arizona: How can I help make your Arizona mortgage process easier?
- 06/29/11 11:40 AM
How can I help make your Arizona mortgage process easier? 1. First and foremost, buying a home is in the top 5 most stressful things one will do in their lifetime. I certainly do not expect you to understand what, when, why and how. ASK! Call. E-mail or to make it a bit easier there is also a wealth of information online. 2. You can apply for your mortgage online at https://secure.web-loans.com/security-logon.aspx?timeout=1 - this is a SECURE webpage allowing you to enter your e-mail address, save your data and come back to it at a later time. 3. How much is it costing … (0 comments)
arizona: AZ Mortgage Buyer Checklist as provided by the Arizona Department of Real Estate
- 06/14/11 10:03 AM
In researching some information through the Arizona Department of Real Estate, I found a handy Buyer Checklist! You can find it here: http://www.re.state.az.us/PublicInfo/PropertyBuyerChecklist.aspx This checklist has infomation on: New homes in a Subdivision.......specifically to reading the contract completely (builder contracts can vary greatly from the typical purchase contract), how to get the public report, and notes on what to do BEFORE you sign the contract. Previously Owned Homes........specifically to the realtor's representation, getting a home inspection, termite inspection and what to do BEFORE you write an offer. Undeveloped Land........ specifically to advise regarding asking for the " Arizona Department of Real Estate Disclosure Report "(Public Report), reviewing the Arizona Department of Water Resource, … (0 comments)
arizona: Greer Wallow Fire victims may want to consider flood insurance now?
- 06/10/11 04:21 AM
First, my thoughts and prayers go out to all the individuals impacted by the devestating Wallow fire in Greer, Arizona. Interesting turn on this fire. Due to the massive amounts of vegetation that has been lost, homeowners should consider flood insurance. Why? The vegetation was what handled the level of water that the area sees during the winter months. With that vegetation gone this winter, the remaining homes have a greater risk of flooding. Although FEMA may not designate the area as an official flood zone, flood insurance should be something to consider. Homeowners should contact their current home owners insurance agent to … (0 comments)
I went to a continued education class last week that I learned a great tip on labeling your pictures in MLS something other than "living room" "dining room" etc. First, I know! It's a miracle that I learned something. The CE classes typically are so boring that I leave with little left but 3 hours gone from my life. The tip was to name the pictures anything BUT what they are... the idea here is that when a buyer searces online for "Homes in Troon" AND you have named your "living room picture" … (9 comments)
arizona: FREE credit report!
- 06/03/11 09:26 AM
Remember, the law states you can get a FREE copy of your credit report annually! Through the Fair and Accurate Credit Transactions Act (FACT Act) consumers are entitled to receive a copy of all three credit reports, annually, for free. You need only go online to: www.annualcreditreport.com Enter your state of residence and follow the instructions to request a copy. IF the copy is requested online, you will have access to print it immediately from the site. You can request a copy by phone at 1-877-322-8228 or in writing. If you request a credit report by mail, download the "request form" by going to … (2 comments)
arizona: AZ Mortgage / First Time Home Buyer Tips
- 05/31/11 11:51 AM
A big issue for most first time home buyers is being overwhelmed. Here are some ways to help keep the first time home buying process manageable: 1. Ask your agent to send you the lisings BEFORE you go out together. MANY homes I was able to eliminate from my list just by driving by. The location, the neighborhood, the neighbors, the barking dog... good way to narrow down just how many you actually want to go inside of! 2. Take a buyer worksheet with you. This is a worksheet that allows you to list the address and each amenity that house has with … (2 comments)
arizona: Buyer/ Seller Checklist!
- 05/23/11 08:20 AM
I have created the GREATEST (if I do say so myself) Buyer/Seller checklists. They allow your buyer/seller to follow the process. What is suppose to happen? Who is suppose to do it? Why it is happening? When should it be done? It also gives ALL parties involved the inside scoop on what questions they should ask of their loan officer to ensure what is suppose to happen, actually does. Feel free to email me at mortgagedr@fcfs.net and Ill forward them to you! The checklists are ARIZONA specific but feel free to request it regardless. May be a good place to start … (2 comments)
arizona: "I can't buy a new house, I understand it is much more difficult to qualify"...
- 05/23/11 04:17 AM
That statement is just simply not true! I can't tell you the last loan application that I took that a borrower did NOT qualify. I'm sure there was one but it is definately not the norm. I dare you to ask 5 people today, "Could you qualify for a mortgage if you applied today?" If they say "No." Ask "Why?" I guarantee they will say "I understand it is much more difficult to qualify" but they will not have specifics as to what they consider "more difficult". It appears that most are repeating what they hear in the media "Its more difficult … (8 comments)
arizona: Thank you to all of you tenacious realtors!
- 05/20/11 05:27 AM
Here are some highlights from the recent member survey from NAR: (read the full article here --->) http://rismedia.com/2011-05-18/nar-member-survey-shows-focus-on-training-commitment-to-profession/ These were among the ones that surprised me: The typical NAR member has 12 years of experience; nine out of 10 say they are certain they will remain in the business. NAR members in the business for two years or less earned a median of $8,900, while those in the business for 16 years or more earned $47,100. Sixteen percent earned a six-figure income, reflecting the entrepreneurial aspect of REALTOR® businesses. Fourteen percent of REALTORS® work fewer than 20 hours per … (0 comments)
arizona: Holy RATTLER!
- 05/19/11 12:11 PM
Ok I just want to publicly apologize to my new neighbors... I am sorry new neighbors! AND publicly THANK Steve from Bulls Eye Pest Control... Thank you Steve! I had to call the Scottsdale Fire Department to my neighborhood TWICE and Steve refused to leave me! Let me explain: I closed on my new house in Troon North at the beginning of May. In my excitement, I have had every contractor available to me, visiting! Today, was Steve's day. Steve is my awesome pest control guy. He was there because there are spiders getting mail, they are so big. The way I greeted Steve today, was by running … (0 comments)
arizona: To Condo or not to Condo?
