Not all young adults who could qualify for a mortgage wish to buy a home while still in their 20s or early 30s. More are now waiting until they're settled in their careers or married before seeking homeownership.

Because many young home purchasers are uncomfortable with debt -- and are often saddled with student loans -- Guy Cecela, a leading expert on mortgages, says they typically opt for shorter mortgages than the 30-year type that has been standard in recent years.

Keith Gumbinger, a vice president at HSH Associates, which tracks mortgage rates for consumers throughout America, says there are now fewer large banks active in the mortgage market than during the last housing boom. But many other players are returning to the market.

"Consider seeking your home loan from a credit union, a community bank or a non-bank lender. These smaller lending shops, especially the local ones, can be very competitive on pricing," Gumbinger says.

Here are a few pointers for first-time homebuyers:

-- Plan ahead for your mortgage search.

The mortgage market is always changing. That means that loan products are constantly evolving.

Mortgage innovations usually involve various types of adjustable-rate mortgages. But such loans can differ dramatically relative to their names, terms and conditions.

Gumbinger says first-time buyers need as much lead time as possible to educate themselves on mortgage basics, to sort through alternative home loan choices and to compare lenders and rates.

As a first step, buyers can inform themselves through online resources. For instance, Gumbinger suggests that mortgage shoppers seek consumer information through his firm's website (www.hsh.com).

Understandably, most buyers favor traditional fixed-rate mortgages. But Gumbinger says buyers who expect to stay in their new home for just a few years might also consider a so-called "hybrid loan," on which the interest rate stays firm for three to 10 years before adjusting to market levels.

"Suppose you plan to buy a small city condo where you'll live for just a few years before getting married and moving to the suburbs. Then a hybrid loan could be a good deal because the initial rate will be lower than for the classic 30-year fixed-rate loan," Gumbinger says.

-- Hold out for a lender offering both a good rate and quality service.

Gerri Detweiler, a consumer finance blogger and author of "The Ultimate Credit Handbook," encourages first-time buyers to seek a lender who will instruct them on the complexities of home loans.

"In just 30 to 60 minutes spent with a friendly lender, you can learn a lot about mortgage fundamentals and maybe even get help to identify and fix flaws on your credit reports," says Detweiler (www.gerridetweiler.com).

How do you find an empathic lender?

Gumbinger says real estate agents are often a good source of names. But he advises you to look beyond their suggestions.

"If you reach out in your office, you'll probably find someone down the hall who's bought a house or refinanced lately. You can also canvass friends and family," he says.

-- Make sure you arrive at your lender's office well prepared.

To save time, there's no substitute for gathering key documents in advance of your meeting. Ideally, these should include recent pay stubs, your latest W-2s and a couple of years' worth of federal tax returns, as well as bank and savings account statements.

"They're necessary to help your lender set the upper limit on how much you can afford, a process known as 'pre-approval,'" Gumbinger says.

Gumbinger says that an in-person tutorial will help you clarify the whole lending situation and bring it into sharper focus.

What if the lender you contact resists your request for a tutorial? In that case, he says you should move on.

"You deserve to have all your questions answered in plain English," Gumbinger says.

-- Investigate your credit standing to get the best available mortgage rate.

Under federal law, you're entitled to one free credit report each year from the three largest credit bureaus: Equifax, Experian, and TransUnion. You can easily request these online (www.annualcreditreport.com).

In addition to your credit reports, you'll want to access your "credit scores." Such scores -- which draw on data from the credit bureaus -- seek to provide lenders with a quantitative measure of credit risk. Most lenders still use FICO scores, pioneered by the Fair Isaac Corp.

Generally, you need to pay a fee for your credit scores. One way to obtain them is through the Fair Isaac website: www.myfico.com. You can also receive credit scores through the three large credit bureaus. FICO scores range from 300 to 850, and the higher the score, the greater your odds of getting the best available rate.

Once you've chosen the home you wish to buy, it's time to get serious about making your mortgage application. And with your credit scores in hand, you can easily start comparing available rates.

