Phoenix First Time Home Buyer Mortgage Arizona Phoenix First Time Home Buyers Mortgages in Arizona First-Time Homes to AZ

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Phoenix First-Time Home Buyers

Phoenix First Time Home Buyer Mortgage Arizona Phoenix First Time Home Buyers Mortgages in Arizona First-Time Homes to AZ Congratulations on your decision to purchase your first home in Phoenix AZ. This is a very exciting time in your life! No more paying someone else's mortgage! However this can also be an overwhelming and frustrating experience. It is important that you understand what the Phoenix home buying process involves. MyOwnArizona will be happy to meet with you and explain the entire Phoenix AZ first time home buying process. Together we can determine what the best course of action will be to help you achieve your goal of Phoenix Arizona first time home ownership.

For you, as a Phoenix AZ first time home buyer, the MyOwnArizona real estate experience and services are at no cost! At the time of listing their home with an Arizona Realtor, Arizona sellers agree to pay a commission to both the Arizona listing agent and the Phoenix buyer's agent. It is extremely uncommon for a Arizona seller not to pay an Phoenix Arizona buyer's agent a commission.

The first and most important step in buying your first Phoenix AZ home is to talk with an Arizona mortgage lender and get pre-approved. It is very important for you to understand what price Arizona house equals what Arizona mortgage payment, and what you feel comfortable spending. Sometimes you can get pre-approved for a high price but the Phoenix mortgage payment might be higher than you want. You don't want to be Arizona house poor! This step is also important because there are so many different types of Arizona mortgage loans available and you need to know which Arizona mortgage loan program will work best for you in your circumstances. The Arizona lender will help you understand what your closing costs will be and how much money you will need for closing. This will be provided to you in the Phoenix Arizona Good Faith Estimate of Closing Costs and Funds needed to close.

Once you are pre-approved, the fun begins! We can search through the tens of thousands of metro area Phoenix homes for sale listed to find what best matches your "wants" and "needs". Arizona homes that meet your criteria can be easily emailed from MyOwnArizona to you with pictures, addresses and directions. At your convenience, we can set up appointments to show you the Phoenix houses you would like to see. Once you have found "The ONE", the contract and negotiating begins.

When writing the Phoenix Arizona first time home buying contract, there are some things that will need to be discussed: First, and most importantly the offer price. MyOwnArizona will prepare an Arizona market analysis for you to make sure that your new Arizona home has been competitively priced. We will help you decide what kind of offer to make. Other things you will need to discuss and decide are Phoenix mortgage loan type (remember to get pre-approved), seller-paid closing costs, closing date, Arizona home inspection, and any "special stipulations" that you would like in the Arizona first time home buying contract. For example, special stipulations can include things like asking for an Arizona home warranty, having the Arizona house or carpets cleaned, or what appliances are to remain with your Arizona home.

At the time of writing the Phoenix AZ first time home buying contract, you will be required to put down "Earnest Money". The earnest money will be deposited into a trust account once the contract is fully negotiated and accepted. It is kept there until closing, then it will be credited back to you as part of your funds needed to close. If the Arizona first time home buying contract does NOT close, the earnest money will be distributed in MOST circumstances to the Phoenix Arizona buyer. However, if you are in default of the Phoenix first time home buying contract, then you could risk the chance of losing your earnest money.

The first week after your Phoenix AZ first time home buying contract is accepted will be a little busy. You will need to contact your Arizona lender and now make formal Arizona loan application. The Phoenix lender will have a list of items you will need to get to him, such as tax returns and bank statements. The other thing that will happen in this week is the Arizona home inspection. MyOwnArizona strongly recommended that you get an Arizona home inspection. They usually cost between $250-300, but it is worth the minimal cost. The Arizona home inspector will give us a written report of the defects found in the Arizona home. The next step of the negotiating is asking for the Arizona seller to fix necessary items on the Arizona home inspection report. Once the inspection repairs have been negotiated and agreed upon, you are practically an Phoenix Arizona first time homeowner.

From now until closing, you can breathe a little easier. Your Phoenix AZ lender will be contacting you with additional things they need to process your Phoenix loan. Just when you think you've got it all to them, the underwriter will ask for something else. Arizona underwriters can seem different sometimes with the things they ask for. Keep in mind, though, it's all to help you get the best financing possible.

Before closing, you will need to talk with an Phoenix AZ insurance agent and get a 1-year Arizona homeowners (hazard) insurance policy. It is required for closing. Your Phoenix loan will not close without it. MyOwnArizona also recommend that you obtain Phoenix Arizona owners title insurance, even though it is optional. The closing attorney handles the Arizona title insurance.

Finally: The closing. You can expect to be at closing for approximately 1 hour depending on how busy the attorney's office is that day. MyOwnArizona will attend closing with you to help you understand your settlement statement and help answer any questions you may have. That's it. You're done. Phoenix AZ first time homeownership at last!

MyOwnArizona hope we have helped you understand the Phoenix first time home buying process a little better. We would welcome the opportunity to be your Realtor® and help you through this exciting time in your life. Please don´t hesitate to contact us at anytime: at info@MyOwnArizona.com and we will be more than happy to answer any specific questions you may have.

We hope this information has been of great value to you. MyOwnArizona™ has the goal in our practice is to provide valuable first time buyers services to all that we serve through education and prudent advice.

Arizona Agents, Arizona Lenders, Arizona Title, Arizona Escrow, and Arizona Inspectors are all important members in the Arizona real estate purchasing process. They must be the highest level of service and they must work together as one. Your phoenix MyOwnArizona realtor is the best coach in assembling the MyOwnArizona Team. The top Arizona realtors serving the Phoenix area in the industry. Let our MyOwnArizona business professionals be of assistance to you and your needs.

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Whether you are interested in buying Arizona real estate or selling Arizona property in the State of Arizona, work with someone like MyOwnArizona: professionals who want to earn your business. We are here to work along of you.