mortgage payment
The current housing crisis means that now is a good time for young adults to purchase a home and get their first mortgage. The record number of foreclosures means that there is currently a surplus of homes available for less than their true market value, meaning that first time buyers could actually save a lot of money and make a good investment if they act shrewdly. 
If you plan on applying for your first mortgage you obviously have to find a home, and this can be trickier than it sounds. The most important thing is to choose a home that you are sure you can afford. You also need to make certain that your home is in a reputable neighborhood so that it doesn’t decrease in value over time. It would also be prudent to work out what any necessary renovations are likely to cost, and what kind of value they will add to your home. Ideally a few sensible and relatively cheap renovations will add a great deal of value to your property. 
When you apply for your first mortgage, find terms that suit your finincial situation. Make sure that the mortgage lender you choose has a good reputation and avoid the adjustable rate mortgage as though it were a contagious disease. Instead opt for a fixed rate mortgage even if the interest rate is a little higher. By doing so you can be sure that your monthly mortgage payment will not change over time, which makes it easier to organize your finances and stay solvent.