As you make the transition from renting to owning, there are a number of things to consider. After you’ve checked your credit, paid down some credit, and set aside some money for other expenses, it’s time to start looking into your mortgage options. The first thing you need to do when considering mortgage options is determine how much house you can afford on a monthly basis. This includes all mortgage payments, including interest, property taxes and insurance. You’ll also have to factor in high heating and electric bills during the winter.