As Gumbinger says, you may want to begin the rate-shopping process with the lender who tutored you on the basics. But he urges you to extend your search beyond the first lender.

"The more the merrier when it comes to rate quotes. But always remember, you're looking for competent service along with low rates," Gumbinger says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

Home sellers beware: Buyers are much more alert to property defects than they were in the past.

"Repeat buyers are especially wary if they once bought a house that proved to have serious problems after the deal closed," says J.D. Grewell, a veteran home inspector.

Grewell, who's affiliated with the American Society of Home Inspectors, says when he first entered the field in 1972, just 5 percent of buyers engaged the services of a professional inspector, compared with more than 60 percent now.

Eric Tyson, a consumer expert and co-author of "House Selling for Dummies," says it's critically important for sellers to address repair issues prior to hiring a real estate agent and putting their place up for sale.

He says it's always better to remedy your property's issues in advance of your listing than to risk a botched deal due to a problem that could be discovered by your buyer's home inspector.

One reason many sellers are reluctant to undertake pre-sale repairs is that they can be expensive. Another is that many people are unsure how to find reliable contractors, says R. Dodge Woodson, author of "Tips & Traps for Hiring a Contractor" and other home improvement books.

Here are a few pointers for sellers:

-- Consider hiring a home inspector to identify your issues.

Most homeowners can catalog small repair problems that must be addressed. Yet most lack the expertise to detect larger issues such as those involving a home's electrical, plumbing, heating or cooling systems. And they're ill equipped to diagnose a roof that's reached the end of its functional life.

Major problems are best detected by a qualified home inspector. To avoid late-stage revelations, Woodson recommends that sellers arrange for a pre-sale inspection to do an inventory of repair issues. One source for inspectors' names is the website of the American Society of Home Inspectors (homeinspector.org).

"An in-depth home inspection can be costly. But your money is well spent if it protects you from unpleasant surprises that could surface later and ruin your sale," Woodson says.

-- Search widely for the best contractors.

Woodson recommends against random Google searches or the use of Yellow Pages to hunt for contractors. A more dependable approach, he says, is to seek out recommendations from friends, neighbors or co-workers.

"Think of this as a treasure hunt that involves everyone you know," Woodson says.

In addition to those in your immediate circle, Tyson says you may wish to gather contractors' names through the real estate agent you've chosen to list your home.

"Realtors have a lot of dealings with contractors. They'll know if a contractor is doing a lousy job," he says.

Also, contractors may be more attentive to your project if they're aware you could complain to your agent about the quality of their work.

Besides seeking contractors' names from your listing agent, Tyson recommends you consider using an online consumer rating service such as Angie's List (angieslist.com). For a monthly or annual fee, this company provides reviews on service providers in metro areas throughout the country.

-- Seek multiple estimates.

Woodson, who's spent much of his career as a licensed plumber and has also run his own home improvement company, advises homeowners to obtain five estimates for any job expected to cost more than $1,000.

Five sounds like a lot of estimates. But Woodson says experience has taught him that consumers need a range of bids to gain perspective on pricing.

"Generally, you want a contractor in the middle of the pack on price. You can throw away an estimate from anyone who comes in 25 percent or more above or below the others. The company at the top is charging too much and the one at the bottom is probably cutting corners," he says.

-- Scrutinize a contractors' work by visiting other clients' homes.

After you've created a short list of contractors, you might assume that your next step is to ask any company you're considering for references. But Woodson calls this a "pointless exercise."

"What if the reference is someone's cousin or uncle? Such references are hardly objective," he says.

Also, Woodson says it's a mistake to rely on photos the contractor sends you through email.

"You'll never know if those photos have been doctored or if they show work done by a different firm," he says.

The best way to assess the quality of contractors' work is to check out their recently completed projects. Suppose, for instance, that the interior of your home needs a pre-sale paint job and a neighbor has recommended a painter.

