Tell me about buying a home for the first time

[Falomin]

And, although it is a little early to talk about it now, be sure to consider adding a bit to your monthly payments. This additional prepay really brings a loan down fast since it is 100% applied to the principal. If you look at an amortization table, you'll see that the first few years of a loan most of basic payment is interest.
--Pete

This is probably the best advice someone can get when getting a loan for a large amount of money. As I am a number's geek I once figured out that on a 10 year, 6%, $20,000 dollar loan, paying $5 extra per month saves $1200+ in interest over the life of the loan. When you get into even larger numbers the $5 a month saves you even more. It really is all exciting stuff to an accountant like me :D

Regarding the house: Check the age of the furnace, find out if the water heater is a self venting water heater or it has a chimney (Self vent goes to the side and are more expensive to have fixed or replaced). A home inspection is a very good idea. My wife and I had one done on a house and he found several things very wrong with the house so he ended up saving us from purchasing a lemon house.

Make sure you examine the ceiling under any bathrooms for water leaks, especially leaks behind walls.

Most of this stuff I learned because I didn't look for these things and had to pay for my lesson, so maybe my mistakes will help you.