Many lenders use income and debt guidelines to help determine how much mortgage a borrower may qualify for.

A common guideline is the 28% / 36% rule. This means lenders often prefer that housing expenses stay near or below 28% of your pretax income, while total monthly debt payments stay near or below 36% of your pretax income. Some lenders may use different ratios depending on the loan program, borrower profile, credit history, and other factors.

To learn more about how lenders evaluate a borrower’s financial situation, contact Bestrow Real Estate and one of our specialists can assist you.

Renting or buying depends on your personal situation, financial position, and long-term goals. Before deciding, consider what matters most to you.

Ask yourself whether you are planning to stay short term or long term, whether you need space for a growing family, whether rent may cost more or less than a mortgage, whether tax benefits are important to you, and whether you want the freedom to renovate or customize your home.

Bestrow Real Estate can help you compare your options and decide which path makes the most sense for your needs.

A home warranty can provide added protection after you purchase a home. For example, if your heating system breaks down in the middle of winter, a warranty may help cover certain repair or replacement costs.

A home warranty is a service contract that may cover major kitchen appliances, electrical systems, plumbing, heating, air conditioning, and other covered items, depending on the specific plan.

Coverage varies, so it is important to review the terms carefully before choosing a warranty.

Closing is the final step in the real estate transaction. On closing day, ownership of the property is transferred from the seller to the buyer through a deed.

You can expect funds to be transferred from escrow, mortgage and title fees to be finalized, and closing costs to be paid. You may also review and sign important documents related to the loan, title, and property transfer.

At Bestrow Real Estate, we help our clients understand the steps involved so they feel prepared before finalizing such an important transaction.

Pre-approval is one of the strongest steps you can take before making an offer on a home. It gives you a clearer idea of your purchasing power before you have a purchase contract in place.

During the pre-approval process, you complete a mortgage application, the lender verifies the information you provide, and a credit check is performed. If approved, you receive a pre-approval letter showing the amount the lender may be willing to lend, usually valid for a limited period such as 90 days.

Getting pre-approved shows sellers that you are a serious buyer and may help strengthen your offer.

Looking for and renting an apartment can be exciting, but it also requires preparation. Before beginning your search, consider your credit or FICO score, monthly budget, desired location, and the upfront costs required to secure a unit.

Landlords may review your creditworthiness and may request rent, security deposit, and sometimes a broker fee before your lease begins. It is common for landlords to ask for a deposit before taking a unit off the market.

You should also consider monthly expenses such as utilities, building rules, and lease terms. Whether you are looking to buy or rent, Bestrow Real Estate is here to help you every step of the way.

Yes. Bestrow Real Estate has been serving clients for over 30 years. Whether you are renting, buying, selling, or exploring your options, our team can answer your questions and help you make an informed decision.