Posts tagged #phoenix real estate

7 Reasons to Get Pre-Qualified before House Hunting

Question: I want to start looking for a home, but several people suggested agents won't take me seriously without a pre-approval letter. I understand the pre-approval must be updated every 30 days, and a credit check hurts my credit score. How do I avoid being punished for planning ahead and beginning my search far in advance of the target move date?

Answer: A pre-approval from a mortgage lender has gained more importance in real estate transactions than ever before. There are many reasons that reward you, not punish you, for making the effort toward mortgage loan pre-approval.

It is a wise move to start your search early. You do not have to update your pre-approval status if your circumstances to not change, and the effects of a lender verifying your status while you shop for a mortgage will have little impact on your credit score.

A formal loan application for a loan on the property you ultimately chose, subject to financing, is the only other time you will have to circle back....

Eight Steps to Buying Your Home

1. Decide to buy
Although there are many good reasons for you to buy a home, wealth building ranks among the top of the list. We call home ownership the best accidental investment most people ever make. But, we believe when it is done right, home ownership becomes an intentional investment that lays the foundation for a life of financial security and personal choice. There are solid financial reasons to support your decision to buy a home, and, among these, equity buildup, value appreciation, and tax benefits stand out.

Base your decision to buy on facts, not fears.
If you are paying rent, you very likely can afford to buy
There is never a wrong time to buy the right home. All you need to do in the short run is find a good buy and make sure you have the financial ability to hold it for the long run
The lack of a substantial down payment doesn't prevent you from making your first home purchase
A less-than-perfect credit score won't necessarily stop you from buying a home
The best way to get closer to buying your ultimate dream home is to buy your first home now
Buying a home doesn't have to be complicated, there are many professionals who will help you along the way...