Here are the questions that each home buyer should ask:

• How much cash is available for a down payment?  Go through your bank acconts, retirement accounts, possible family gifts and other similar resources for your downpayment. The amount you have available for a down payment will affect what types of loans for which you can qualify. Learn more.
• Am I ready to write a check for the earnest money?  Earnest money is a cash deposit made to a home seller to secure an offer to buy the property.  The amount usually indicates the degree of motivation of the buyer towards purchasing the subject property.  This amount is also forfeited if the buyer decides to withdraw his offer without due cause.
• How much additional cash will be available to pay for closing costs? In addition to the downpayment, there are certain standard costs associated with closing the sale of a house. These fees -- loan administration, appraisal report, title insurance, ect. -- are split between the buyer and the seller, as spelled out in the sales contract. Learn more.
• What is the maximum monthly mortgage payment that I can afford?  Most lenders use the 28/36 housing/total debt-to-gross-income rule to determine the maximum mortgage payment you can afford.   Consult with your National Mortgage loan officer (see link on this website) to determine if you qualify for a loan.