Even though interest rates are still trending changes, the power of a “pre-approval” is the key to purchasing a home this year ✨
Getting pre-approved is like having the ultimate power move in your house-hunting game plan. Thanks to the expected improvements of mortgage rates, more Sellers & Buyers are back in the mix. 🌞
Arizona #realestatemarkettrends are showing initial trends to a balanced market with an average of 67days on market & about 79days of inventory —
As a buyer with a pre-approval, you can strut in with a killer offer that steals the spotlight. 🏡✨
If you’re on the journey to buying a home, and need a lender — say no more! I can help connect you with a lender to take a peek at your finances. They check out stuff like your job forms (W-2), tax papers, credit score, bank statements, and more. 🎉 Once they’ve got the lowdown, they’ll hand you a pre-approval letter. With pre-approval, you’re armed and ready to face the competition!
2024 TOP ARIZONA CITIES PEOPLE ARE MOVING TO //
📬ARE YOU C ON SI DER ING A #MOVETOARIZONA ? Whether you’re planning an in-state relocation or a move from out of state, Arizona’s real estate market offers a variety of options👀✨
U-Haul moving company, recently revealed that Arizona cities #Surprise and #QueenCreek have secured positions in the ✨✨top 25 fastest-growing cities in the United States for 2023, according to the U-Haul Growth Index ✨✨
📯💪🏽🏡🏁😎💎☎️🏡🏡🤑📬💨
>> The U-Haul Growth Index, which evaluates over 🚛🚚2.5 million trucks and trailers facilitating relocations across the nation in 2023, positioned
{{ Arizona as #8️⃣ overall state }}
for U-Haul that year ‼️🌵🏜️🌲🌻
•Queen Creek’s remarkable population doubling in just eight years played a significant role in its inclusion in the U-Haul index // ☪️ Both Queen Creek and Surprise show the rapid growth is attributed in part to the favorable real estate conditions in Queen Creek, where property taxes are low, and you can purchase a three-bedroom home at half the cost compared to Phoenix.
HAVE YOU VISITED ARIZONA?
💖💖Ever thought of chasing your dreams and moving to Arizona?
Future of Real Estate // 4th Quarter of 2020
Since the pandemic broke out, people are making moves! People want space -more social distancing type of living environments. Men and Women are working from home more than ever! The housing market continues to STAY STRONG while America is figuring out ways to live within the continued COVID19 pandemic.
With elections coming up this fall, some Buyers and Sellers are treading lightly and waiting to see how things pan out. Most people don’t acknowledge or put together the timing of election and it being in 4th quarter. Those who know -they get it.
Fourth quarter seasonally declines every year. With sales then resuming in January - May of quarter 1. Also just in time for the PRESIDENTIAL INAUGURATION in 2021.
If you are one of those people who are waiting for a sign to #INVESTINREALESATE // look no further! There will always be time to respond to a CHANGE IN THE MARKET — and things will shift, thats how real estate goes! But for now, its #lowinterest rates, high BUYER DEMAND && not enough SUPPLY to meet that request.
*FRIENDLY REMINDER // The United States housing bubble was a real estate bubble affecting over half of the U.S. states. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and reached new lows in 2012. On December 30, 2008, the Case–Shiller home price index reported its largest price drop in its history.
FIRST STEPS TOWARDS HOME OWNERSHIP
BLESSED ARE THE CURIOUS FOR THEY SHALL HAVE ADVENTURES -lovelle drachman
Everyone has dreams and aspirations, but most of us don’t have the first idea about how to make them come true. // ARE YOU WORKING ON HOMEOWNERSHIP GOALS?
DOES YOUR HOME GIVE YOU THE ENERGY YOU NEED?
Happy Monday!! I spent most of our weekend staying busy with decluttering, moving furniture around and pulling off the baseboards //
now I am working on finding the perfect paint colors to bring some NEW E N E R G Y to my walls and #homeenvironment. Serious! With the quarantine life still lingering, I need a little change to my environment.
I am a firm believer that a CHANGE IN THE HOME, BRINGS A CHANGE IN ENERGY //
that can be as simple as a new rug, new paint colors, maybe some new bathroom towels. Or it can be a bigger change like a new house. Maybe you are tired of living in an apartment and you are ready for a house? Or you live in the city and you are ready to move onto an irrigated lot and start a farm! Whatever change you are craving; Explore it, make a plan and execute. Changing up the energy can change the way you feel. Most people say they want to feel good, healthy and live with a postive mindset.
Ask yourself …
DOES YOUR HOME GIVE YOU THE ENERGY YOU NEED?
CHANDLER HOMES FOR SALE UNDER $400K GILBERT HOMES FOR SALE UNDER $400K
Arizona's Most Expensive Home SOLD
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Mortgage PreApproval Questions
How Does A Mortgage Work?
A mortgage is a loan for your house. You would use a mortgage to purchase a home. You can also refinance the home in order to gain more favorable terms for your situation, or convert existing home value into cash.
When you get a mortgage, there are two pieces of documentation to sign. The first is a promissory note which goes over the repayment process and specifies your monthly payment and the length of the term. It’s your promise to pay back the loan.
You also sign the mortgage itself which contains these financial details, but also includes the recourse a lender has if you don’t make your payment, laying out specific procedures and penalties. Typically, a lender will have the ability to take the house back if you default on your payments. Once your home is paid off, the lien on your house that allows them to do this is removed.
What Types Of Loans Are There?
Mortgage loans also come in many different flavors. One of the biggest points to know is whether the rate is fixed or adjustable so that it will change over time. Loans also come in a variety of term lengths. The longer the term, the cheaper your monthly payment. The trade-off? You’ll pay more interest than you would on a shorter-term loan.
Another consideration is the investor in your mortgage loan. Conventional loans require a slightly higher credit score than FHA loans, but with a high enough down payment, you can avoid mortgage insurance altogether. Meanwhile, FHA loans will allow you to qualify with a slightly lower credit score than many other options.
Two special programs are USDA and VA loans, both feature the option to get a home loan with no down payment. USDA loans are targeted to encourage development in rural areas or on the outskirts of suburbia. Meanwhile, the VA loans are a benefit for qualifying active-duty servicemembers, reservists, veterans and surviving spouses of those who have been killed in action or passed as a result of a service-connected disability. For those that qualify, the VA loan also offers some of the best interest rates available under any loan option.
How Much Money to Save For A Down Payment?
There are two different pieces to this. There’s what you’re required to save and then the best down payment for you given your situation.
If you happen to qualify for a USDA or VA loan, no down payment is required. If you’re getting an FHA loan, the minimum down payment is 3.5%.
If you qualify for a conventional loan through either Fannie Mae or Freddie Mac, down payments start at 3% and in no event would you have to put down more than 5% of the purchase price on a primary residence.
However, there are plenty of reasons to make a higher down payment if you can afford it. On a conventional loan, if you put 20% down, you can avoid having to pay for private mortgage insurance (PMI). Otherwise, you can ask that it be canceled once you reach 20% equity.
On an FHA loan, you’ll pay mortgage insurance premiums (MIP) for the life of the loan if you make a down payment of less than 10%. Otherwise, it comes off after 11 years.
Your interest rate is determined in part by a combination of your median FICO® score and the size of your down payment, so holding all other factors equal, a higher down payment should mean a lower rate.
Given this, the real answer to this question is that you should put down as much as you can comfortably afford without compromising other financial goals. Just keep in mind you’ll probably have to furnish the house, as well.