Timing the market for the best possible opportunity to lock a mortgage rate on a new loan is certainly a challenge, even for the professionals. While there are several generic interest rate trend indicators online, the difference between what's advertised and actually attainable can be influenced at any given moment by at least 50 different variables in the market, and with each individual loan … [Read more...]
Arizona Home Inspections: What You Want To Know
Congratulations on finding a house! You now have only a few days from when you signed the purchase and sales agreement to have a home inspection. Chances are your real estate agent made the offer contingent upon a satisfactorily home inspection and obtaining mortgage financing. What Is A Home Inspection? According to Wikipedia, a home inspection “is a limited, non-invasive examination … [Read more...]
The Players Helping You Buy Your Home
When you buy a home, there is a team of players on your side helping you through the transaction -- it is 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 … [Read more...]
HOAs In Arizona Things To Be Aware Of When Buying A House
In Arizona, HOAs are popular and a Home Owner Association (HOA) can have a huge impact on your life when you buy a home in a PUD (Planned Unit Development) or Condominium Project. According to Wikipedia: A homeowners' association (abbrev. HOA) is an organization created by a real estate developer for the purpose of developing, managing and selling a development of homes. It allows the … [Read more...]
How To Value A Property That Is Not Yet Built
It's obviously easier to picture the process of estimating value on an existing property in a neighborhood that has a history of home sales, but the task of determining the value on new construction projects does pose some challenges. Appraisals on homes that haven't been built yet generally require the contractor and home buyer to supply more documentation in order to get a more accurate … [Read more...]
Understanding Mortgage Lingo at Closing
Sometimes when you hear mortgage pros talk, you might ask yourself "What the heck are they talking about?" Many borrowers go through the closing process in a haze, nodding, smiling, and signing through a bunch of noise that sounds like Greek. Even though you may have put your trust in your real estate and mortgage team, it helps to understand some of the terminology so that you can pay … [Read more...]
Five Myths About Home Values in Arizona
During periods of economic growth, when home values are typically just going up, most homeowners do not question appraisals much. And in times of turmoil when property values are declining, home sellers and even listing agents quite often question and pick apart appraisals. However, the actual appraisal process changed very little over the course of the housing boom and bust cycle American … [Read more...]
Making Sure Your Cash-To-Close Comes From The Proper Source
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 borrower using the wrong checking account for the down payment. Seasoning of the down … [Read more...]
Understanding the Difference Between an Appraisal vs Neighborhood Listing Prices
Why is there such a difference between what my appraised value is and the price similar homes are selling for on my street? It’s a great question, and you don’t have to be a mortgage professional or a real estate agent to understand the answer. The distinction lies in the purpose of the two valuations and who is responsible for creating them. Appraisals: The purpose of an appraisal is to … [Read more...]