15 Questions Everyone Should Ask Before Buying Their First Home

What is my buying power?

It’s extremely important to go into the home buying process with a realistic expectation of your budget. You don’t want to fall in love with a house, only to realize that you can’t actually afford it when it comes time to pay the down payment. Visiting your bank beforehand is a good start, as your bank will be able to tell you if you qualify for a loan and a mortgage. “Most places require 20 percent down in cash,” says Mitchell Seligman, a licensed real estate salesperson at Halstead. “Visiting your bank and seeing if you’re pre-approved for a loan is the first step in the process.”