"In that case, ask your neighbors if you can come over to examine the painter's work. They might be friendly and welcome your visit. Or they might be too busy to show you around. But either way, there's no harm in asking," Tyson says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

After a widow in her 80s died in an assisted living facility, it fell to her four grown daughters to prepare for sale the dated cottage where she'd raised her family.

Two of the sisters wanted to let the place go immediately in "as is" condition. Meanwhile the other two -- worried that the passe kitchen would be a problem -- proposed spending a small fortune on upgrades. To resolve the deadlock, the women called in Sid Davis, a veteran real estate broker.

Davis, the author of "Home Makeovers that Sell," recommended a middle course. For only a few thousand dollars spent in the kitchen, he suggested they replace chipped linoleum countertops with mid-grade Corian ones. Also for a low price, they could replace dated metal cabinets with generic wood ones from Home Depot, which they could paint white.

"The kitchen -- which screamed 1940s -- had to be improved. But in the working-class neighborhood where the cottage was located, it was a fantasy to think they'd recoup the cost" of a top-grade remodel, he says.

The sisters were persuaded by Davis' reasoning, and the house eventually sold for full market value.

"When it comes to prepping to sell, everybody must de-clutter, clean and do basic repairs. But lavishing so much on upgrades that you raise your home above neighborhood standards is a colossal mistake," Davis says.

Ashley Richardson, a longtime real estate agent affiliated with the Council of Residential Specialists (crs.com), advises sellers to be attentive to cosmetic issues yet to limit their pre-sale spending to high-priority projects, such as minor improvements to their kitchen, bathrooms and front entrance.

Here are a few other pointers for sellers:

-- Look for an experienced agent for candid advice and guidance.

Those planning to market a home in poor condition are wise to search for a listing agent willing to serve as a project manager, says Eric Tyson, a personal finance expert and co-author of "House Selling for Dummies."

Richardson says a trustworthy agent should give you a to-do list of tasks that are both reasonable and relatively inexpensive.

As the initial step in the agent-selection process, Richardson recommends you interview three candidates, asking each to critique your home and itemize cost-effective projects to make it more saleable.

"Don't be impressed by someone who pours on the flattery. Rather, you want an agent who looks you straight in the eyes and tells you what's real," she says.

-- Seek out assistance for the de-cluttering process efficiently.

Many longtime owners trying to sell a home in poor condition feel overwhelmed by the magnitude of the tasks facing them. De-cluttering is a particularly daunting project for those with health problems.

"What if you lack the energy, time or willpower to take on this large task? In that case, ask friends or neighbors to pitch in," Richardson says.

Davis tells the true story of a busy family that needed to sell the large home where they'd lived for more than 10 years. To speed the purging process, one of the teenagers in the family enticed his basketball teammates to help with the offer of doughnuts, unlimited pizza and soda. The teammates brought along cheerleaders, who also pitched in.

But what if no volunteers step forward? In such cases, Richardson suggests that sellers pay students or others looking for temporary, part-time work.

"Run an ad that asks for help 'pre-packing for a move.' And always be sure to check background references for any new person coming into your house," she says.

Richardson recommends you give your assistants a series of manageable tasks.

"For example, they could pack up the contents of an overloaded bookshelf or a china closet," Richardson says.

-- Help buyers envision how good your home could look.

Though many owners of rundown properties lack the funds for major improvements, Richardson says it's crucial that they make their place at least minimally appealing.

"Before going to see a house in person, nearly all buyers will preview the property online. If the place doesn't show well on the Internet, they'll never go out to see it," she says.

Besides clearing out clutter, you'll want to remove dated-looking furniture and drapes that can make your place look crowded, dark and dreary. In their place, your agent might lend you a few attractive pieces.

"Agents often have a stock of good furniture, rugs and lamps that their sellers can use during the showing period," Richardson says.

Besides adding cosmetic touches, she says those with limited funds may wish to provide visitors with mock-ups and contractors' estimates for needed improvements.

"You can always assume that buyers need help to visualize how great your home could look with the upgrades you can't afford," Richardson says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)