(480) 656-5751 michael.faulkner@apmortgage.com
Lending in CA and AZ only
Lending in CA and AZ only

You’ve come A LONG WAY since you made the decision to purchase your first home. You’ve been preparing for this moment for a long time, and now it’s finally here.

Months and months of planning is part of the process. You’ve reviewed all the big topics, like your new budget, moving, storage and all the paperwork that is involved.

Buying a home is a HUGE undertaking, and as prepared as you might be, no one is always fully prepared for the task ahead.

As a mortgage educator, I place an emphasis on early education. This means I want Arizona first-time home buyers to be fully aware of EVERYTHING they need to know regarding their financing plan. This is paramount to buying a home. Knowing how much home you can afford, and the particulars of your mortgage, are extremely important, and can be often overlooked.

This is the biggest investment you’ll ever make in your life – so you should never compromise on the financial details. The person(s) you entrust to package together your mortgage matters.

Every homeowner is a first-time home buyer first – I remember how nerve-wracking it was when I bought my first home. It is best to be as prepared as possible.

What’s next? You must understand the loan process and products to truly get ahead.

The Loan Process

Now that you’re ready to move full steam ahead on your home purchase, the first concrete step is getting UNDERWRITTEN PRE-APPROVED for a loan. When you work with our team, we will tell you what you need to get underwritten preapproved, and then we’ll let you know how much home you can afford, what your payment will look like and how much you’ll pay in taxes and insurance.

Once we have an understanding of the bigger picture through the underwritten preapproval process, the next steps include selecting a customized loan product and filling out an application.

The Loan Products

Here’s a quick recap of some loan products you may consider.

• A conventional loan allows for high purchasing power. These borrowers are considered low-risks buyers, but face stricter approval standards. The upside is that conventional buyers are more appealing to sellers.

• A jumbo loan may include a higher interest rate, but can be a good product for the big-budget buyer.

• FHA loans can be ideal products for first-time buyers. They are designed to help individuals with down payments and can be acquired despite less-than-ideal credit.

• Insured by the U.S. Department of Veteran Affairs, VA loans allow veterans, or active duty personnel to apply for government-backed loans that do not require mortgage insurance.

• If you’re thinking about rural living, a USDA loan may work and does not require a down payment.

People living in Arizona also can take advantage of the Home Plus Home Loan Program.

This product eliminates financial hurdles to get you into the home of your dreams. The loan program provides a 30-year fixed-rate mortgage with down payment assistance (up to 5 percent)*. This financial help can also apply to the closing costs of the loan.

As you can see, there are many products that offer customization. Our goal is to get you
as ready as ever to realize your financial goals and reap the many benefits of homeownership TODAY. We accomplish this through EDUCATION and by providing guidance to navigate you through this exciting and rewarding process.

*Example 30 Year Fixed: Loan amount $300,000, 5% down, monthly payment without taxes and insurance $1,425.32, APR 4.389%

© 2018 American Pacific Mortgage Corporation. All information contained herein is for informational purposes only and, while every effort has been made to insure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions apply. Equal Housing Opportunity.

The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.

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