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. 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. This check is held uncashed by your representative until an offer is accepted.  At that time, the check is sent to the escrow company where the check will be cashed and the money held in the escrow account to be applied toward your down payment and closing costs.
• 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. Learn more.
• What is the maximum monthly mortgage payment that I can afford? There are many loan programs available and it is important that before you begin your search for a home, you take the time to speak to an experienced, reliable lender to determine which program will work best for your situation, how much money you need to have available in order to close the escrow and how much your monthly mortgage payments will be.