Usually, a first-time homebuyer picks out a house before lining up financing, but experts say it should be the opposite.

Dan Huss, a mortgage consultant with BNC National Bank in Scottsdale, Ariz., says buyers often call a Realtor first and then the Realtor refers them to a mortgage person.

"The first call really should be to a loan officer," Huss says. But before you make that first call, sit down and do some hard thinking.

"Establish what you feel you could afford based on your budget," says Huss. "Once you make that phone call and the loan officer tells you what you qualify for, the temptation to go higher is real."

Before cashing in on the first-time homebuyer tax credit, ask yourself these five questions.