American personal finance guru Suze Orman has helped millions of women around the world take charge of their financial health and thrive‭. ‬And now‭, ‬for the‭ ‬ first time‭, ‬The‭ ‬New York Times‭ ‬bestselling author is turning her gaze towards the Middle East‭, ‬as she advises‭ ‬ Khaleej Times '‭ ‬readers exclusively‭ ‬ on how to manage their money in the smartest way possible‭. ‬From tackling debts to making sound investments to saving for retirement‭, ‬Orman will address your pressing financial queries‭. ‬

Q: Should I wait for UAE mortgage rates to fall?

- Susan Nair

Let's start with this truth‭: ‬You don't buy a home based on what interest rates might do‭. ‬You buy based on what you can afford today‭.‬

If you can comfortably afford the mortgage payment‭ ‬-‭ ‬including insurance‭, ‬property taxes‭, ‬maintenance reserves‭, ‬and still have at least an eight-month emergency fund after your down payment‭ ‬-‭ ‬then you're in control no matter what happens with rates‭. ‬

Yes‭, ‬the US Federal Reserve may continue to cut rates‭, ‬and because the UAE dirham is pegged to the US dollar‭, ‬the Central Bank of the UAE often follows the Fed's lead‭. ‬But rate changes don't move in perfect sync and it can take months before Dubai's mortgage lenders adjust‭. ‬Meanwhile‭, ‬property prices in prime areas may rise‭, ‬wiping out any benefit from a lower rate‭.‬

But let's be honest‭ ‬-‭ ‬there's more to buying a home than interest rates‭. ‬You must make sure the home itself is financially and structurally sound‭. ‬Don't rush into a deal just because you can‭ ‬“get approved”‭. ‬Ask‭: ‬Is this home truly worth the price‭? ‬Or is someone unloading their unseen problems on me‭? ‬Is your source of income secure‭?‬‭ ‬Never buy a property based on optimism‭. ‬Buy it based on stability‭.‬

Here's what I want you to do‭:‬