- 05/18/11 04:33 AM
Ugh. Condo's. I don't want to be a big downer on condo's but... here it comes. Specifically to Arizona, condo's are increasingly more and more difficult to lend on. There are several reasons for this but primarily the lenders make a distinction between whether the condominium project is warrantable or non-warrantable. Simply put, lendable or not? Conventionally the project needs to meet a miriad of restrictions: (this is the short list.. there are more) * 70% of the units need to be owned and occupied as primary residences. * The HOA cannot be in any litigation with the homeowners. * One owner cannot own … (6 comments)
arizona: Why rent when you could own?
- 05/16/11 08:46 AM
This is a great tutorial on the comparison of renting -vs- home ownership! https://edge.mortgagecoach.com/report/edgereport.html#45102-0-2-42620 I appreciate your feedback! Having a dream is good, owning one is better! … (0 comments)
arizona: Yay! Lender LOWERS FHA credit score requirement to 580!
- 04/26/11 02:35 AM
I ask you... IF you can get a mortgage with: 1. A 580 credit score 2. Your grandmother can gift you the 3.5% down payment 3. The seller can pay ALL your closing costs 4. (You can have ZERO contribution of your own money) 5. You do not need reserves to qualify. 6. You can get an interest rate below 5% 7. You have more inventory to choose from than eggs at an easter egg hunt. 8. You can have a new mortgage payment less than you are paying in rent. 9. You LOVE your realtor. 10. You LOVE your loan officer. 11. You HATE your roommate. … (5 comments)
arizona: How does the new Loan Officer Compensation affect YOUR buyer/seller?
- 04/20/11 07:22 AM
First, did you know there WAS new loan officer compensation? There is. Basically (although unbelievably convulated and confusing) the new legislation says that borrowers have 2 options. EITHER to pay their loan origination fee OR to accept a higher interest rate and have the lender paid the loan origination fee. Seems simple, right?Here's where YOU, as their realtor, come in. Does the loan officer that your buyer is obtaining their loan from, even have TWO options? Many lenders are adopting ONLY the lender compensation and ONLY offering the higher rate option to your client. IF you buyer is unaware that their are two options … (0 comments)
arizona: Do you still have your loan officer?
- 04/13/11 05:04 AM
According to the Mortgage Bankers Association, the mortgage industry workforce has plummeted by 51% since 2006! 12,000 jobs in the industry have been lost in the first two months of 2011 alone! Furthermore, I'm shocked to find many realtors are not aware of the Loan Officer Compensation changes, regulated by the Federal Reserve, that went into affect 4/6/11! Loan officer's are no longer allowed to be compensated by the borrower and the lender in the same transaction. It is one or the other. The bottom line is that the borrower needs to choose whether they want to pay their loan originator or if … (2 comments)
arizona: Kids and Money... The 3 C's.
- 04/12/11 05:04 AM
Critical. Control. Credit. Critical is #1. Control is 1.1. Credit is #1.2. (All close in line is what I am trying to say) I have talked to my son about all of these since he was a toddler. Little did he know when we were talking about how inappropriate it was for him to be throwing a fit while begging for candy at the grocery store, that we were really talking about his credit report. "You cannot get future great stuff without doing the right thing right now" Critically think first, practice some control and know that credit is like breathing. Re-read that last sentence. If we all … (2 comments)
arizona: Kids and Money... It doesn't grow on trees!
- 04/11/11 05:34 AM
The money may not grow on trees but it does come from gifts! I encourage my son's family members to gift in the form of CASH. I know. I know. Most gift givers do not want to give cash but it feeds to the rest of my story. #1 He loves the cash. Most family members now give him the gift in the form of individual dollar bills. Admit it, it just seems like more. #2 We practice control. How much to keep? How much to deposit? #3 We make another trip in the "dream car" to the bank. With "whats my … (4 comments)
arizona: Kids and Money. Goals. Open Account. Compounding Interest!
- 04/07/11 06:20 AM
What is more exciting to talk to your kids about than the magic of Compounding Interest? Ok so maybe thats just me! My son and I started by talking about what he wanted to spend his money on. Initially it was small things he could buy immediately. The more we talked about it, the bigger his "dreams" got. He ultimately decided he wanted to save for his first car. On that note, we drove his "new dream car" to the bank and opened an account. Ask your local bank about accounts specfically designed for kids. Over ice cream, to celebrate, we … (2 comments)
arizona: Kids and Money... Start early!
- 04/06/11 09:24 AM
My guy is the most amazing 15 year old on the planet and his first word was "mortgage" so to say I know something about kids and money, is an understatement. I used to teach a Finance class to 8th graders and it was disturbing their view on money, it's source and it's longevity. So here begins my blog on kids and money! My first suggestion is an easy one: Start early! As early as your children learn the value of a hot stove they should learn the value of money. The value of saving it and the value in spending … (2 comments)
arizona: Last Mortgage Mistake to Avoid: Not reading your loan documents!
- 04/05/11 05:26 AM
Ok so some things just should be a given. Read what you sign before you sign it! Mark it down. Add it to your list. It's an always not a sometimes. I am not making this up: 99% of my mortgage closings are done at the escrow office however I have probably signed oh, say, 100 mortgage transactions in my career. I would say what, I don't know, 100 of them the client said, "Where do I sign?" before even THINKING about reading the document. What? Ok, call me crazy but I read the fine print on my cereal box. Although … (4 comments)
How can I help make your Arizona mortgage process easier?
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