Arizona Home-Buying Tips – DOs and DON’Ts
When buying a home, you want to make all of the right moves and to avoid some costly mistakes.
Several steps in the wrong direction could change your loan approval status, your existing terms or the mortgage interest rate that you were quoted.
Arizona home-buying tips provide a variety of items that you can work on and some actions that you should avoid.
About Home-Buying Tips
Home-buying tips are merely suggestions that you can refer to during your home-buying journey.
If you’re a first-time home buyer, the excitement may become overwhelming and cause you to make some impulsive decisions, such as to accept a higher paying job or to buy new furniture for your home.
As a prior home buyer, you may have had such a smooth closing experience, that you use some of your reserve funds for other purposes or close one of your credit card accounts to reduce your expenses.
Whether, you’re a first-time home buyer or an existing homeowner, these home-buying tips are recommended for a successful borrowing experience.
DOs When Buying a Home
Get pre-qualified to buy a home.
Knowing how much you can afford to buy could eliminate shopping for homes in the $1,000,000 price range, where you’d need to qualify for a jumbo mortgage loan.
If a mortgage loan officer reviews some of your financial information, you can get details about your ideal price range for a home.
Get pre-approved for a mortgage loan.
Don’t stop at the pre-qualification stage, as it primarily serves as a guide for a home that you can afford.
Promptly provide copies of your financial documents that your loan officer needs, such as pay stubs, bank statements, W-2’s, tax returns and other items.
A mortgage pre-approval provides more confidence for real estate agents and home sellers about your ability to obtain a home loan.
It’s widely understood that a pre-approval indicates that your financials and your qualifications have cleared verifications via an underwriting team.
Maintain your current credit status
Avoid trying to improve your credit before the closing of escrow.
Attempts to close your aged credit accounts to a get better mortgage rate could have a detrimental impact on your credit score.
Opening new types of credit could also negatively impact your credit score.
Speak with a no-fee mortgage broker
A mortgage broker who doesn’t charge borrower fees could substantially reduce the amount of money that you need at settlement.
Inquire with ASJ Mortgage Solutions about Smart Options for home buyers in Arizona.
Don’ts When Buying a Home
Don’t make changes to your current earnings.
For instance, if overtime hours were used to qualify you to buy a home, don’t reduce your hours after you’ve been pre-approved.
Changing jobs isn’t recommended either, before you have the keys to your new home.
Don’t apply to finance a new car or other items.
While you might want to move into your new home with a new car versus a clunker or an older vehicle, it’s unwise to generate credit inquiries for anything.
The foresight to get new furniture on your moving date versus later on might seem like a great idea, but if you are pursuing financing or using your financial reserves, it could impact your loan approval.
Don’t avoid your loan officer.
During the home-buying process, time is of the essence.
Your prompt follow up can avoid unnecessary delays.
Don’t save questions that you have until settlement.
Working with an experience mortgage broker in Arizona will enable you to get answers to any concerns that you have.
Based in Peoria, Arizona, ASJ Mortgage Solutions offers Smart Options and impeccable lending support for home buyers near Glendale, Phoenix, Scottsdale, Mesa, Chandler and other areas throughout the stateQuestions? Contact ASJ Mortgage Solutions Today!