My college professor once said you know when you’re an adult when you have a mortgage.
His comment couldn’t be farther from the truth.
Not knowing the right questions to ask when buying a house is financially unwise.
Although, for many people, homeownership is a significant milestone in their life.
1. How Much Can I Afford?
This question may seem to be the most obvious every potential homebuyer should ask.
But, unfortunately, it’s not unheard of a person falling in with a house for sale without looking at their finances.
This situation is often referred to as “house poor.”
You most likely will be financing your home purchase.
However, the amount on the letter shouldn’t dictate what you can buy.
The pre-approval letter will let you know how much a lender is willing to lend you.
The mortgage payment is the monthly payment you’ll be making to the bank.
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