FAQ
FAQ
Frequently Asked Questions
Am I Ready to Be a Homeowner?
If you’re a first-time home buyer, you’ve probably asked yourself, “am I ready to be a homeowner?” Don’t worry—homeownership is a big step and the DESTINY REALTY team is here to help.
Answer these 10 Questions and find it your self
10 Questions | By Leslieclay
Is Renting or Buying Better?
The decision of buying vs renting a home is not going to be the same for every individual. Whether you want to buy a house property or take it on rental, it totally depends on your financial situation. If buying accommodation suits my financial situation, it may not suit yours.
Buying a home is a great achievement. While it may sometimes seem challenging, the many benefits that come with owning your own home make it all worthwhile.
In the short term, renting may seem like the best option, but there are good reasons that owning your own home can create real value for you over time.
RENTING! OR BUYING! Call DESTINY REALTY now 
+91-8050847778
What Is the Lender's Formula?
Most lenders offer mortgage and home-equity applicants the lowest possible interest rate when the loan-to-value ratio is at or below 80%, This formula takes into account the loan amount, the tenure (loan period) and the interest rate charged
What Do I Look for in Homes?
House Size, Number of bedrooms, Kitchen size, Number of bathrooms and its sizes, Vastu very importantly, Ventilation for crossbreez, Natural light within the house, Basement, Attic, Portico, Balcony, and you should feel calm once you enter the house.
Do I Need a Home Warranty?
A home warranty is not the same thing as homeowners insurance, which covers major perils such as fires, hail, property crimes, and certain types of water damage that could affect the entire structure or the homeowner’s personal possessions.
A home warranty is a contract between a homeowner and a home warranty company that provides for discounted repair and replacement service on a home’s major components, such as the furnace, HVAC, plumbing, and electrical systems. A home warranty may also cover major appliances, such as washers and dryers, refrigerators, and swimming pools.
What Should I Expect at Closing?
At least three business days before closing, your lender must send you a Closing Disclosure. This form lists all final terms of your loan such as closing costs and the details of who pays and receives money at closing.
Review each cost carefully ahead of time and compare it to your original Loan Estimate. This is the form you received soon after you applied that told you the estimated interest rate, monthly payment and total closing costs for your loan. If anything has changed, ask your lender why.
Double-check your monthly mortgage amount to be sure everything was calculated correctly—and that you really can afford it. Your mortgage payment shouldn’t exceed 25% of your monthly take-home pay.
To make sure everything runs smoothly, you’ll need to bring a few things to your closing appointment. Luckily, your title company representative and mortgage loan officer usually provide a checklist of everything you’ll need. This list includes:
- Photo ID
- Outstanding documents or paperwork for the title company or mortgage loan officer
- Certified or cashier’s check made payable to the title or closing company for closing costs that aren’t being deducted from the sales price
Depending on where you live, those at your closing appointment might include you (the buyer), the seller, the escrow/closing agent, the attorney (who might also be the closing agent), a title company representative, the mortgage lender, and the real estate agents. But if the seller pre-signed the deed and transfer documents, they probably won’t need to be there.
Once you’ve knocked out these steps, you’ll be able to move into your new home! Now, we know it’s not as easy as it sounds. If you find yourself wishing you had more clarity around the process or a guide to walk you through it, don’t hesitate to reach out to DESTINY REALTY as we bring more CLARITY and ASSURANCE for your deal to complete smoothly.
What Is Pre-approval?
a pre-approval is given to the prospective home buyers even before they Finalize on any property. Pre-approved home loans are given to the potential buyers based on their income, creditworthiness and financial position. with a ballpark figure of loan amount they are elegible for.
Am I Ready to Rent?
Under ideal conditions, no more than 25% of total income should be used to pay monthly rent or Equated Monthly Instalments (EMIs). As a result, when you begin looking for a property, you must set a financial limit while allowing for some flexibility. You must calculate your budget by weighing all of your needs, such as location, property type and size, parking, interiorsand furnishings, and so on.
Landlords in Bangalore typically need a 10- to 25-month advance deposit when renting a house. They might take maintenance fees from the deposit when they return it. That is something you should factor into your original budget or start planning for well ahead of time.
Can I Ask You for Advice?
You can call us or come down to our office in working hours we will be happy to advise you and help you find a better place to live or work
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DESTINY REALTY