FAQ
Am I Ready to Be a Homeowner?
Homeownership requires financial readiness, stable income, good credit, and a willingness to commit to long-term property responsibilities. Ask yourself: Do I have enough for a down payment? Can I afford maintenance and taxes? Am I ready to settle in one location for a few years?
Is Renting or Buying Better?
It depends on your lifestyle, financial goals, and long-term plans. Renting offers flexibility and fewer responsibilities, while buying builds equity and long-term value. If you plan to stay in one place for 5+ years and have a stable income, buying might be a smarter choice.
What Is the Lender’s Formula?
Lenders typically use the Debt-to-Income (DTI) ratio to determine loan eligibility. Most prefer your total monthly debt (including mortgage) to be under 36% of your gross income. Credit score, income stability, and employment history also play a big role.
What Do I Look for in Homes?
Consider location, neighborhood safety, size, layout, future growth potential, and your lifestyle needs. Look for structural soundness, age of utilities, natural light, and proximity to schools, work, and essential services.
Do I Need a Home Warranty?
A home warranty can be helpful, especially for older homes. It covers repair or replacement of major systems and appliances not included in homeowner’s insurance. It’s not mandatory, but it offers peace of mind in the first year of ownership.
What Should I Expect at Closing?
Closing is the final step where you sign legal documents, pay closing costs, and take possession of the home. Expect paperwork, title verification, final walkthrough, and the transfer of funds. Once done, the keys are yours!
What Is Pre-approval?
Pre-approval is a lender’s conditional commitment to give you a loan based on verified income, credit, and debt. It shows sellers you’re serious and financially ready, giving you a competitive edge in the market.
Am I Ready to Rent?
You’re ready to rent if you have a steady income, understand lease terms, can budget monthly expenses, and afford upfront costs like the security deposit and first month’s rent. Renting also requires responsibility for maintaining the space and paying bills on time.
What Should I Offer?
Base your offer on market research, home condition, and local demand. A good real estate agent will help you make a competitive but realistic offer. Consider contingencies for inspection, financing, and appraisal.
Can I Ask You for Advice?
Absolutely! At Pasa Realty, we’re here to guide you—whether you’re buying, renting, investing, or just exploring. Reach out anytime for expert, no-obligation advice.