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Buying a Home in Phx! Where Do I Begin?

Getting Started

The decision has been made, I am BUYING a new HOUSE!! and I don’t know what to do next.

First things first: Get organized and do your homework.

CAN I AFFORD THE HOUSE?

You will need to determine what’s affordable.  Remember, when you purchase a home, you will also incur some additional costs, “upfront costs”, such as the down payment and closing costs associated with the loan.  You will need to be prepared to pay these costs.  You can refer to  Mortgae 101: and our  Mortgage Calculator:  (see above) to help estimate what you can afford.

WHERE IN THE PHOENIX METRO AREA DO I WANT TO LIVE?

Know the area in the Valley that you want to live so that you can focus on on your specific needs such as schools, proximity to work, etc.

WHAT DO I WANT VS WHAT I NEED?

Make sure you have a definite ideas of what you are looking for in a new home and base your decisions on these.  there are many choices-from townhouses,and condominiums to single family or multiple-family homes.  You need to know exactly what each has to offer.  You probably will not be able to check off everything on your list, but knowing what your requirements are before you get started will make your life much easier down the road.

WHERE DO I START?

Before you do any serious home searching, you will need a Mortgage Broker that you can trust and a Real Estate Agent qualified to get the most affordable home available.  You will also want to get your finances in order such as pay stbs, W2s, bank statements, etc.  Call me and I will get the information you need to get started.

WHAT ABOUT A DOWN PAYMENT?

In today’s economy, the preferred down payment of 20% is just not feasible.  We offer FHA loans which require as little as a 3.5%  down payment.  But please note that this loan will be require to pay Mortgage Insurance each month until you reach 20% equity in the home.

WHAT ABOUT MY CREDIT?

You will definitely need to know what your credit report says.  This will determine how credit worthy you are and what you will need to do to qualify for the loan.  Often, you will find inaccuracies or mistakes.  These will need to be corrected.  You will need to meet the qualification set by the lender which is typical a minimum credit score of 620.

For more information, please do not hesitate to call me at 602.248.4200.

June 7, 2017 by · Leave a Comment

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About Patrick

My name is Pat and I have been a member of Signature Home Loans since 1993. I have experience in all facets of the mortgage industry including Manufactured Homes, Conventional, FHA Mortgages, VA Mortgages, Jumbo Loans, Investor Loans, Reverse Mortgages and Second Mortgage Loans.

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