House hunters taking more conservative approach to financing

Many first-time homebuyers appear to be taking fewer risks when it comes to purchasing homes, according to observations from an Illinois-based real estate firm.

"We're starting to see couples and singles buying homes that fit comfortably into their incomes instead of stretching things to the max," said Ryan Gable, owner of StartingPointRealty. "This is a great change from five years ago when even first time buyers were borrowing up to the limit that lenders would approve for them."

Gable went on to say that this fiscal conservatism is likely to continue, which should help to keep home prices affordable. He also this trend should help lower foreclosure rates, which have been high in recent months.

Something else that keeps mortgage expenses low is having a clean credit report, as lenders are more likely to offer a reduced interest rate for a borrower who has limited debt and a solid FICO score. A credit repair attorney may be able to identify unfair or inaccurate credit notations, which could improve a consumer's score even more.