Communication is Key to Getting Keys

When you think of getting pre-qualified for a new home loan, you might not think that the same principle that is the most important in a marriage is the exact same principle that can make or break a mortgage transaction.  Now, can a loan get approved and closed without great communication between Loan Officer, client and Real Estate agent?  Absolutely.   Can it bring on unneeded stress and worry?  Same answer -  Absolutely! There are many different variables at work at any given time during … [Read more...]

Boost Your Credit Score

Credit score is not only a point of pride but is also a pivotal factor for each and every Arizona home-buyer.  Improving your middle credit score can reap major benefits when financing a new home.   Before we go through how to boost your score (see below) let's look at what a credit score impacts with regard to obtaining an Arizona home loan. Credit may impact the following: 1. Down Payment Requirements 2. Mortgage Interest Rate 3. Cost of Mortgage Insurance 4. The Ability to Buy a 2nd home … [Read more...]

Tax Return Timing & Mortgage Approval

Have you filed your 2012 taxes yet?  If not, what are you waiting for!  One of the most important pieces to the Arizona mortgage approval is a a loan applicants tax returns.  This time of year (tax season) can get a little tricky with regard to timing up mortgage approval relative to filing your taxes with the IRS.   The date an Arizona mortgage applicant files their taxes can be the difference between loan approval and loan denial!   If a borrower is self-employed or commissioned and their … [Read more...]

Arizona Mortgage Regs are Presidential

Tonight's Presidential debate covered all the important political topics from healthcare to foreign policy and beyond.  When the topic of government regulation came up I knew the words "Dodd/Frank" and "mortgage" were soon to follow.  After all, what better example of over-regulation is there right now than the Arizona mortgage industry.   Sure enough, Presidential candidate Governor Mitt Romney launched into the subject of mortgages.  He continued on criticizing parts of Dodd/Frank saying "have … [Read more...]

VA Deployed Vets Moving Into Home

When an Arizonan purchases a new primary residence the mortgage gods typically require that the proud new homeowner occupy it within 60 days from the day they closed in order for the home and the mortgage used to finance it to be categorized as a primary residence.  Check this out for more information on how soon a buyer needs to occupy their new home and why: Occupancy Rules.  VA mortgage rules do not require all veterans to move in immediately. However, what if the Phoenix area buyer is a … [Read more...]