FAQ
Am I Ready to Be a Homeowner?
You’re ready to be a homeowner if you have a stable income, a solid credit score, savings for a down payment, and are prepared for the responsibilities of maintenance and long-term commitment.
Is Renting or Buying Better?
Renting is flexible with fewer responsibilities, while buying offers stability and potential equity growth. The best option depends on your budget, plans, and priorities.
What Is the Lender’s Formula?
The lender’s formula is a guideline lenders use to determine affordability. It suggests that housing costs should be no more than 28% of your income, and total debts should stay under 36%.
What Do I Look for in Homes?
When looking for a property, consider location, size, layout, condition, and potential resale value. Consider the closeness to job, schools, and amenities, as well as how they fit into your budget and lifestyle.
Do I Need a Home Warranty?
A house warranty is not required, but it can help you avoid expensive repairs to appliances and home systems. It’s a wonderful choice if you want additional coverage for peace of mind.
What Should I Expect at Closing?
At closing, you’ll sign paperwork, pay fees, and finalize the mortgage. Once complete, you’ll get the keys and officially own your home.
What Is Pre-approval?
Pre-approval is a lender’s confirmation of how much you can borrow based on your financial details. It shows sellers you’re a serious buyer and helps set a budget.
Am I Ready to Rent?
You’re ready to rent if you have a steady income, can afford the monthly rent and deposit, and are prepared for the responsibilities of a lease, like paying utilities and following rental terms.
What Should I Offer?
Your offer should be based on the home’s market value, comparable sales in the area, and your budget. Consider current market conditions and include contingencies for inspections or financing.
Can I Ask You for Advice?
Absolutely! Feel free to ask for advice on real estate, home buying, or any other topic you need help with. I’m here to assist!
