Financing Your Home Purchase
Before you actually start looking at homes, the first step is always to talk to a mortgage professional and get pre-approved.
(NOTE: Getting pre-qualified is not an optional step. All offers to purchase a home in Arizona must be accompanied by a AAR PRE-QUALIFICATION FORM completed by your mortgage
lender.)
Reasons NOT to use an out-of-state or online Lender;
1. As mentioned above, an AAR PRE-QUALIFICATION FORM is required to completed by your mortgage lender. Out-of-state or online lenders are not familiar with this required form. They will try to provide a pre-qualification letter on their form. This is not adequate in Arizona.
2. Another form that is required in Arizona is the Loan Status Update (LSU) form. The lender should provide an updated version of this LSU form to the parties once a week during the transaction showing the progress of your financing. Out-of-state or online lenders are also not familiar with this required form. Failure to provide this required form could result in your breach of Contract.
ALWAYS work with a good, local loan officer.
Here is my list of
Preferred Lenders in the local area:
Heather Sorensen-Humphreys Licensed Mortgage Professional
Homeowners Financial Group / NMLS # 215869
cell phone: (480) 650-6441
email:
heather@homeownersfg.com
website:
www.homeownersfg.com/heatherhumphreys
Scott Kobashi Senior Mortgage Banker
Barrett Financial / NMLS # 213610
cell phone: (602) 430-4262
email:
SKobashi@barrettfinancial.com
website:
www.BarrettFinancial.com
Torger Erickson Area Sales Manager
Bay Equity Home Loans / NMLS # 167957
cell phone: (480) 766-1201
email:
terickson@bayeq.com
website:
www.BayEquityHomeLoans.com
Jared Paul Area Sales Manager
CrossCountry Mortgage, LLC / NMLS #974114
cell phone: (714) 474-4505
email:
Jared.Paul@ccm.com
website:
crosscountrymortgage.com/jared-paul/
U.S. Marine Corps Veteran
Specialist in VA (Veterans) financing
Scott Harward Mortgage Broker/Banker, Arizona Manager
United American Mortgage Corp. / NMLS # 188539
cell phone: (480) 223-2265
email:
sharward@uamco.com
website:
www.HarwardMortgageTeam.com
Conv, FHA, VA plus Reverse Mortgages and Down Payment Assistance financing.
Also licensed in several other states. Contact Scott for details.
Simply contact any of these preferred mortgage professionals and tell
them you want to start looking at homes and you need to get
pre-qualified. (Mention you are working with Ward Stone.) They will ask you a few questions, then walk you through
the financing process and answer any questions you have.
PRE-QUALIFICATION TIP -
Your Pre-Qualification from the Loan Officer should NOT be on a specific property. This is a common mistake. The Pre-Qualification should always be on the maximum loan amount YOU can qualify for.
For example, if you are looking to buy a home and finance $400,000, but you can qualify for a loan up to $500,000. Your Pre-Qualification should be for the $500,000 amount, NOT the $400,000. Why? Because in that scenario, if your Pre-Qual shows $400,000 it will look to the Seller that you can JUST BARELY afford to buy the home. However, if you are financing $400,000 but can qualify for up to $500,000 you will look like a MUCH stronger buyer and that will give us more leverage in negotiating. (This is especially true if there is more than one offer on the home.)
So when talking to the Loan Officer, don't get caught up in talking about a specific home. YOU are getting pre-qualified, NOT a house.
Do you need to have a 20% down payment to buy a home? The answer is NO. However, if you are able, there are several benefits to at least a 20% down payment. Contact any of the mortgage professionals above for more details.
Reverse Mortgages
For more information on reverse mortgages (age 62+), contact;
Scott Harward Mortgage Broker/Banker, Arizona Manager
United American Mortgage Corp. / NMLS # 188539
cell phone: (480) 223-2265
email:
sharward@uamco.com
website:
www.HarwardMortgageTeam.com
Jared Paul Area Sales Manager
CrossCountry Mortgage, LLC / NMLS #974114
cell phone: (714) 474-4505
email:
Jared.Paul@ccm.com
website:
crosscountrymortgage.com/jared-paul/
U.S. Marine Corps Veteran
Scott Kobashi Senior Mortgage Banker
Barrett Financial / NMLS # 213610
cell phone: (602) 430-4262
email: SKobashi@barrettfinancial.com
website: www.BarrettFinancial.com
This communication is provided to you for informational purposes only and should not be relied upon by you. RE/MAX is not a mortgage lender and so you should contact the Mortgage Professional shown directly to learn more about its mortgage products and your eligibility for such products.