When you go to purchase a home, you want a real estate agent and loan officer team that has your back 100 PERCENT!
Buying a home is a monumental decision that impacts your family and financial future.
Since buying a home is so important and personal, I believe it’s important to focus on mortgage education. When we remove the guess work from real estate, future homeowners can better navigate the mortgage process and make decisions with understanding and confidence.
My job as an Arizona loan officer specializing in the Phoenix and surrounding markets is to educate you to the FULLEST EXTENT so you know the what and why behind your mortgage program. At the same time, it’s also important to have high standards when selecting your real estate agent.
Here are five things your real estate should know about your mortgage.
Appraisal ordering procedures. As guidelines for appraisals change, you’ll want to work with someone who’s aware of all the particulars. Some regulations may slow down your progress and create confusion with your lender about crucial information, including the true value of your future home and neighborhood. Depending on the type of loan you secure, separate appraisals may be in order.
HOA insurance. You’ve heard of HOA dues, but some lenders may require certain communities to have insurance and extra coverage on condos or similar units. Certification of these insurances can take some time to process and cost up to $300. So, plan accordingly.
Title and property flip. A recently purchased property that’s sold with the intention of making a wide profit margin is considered a flipped home. Strict lending guidelines, however, can hamper your ability to successfully purchase these kinds of properties. Since ownership changes hands so quickly, it can be more difficult to secure a loan.
Property type. Depending on what you’re looking for, it’s also important for your real estate agent to plan out what kind of properties to show you. Condos, town homes, single-family residences and other types of housing will have different lending guidelines that can modify what you pay for a down payment, or the requirements for approval.
Rates/locks. In many cases, rates on mortgages are locked for a 30-day period. Your real estate agent should be strategic when showing your properties because this window of time can impact your ability to make a strong offer.
With all the variables in home buying, it’s best to work with someone who’s prepared to answer all your questions that will provide guidance through this process. There are many real estate agents who can offer to help you – finding someone who truly has you in mind can be the difficult part, make sure you are asking the right questions.
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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