FAQ

Frequently Asked Questions

Am I Ready to Be a Homeowner?

Evaluate your financial stability, lifestyle, and long-term goals. Consider factors like job security, savings for a down payment, and your readiness for home maintenance responsibilities.

Do I Need a Home Warranty?

A home warranty can provide peace of mind by covering repairs for major appliances and systems. Evaluate the age and condition of these items when deciding if a warranty is right for you.

What Is the Lender's Formula?

Lenders typically assess your debt-to-income ratio (DTI), credit score, and overall financial health to determine how much you can borrow. Aim for a DTI of 36% or less for a more favorable loan.

What Do I Look for in Homes?

Prioritize your must-haves, such as location, size, amenities, and potential for appreciation. Consider your daily routine and proximity to work, schools, and services.

What Should I Expect at Closing?

Closing involves finalizing your mortgage, signing paperwork, and paying closing costs. Be prepared for a variety of documents and potential last-minute changes.

What Is Pre-approval?

Pre-approval is a lender’s commitment to provide you with a loan up to a certain amount, based on your financial information. It strengthens your position when making an offer on a home.

Am I Ready to Rent?

Renting can be a good alternative if you’re not ready for the commitment of homeownership. Assess your financial readiness and personal preferences before making a decision.

What Should I Offer?

Work with your real estate agent to determine a competitive offer based on comparable sales in the area, market conditions, and the home’s condition.

Let's Find You The Place You Deserve

Don’t wait any longer to find the perfect space! Contact us today, and let PR Realty guide you to the place you truly deserve!