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Assembling Your Home Buying Team In Phoenix- Knowing The Players

June 7, 2017 by · Leave a Comment

Buying a new home is literally a team sport since there are so many tasks, important timelines, documents and responsibilities that all need special care and attention. Besides working with a professional team that you trust, it’s important that the individual players have the ability to effectively communicate and execute on important decisions together as […]

What’s My Debt-to-Income (DTI) Ratio?

June 7, 2017 by · Leave a Comment

Debt-to-Income (DTI) is one of the many new mortgage related terms many First-Time Home Buyers will get used to hearing. DTI is a component of the mortgage approval process that measures a borrower’s Gross Monthly Income compared to their credit payments and other monthly liabilities. Debt-to-Income Ratios are designed to give guidance on acceptable levels […]

The New Mantra in Phoenix: Documents, Documents and More…..

October 18, 2012 by · Leave a Comment

The perception today while purchasing or refinancing a home mortgage is that securing the mortgage approval and satisfying the guidelines required by the underwriters of these loans is the most difficult aspect of the process.  NOT true in this day and age. Your difficulties lie in meeting the rigorous documentation the underwriters are demanding these […]

Seven Things Your Phoenix Area Agent Should Know About Your Mortgage Approval

October 17, 2012 by · Leave a Comment

While most experienced Phoenix real estate agents have a general understanding of the mortgage approval process, there are a many important details that frequently get overlooked which may cause a purchase to be delayed or denied. New regulation, updated disclosures, appraisal guidelines, mortgage rate pricing premiums, credit score, secondary underwriting guidelines, rescission deadlines, the type of home […]

Do I Need To Sell My Home In Maricopa County Before I Can Qualify For A New Mortgage On Another Property In Phoenix?

September 24, 2012 by · Leave a Comment

We realize that your situation may be unique, you, as a home-buyer may qualify for a new mortgage on a new home while still living in your primary residence. The reasons for the move may vary, perhaps you have outgrown your current house, or you need to relocate rom the west side of Phoenix to the east side ? […]

Understanding the FHA Mortgage Insurance Premium (MIP)

October 30, 2010 by · Leave a Comment

* Disclaimer – all information in this article is accurate as of the date this article was written * The FHA Mortgage Insurance Premium is an important part of every FHA loan. There are actually two types of Mortgage Insurance Premiums associated with FHA loans: 1.  Up Front Mortgage Insurance Premium (UFMIP) – financed into […]

Making Sure Your Cash-To-Close Comes From The Proper Source

October 29, 2010 by · Leave a Comment

Providing proper asset documentation and the actual source of the funds is a critical element of the loan closing process. There’s nothing worse in a real estate purchase than making it all the way through the hoops and hurdles just to have a loan denied after the final documents have been signed due to the […]

Why Do I Need Mortgage Insurance?

March 28, 2010 by · Leave a Comment

Mortgage Insurance, sometimes referred to as Private Mortgage Insurance, is required by lenders on conventional home loans if the borrower is financing more than 80% Loan-To-Value. According to Wikipedia: Private Mortgage Insurance (PMI) is insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage […]

Ten Things You Can Do To Protect Your Identity

March 28, 2010 by · Leave a Comment

Facts About Identity Theft: It’s estimated that there were 10 million victims of identity theft in 2008, and 1 in every 10 U.S. consumers have reported having their identity stolen. The U.S. Department of Justice reported in 2005 that 1.6 million households experienced fraud not related to credit cards (i.e. their bank accounts or debit […]

Is There A Rule-of-Thumb Regarding The Number Of Credit Lines To Have Open?

March 28, 2010 by · Leave a Comment

While the actual credit score has a big impact on a loan approval, it’s not the only component of the credit scenario that underwriters consider for a mortgage approval. Since loan programs, individual lenders and mortgage insurance companies all have their own credit report restrictions, it’s difficult to define a standard Rule-of-Thumb to follow. However, […]

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