You need to understand the type of loan that you’re planning to use to finance your property: Conventional Loan, FHA, VA, RI Housing, etc. I also recommend that you understand how to use a mortgage calculator— when deciding how much to offer on a property you want to know if you have any room to go up $10k, 20k, 30k, 60k over the list price & understand the difference in the down payment & monthly mortgage amount. Base your decisions in FACTS rather than an opinion or belief.