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Ready To Buy?
No delays. No Nonsense. We make getting a loan easy. Isn't it great how you can go to a car dealership, test drive a few vehicles and pick out the one you want, and drive it home that same day? Well, we know you can't do that with a new home.
How can you increase your odds of having a great experience and finding the best home? Simply by doing exactly what you are doing right now. Invest time educating yourself, working with the advice of the best professionals available.
Your OwnArizona™ Loan Officer and OwnArizona™ Real Estate Agent, will do their best to keep you informed and educate you about the home buying process. Your OwnArizona™ Loan Officer will let you know ahead of time what expenses you can expect to encounter and will do their best to solve problems before they start. This way you will feel more comfortable, more in control and you will play a more active role in the outcome of your transaction.
How Much Can I Qualify For?
When looking to buy a new home, the first question people ask is "how much home can we buy?" Generally speaking, you can usually qualify for a loan of two to two-and-a-half times your household's annual income.
Of course many other factors are used to determine the size of the loan you are eligible for. Your OwnArizona™ Loan Officer generally prefers that your housing expenses (mortgage, taxes, insurance and special assessments) do not exceed 25% of your gross monthly income.
There are many different types of loans available. Which one you select can also effect how much you qualify for. Your Loan Officer will verify your credit and employment history before an exact amount can be determined.
What is Best Way to Buy?
First, "get Pre-Approved, not just Pre-Qualified": When making an offer on a home you want to have the upper hand in negotiating. Keep in mind that price is not the only issue on the bargaining table. Other concerns, such as the reliability of the buyer to obtain financing or how much time before the buyer is ready to close, are very important to sellers. For this reason, it is important that you get "pre-approved", which is a step further than getting "pre-qualified."
The Pre-Qualification process is simply giving your best estimate of your financial situation to an OwnArizona™ Loan Officer and having them make an assessment of how much you could be approved for based on that information.
The OwnArizona™ Pre-Approval process on the other hand, occurs when your OwnArizona™ Loan Officer actually verifies the information you give them when you get Pre-Qualified. By doing this, unforeseen problems, such as collections or insufficient funds for down payment, can be resolved appropriately before you make an offer on a home. At the end of this process you are actually approved for the loan.
Your OwnArizona™ Loan Officer will give you or your OwnArizona™ Sales Agent a Pre-Approval certificate or letter to present to the sellers. This is key to negotiating for the lowest purchase price and smoothest closing for everyone.
Secondly, "Sell First, Then Buy": If you currently own a home and are looking to buy a new one, it is strongly recommended that you sell before you buy. If you were to find a home that you absolutely had to have, you would ideally want the seller to reduce the price, combined with waiting to close escrow until after you have sold your home. This makes sellers very wary and they may counter your offer demanding the full price because of the contingency that you have to sell your home. Following that, you may rush to sell your home as quickly as possible, even selling it for less than you could if you weren't in such a hurry. After selling your home and buying the other you may have lost many thousands of dollars.
For these reasons, Sell before you Buy. This does not mean you can't start looking for properties, nor does it mean you can't list your current real estate with a OwnArizona™ Sales Agent before you have found your dream home. One trick is to make the sale of your home "subject to seller finding suitable housing." When you do find a buyer for your home, you will have time to find a new one. If you don't, then you don't have to sell your current home.
Thirdly, "Don't Feel Forced To Settle": Make a list of things you want your new home to have, and things you don't want. This will help you clarify exactly what you are looking for, as well as save you time. When using an OwnArizona™ Real Estate Agent, be sure that you are seeing all of the homes available that meet the requirements you have set by going over the Multiple Listing printout with them.
Fourthly, "Plan For The Unexpected": When calculating how much money to save towards buying a home, always overestimate by about a couple thousand dollars. There are many unexpected things that could come up between the time when the seller accepts your offer and when you close on the home. For example, inspections might point out items that need repairing, but the seller may refuse to fix them, or the cost is greater than the amount agreed upon in the contract. Perhaps interest rates change, affecting your required down payment amount and the closing costs you are responsible for.
Your OwnArizona™ Real Estate Agent and OwnArizona™ Loan Officer will do their best to avoid and prepare you for such situations to save you some heartache, but by planning to set aside some extra money ahead of time you will be less likely to be shocked or upset by any previously unforeseen changes.
Lastly, "Trust Your OwnArizona™ Representation": There is a lot involved in purchasing real estate, and at times you may feel a little "lost" in the process. Remember that your OwnArizona™ Loan Officer and your OwnArizona™ Real Estate Agent, represent you and that they will do their best to make sure things go smoothly and that you are fully satisfied. Be sure to ask questions if you are unclear about any aspect of the transaction.
OwnArizona™ Loan Application
Our friendly OwnArizona™ Mortgage Application consists of a few brief topics to assist us in advising you about the best loan program options to suit your unique needs. All fields/sections are optional, at your discretion. Simply skip any areas you do not have answers for. Any information skipped can be completed by us when we contact you by phone. Be sure to click "SEND" button to expedite response time.
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The OwnArizona™ Lenders Group
We will always treat you like an individual. Each borrower's scenario is unique. Closing costs, rates and payments are not always dictated by the borrower and their credit. Today borrowers can choose the payment, closing costs and rate that best matches their objectives.
Go ahead, Call or Text us right now at: 520-822-6575.
Or, contact us by email for Tucson & Southern Arizona real estate results, not hype.
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