FAQ
Am I Ready to Be a Homeowner?
You’re ready if you have a steady income, manageable debt, good credit, and enough savings for a down payment and closing costs. Emotional readiness is also key owning a home comes with responsibility, but also great rewards.
Is Renting or Buying Better?
Renting offers flexibility, while buying builds long-term equity. If you plan to stay in one place for several years and want to invest in your future, buying may be the better choice.
What Is the Lender’s Formula?
Lenders typically use the debt-to-income (DTI) ratio your monthly debts compared to your income to determine your loan eligibility. A lower DTI means a better chance of approval.
What Do I Look for in Homes?
Consider location, budget, size, layout, amenities, and future resale value. Prioritize needs over wants and always inspect the property thoroughly before making a decision.
Do I Need a Home Warranty?
A home warranty can provide peace of mind by covering unexpected repairs for systems like plumbing, electrical, and appliances. It’s optional but often worth considering for older homes.
What Should I Expect at Closing?
At closing, you’ll sign legal documents, finalize your mortgage, pay closing costs, and officially take ownership of your new home. Neelam Estates will ensure you’re prepared for each step and there are no surprises.
What Is Pre-approval?
Pre-approval is when a lender evaluates your financials and confirms how much loan you qualify for. It strengthens your position as a serious buyer and helps you set a realistic budget.
Am I Ready to Rent?
You’re ready to rent if you can cover the security deposit, monthly rent, and utilities. Also, ensure you understand lease terms and are comfortable with the responsibilities of being a tenant.
What Should I Offer?
Your offer should reflect market conditions, property value, and your budget. Neelam Estates will help you evaluate the property and make a competitive, fair offer.
Can I Ask You for Advice?
Absolutely! At Neelam Estates, we’re here to guide you through every step from shortlisting properties to negotiations and finalizing the deal. Your questions are always welcome.