Experienced home buyers know that one of the first-steps in beginning a successful
search for a new house is taking a hard, objective look at finances. Determining how much
money you can dedicate to the purchase of your new house affects almost every aspect of
buying a new home - including how we write the offer, which mortgage programs you will
qualify for, shopping for the best mortgage loan and which homes are truly in your price
range.
Here are the questions that each
home buyer should ask:
- How much cash is available for a down payment? The
amount you have available for a down payment will affect what types of loans for which you
can qualify.
- 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. This amount is often forfeited if the buyer decides to withdraw his offer.
- How much additional cash will be available to pay for
closing costs? There are certain standard costs associated with closing the sale of a
house. These fees are split between the buyer and the seller, as spelled out in the sales
contract.
- What is the maximum monthly mortgage payment that I can
afford?
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