FAQ
FAQ
Frequently Asked Questions
Am I Ready to Be a Homeowner?
You’re ready to be a homeowner if you have a stable income, manageable debt, and are prepared for long-term financial commitment. Consider your savings for a deposit, ability to handle monthly payments, and readiness for maintenance responsibilities.
Is Renting or Buying Better?
It depends on your goals and finances. Renting offers flexibility and lower upfront costs, while buying builds equity and long-term stability. If you’re ready for a long-term commitment and can afford the payments, buying is often the better investment.
What Is the Lender's Formula?
The lender’s formula is a guideline used to determine how much you can afford to borrow. Most lenders recommend that your monthly housing costs (mortgage, taxes, insurance) should not exceed about 28–30% of your gross monthly income, and your total debt payments should stay below 40–43% of your income.
What Do I Look for in Homes?
Focus on location, price, and quality. Consider proximity to schools, work, and amenities, as well as the home’s size, layout, condition, and potential for future value. Always check utilities, security, and neighborhood development before making a decision.
Do I Need a Home Warranty?
A home warranty isn’t required, but it’s a smart option. It covers repair or replacement costs for major systems and appliances that may break down over time, giving you peace of mind and helping you avoid unexpected expenses after moving in.
What Should I Expect at Closing?
At closing, you’ll review and sign all final documents, complete payment of any remaining balance, and receive proof of ownership — such as your title or transfer documents. Once everything is signed and verified, the property officially becomes yours.
What Is Pre-approval?
Pre-approval is a lender’s confirmation of how much you can borrow to buy a home, based on your income, credit score, and financial history. It helps you know your budget and shows sellers that you’re a serious, qualified buyer.
Am I Ready to Rent?
You’re ready to rent if you have a steady income, a good credit or rental history, and enough savings for the security deposit and first month’s rent. You should also feel comfortable managing monthly payments and basic living expenses on your own.
What Should I Offer?
Base your offer on the property’s market value, location, and condition. Research recent sales in the area, stay within your budget, and factor in any needed repairs or upgrades. A fair, realistic offer shows you’re serious and increases your chances of acceptance.
Can I Ask You for Advice?
Absolutely! Safina Real Estate is here to guide you through every step of your property journey — from choosing the right location to understanding the buying process. Our team is always ready to offer professional advice to help you make confident, informed decisions.
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