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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.
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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 after contract signing.
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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. Some fees are paid by the buyer and others are paid by the seller, as spelled out in the sales contract or mortgage documents.
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What is the maximum monthly mortgage payment that We can afford? Most lenders will use the 28/36 rule to determine the maximum mortgage payment you can afford. This varies, however, according to the type of income, sources of income and monthly obligations.
