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Questions for your lender

Critical questions for the lender

Once you’ve uploaded and sent all the documents that your lender has asked for, it’s your turn to ask the questions.  How do you know the lender or loan officer has chosen the best loan program for you? Have they shared the closing costs that you’ll need in addition to the down payment?   You need to make sure the lender explains some key issues when it comes to getting prequalified.  Continue reading to learn more about the important topics you need to be discussing with  your lender.

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Tips when buying a new build home

Things to know when buying a new home

Tips to buying a new homeA brand new home can be so appealing in many ways.  You can choose your flooring, cabinets, type of counter tops and numerous upgrades.   Not to mention all the appliances are and mechanical systems are new.  So what if anything could go wrong with purchasing a new build home?  Well, let’s consider 9 tips to help you when buying a new build home from a builder to make it a smooth experience.

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What are seller concessions?

Can Sellers Contribute Toward Buyer Closing Costs?

Does the Arizona Association of Realtors contract allow for sellers to contribute toward buyer closings costs?  What about assisting with the down payment?  These are questions that come up in the course of a transaction. And in what type are market are they more common?  Keep reading to understand what seller concessions are.

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Prequalification and Your Credit Score

Can your credit score affect your prequalification?

Getting prequalified before looking for a home and especially prior  to submitting an offer is mandatory. What can be done to prepare a prospective buyer before getting prequalified?  The answer is to become credit worthy. How does your credit score influence your prequalification?   Understanding how credit bureaus measure your credit worthiness is a good place to start. Continue reading “Prequalification and Your Credit Score”

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Removing MIP on a FHA loan

Eliminating MIP on a FHA Loan

When you review your mortgage statement every month you are reminded of something called mortgage insurance.  For a FHA loan it is called MIP, Mortgage Insurance Premium.  Removing MIP on a FHA loan is a different animal than removing it from a conventional loan.  Market appreciation does not enter into the equation at all.  To see what option are available, continue reading.

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What to do after closing – a short list

After close receiving the keysYou’ve closed, now what?

It all started with searching the internet for that dream house, then getting prequalified and uploading bank accounts, tax returns and more. This was followed by viewing properties day after day, then submitting an offer,  probably multiple offers to get the house you want.  Not that you endured that process, you finally got the keys and it’s time to schedule the long awaited move-in.  If you’re wondering if that’s the end of the road read on.  There are a few more things to do after closing.

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Appraisal Contingency Waiver-Good idea or not?

Waiving The Appraisal to Compete with Cash Offers

In this seller favored market, buyers requiring a loan are looking for ways to compete with cash offers which have two distinct advantages. One is there is no unfulfilled loan contingency and the second is there is nno appraisal contingency.  In an attempt to  remove concerns over the appraisal coming in under the purchase price, buyers are using an appraisal contingency waiver.  This means the buyer will make up any shortfall between the purchase price and the appraisal value which has some significant risks. To learn more, keep reading.

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Pre Possession Occupancy-Arizona

Pre Possession Agreement – Early Move-in

A written agreement to move into a house prior to the close of escrow can be know as a pre possession agreement, pre-closing occupancy or early move in agreement. Regardless of the name, this addendum allows the buyer to move in prior to the buyer owning the home.  This adds additional risk for the seller.  Agents have a responsibility to advise their clients to seek professional counsel prior to entering into a pre possession / pre closing occupancy agreement.  

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