Thinking back to the days before being in the mortgage industry, I remember feeling like I didn't have a clue how to get a mortgage when I bought my home in Glendale, AZ. This was before it was easy to jump online, go to Google, type in Home Mortgage Phoenix and start reading the endless amount of information about financing a home in Glendale, AZ. I decided to write down a few basic tips that may make it easier for a first-time homebuyer to get through the process when purchasing a home in Glendale, AZ.
- Go to www.annualcreditreport.com and view your credit report to see if there are any items listed that do not belong on your report. You may be surprised to find that there are items that may not be yours especially if you have a common name, i.e. John/Jane Smith. You can do this prior to applying for a home loan and it won't affect your credit score.
- Prepare your financial documentation for your lender prior to meeting with them. Your lender is going to require you to provide W-2's for the last two years, paystubs, bank statements etc. You need to make sure that when you get pre-qualified you have all this documentation and provide it upfront. For a complete list click here.
- Be proactive! Call your lender once a week and ask them how things are going or if they need any documents. Most lenders will call you when they determine they need additional documents but its better to be proactive so you don't miss your closing date due to a delay with your paperwork.
- Plan on ordering your appraisal as soon as possible. With all the recent changes in the lending industry with the HVCC and MDIA, it's a good idea to order your appraisal once your purchase contact is ratified. Home values in the Phoenix metro area seem to be increasing, so you may have a problem with the value of the home if there aren't enough sales that support the purchase price. If the appraisal comes in low you will have to renegotiate the sales price or pay the difference.
- Last but not least, set up your hazard insurance policy with your insurance agent at the beginning of the transaction. This will allow your agent to check the history of claims on the property, also known as a C.L.U.E. report. Your agent can then tell you how much your policy will cost on an annual basis. The agents name and contact information should be provided to your mortgage consultant once you determine who will represent you.
For additional questions on how to finance a home in Glendale, AZ contact David Krushinsky at 602-695-7575 or david.krushinsky@wjbradley.com.
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Getting that insurance handled early is very important. How many times has the client waited until the last minute to get this handled only to find out that the policy had to be underwritten.