The Home Buyer’s Guide to Getting Mortgage Ready
Posted by Judy Orr on
Don’t wait until you’re ready to move to start preparing financially to buy a home in Scottsdale. If you’re like the vast majority of home buyers, you will choose to finance your purchase with a mortgage loan. By preparing in advance, you can avoid the common delays and roadblocks many buyers face when applying for a mortgage.
The requirements to secure a mortgage may seem overwhelming, especially if you’re a first-time buyer. But we’ve outlined three simple steps to get you started on your path to homeownership. Even if you’re a current homeowner, it’s a good idea to prepare in advance so you don’t encounter any surprises along the way.
Lending requirements have become more rigorous in recent years, and changes to your credit history, debt…
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Interest rates keep going up on a day to day basis. As I'm writing this, rates are above 4%. We haven't seen that figure in a while!
When I saw the heading of the article I found online I couldn't wait to click on it. I get so many buyers that have been pre-qualified by their personal bank. A few buyers received a financial benefit from using their banks, like a lower interest rate or closing cost help. But most do not. In fact, many buyers go to one of the big banks because they don't realize there are other financial options.
Are you a recent grad thinking about buying your first home? Tread carefully. Although the historically low rates for a home may give reason to salivate, you want to take a closer look. With the FED’s plans to slow down the “quantitative easing” (QE3) over the next year as announced last month, we may soon see long-term interest rates going up. It may seem like a good idea to jump on the low interest rates before they go up. However, if you have student loan debt, it is critical that you consolidate your loans now. With that said, here are some considerations to ponder before buying your first home.
wonderful time to buy a home. In fact, the government recently provided a tax credit to buyers (which is still available if you are a deployed service member). While the market is favorable and sellers are extremely motivated, many banks are tightening their lending requirements and loans can often seem hard to come by. Although USDA and VA loans may not be the first loans most potential home buyers normally consider when looking at home financing options, each can be a wonderful choice for a wide variety of lifestyles, budgets, and properties.
Home loans are presently at an all-time low. Currently, lenders are able to issue new purchase, refinance and FHA loans at rates that were previously unheard of. These rates are a result of the economic crash and housing market crash of 2008, and allow first-time homeowners, veterans and everybody else to purchase or refinance a home at prices and rates that have never before been seen.
Have we hit the bottom of low Scottsdale home price values? The optimists keep saying we should see an improvement at the end of 2011 and into 2012. They might be somewhat correct, let's face it, they're talking a year down the road.