What To Avoid During The Loan Process ⊘DO NOT CHANGE JOBS. A job change may result in your loan being denied, particularly if you are taking a lower paying position or moving into a different field. Don’t think you are safe because you’ve received approval earlier in the process, as the lender may call […]
When And Where To Apply For A Loan? There are many sources for home loans including banks, credit unions, mortgage companies and mortgage broker. Your REALTOR® may give you several names of lenders who have proven reliable in their previous transactions. Apply for your loan as soon as possible. In fact, it’s probably a good […]
CONGRATULATIONS ON YOUR DECISION TO BUY A HOME! It’s a challenging project and there are many ways a professional can help. Here are some of the many ways you may benefit from working with a REALTOR®: IT WON’T COST YOU A PENNY! The REALTOR® who helps you buy a home is traditionally paid by the Seller. […]
UNDERSTANDING “ESCROW” AND ITS IMPORTANCE TO YOU ECROW: HOW DOES IT WORK? Once the parties to the transaction (buyer/seller/lender and/or borrower) have reached an agreement, the signed contract or purchase agreement, along with the buyer’s Earnest Money Deposit, is submitted to the escrow holder. At that point, an escrow is opened. The escrow holder will […]
WHAT IS TITLE? As it relates to real estate “TITLE” refers to the ownership rights to a certain piece of property. WHAT IS TITLE INSURANCE? Title insurance is an insurance policy that protects property owners and their lenders against losses related to the property’s title or ownership. Title insurance minimizes the risk of acquiring property […]
Meet with REALTOR® to discuss wants/needs Meet with lender to discuss different loan programs Credit report ordered Required documents gathered for lender Pre-qualification issued Preview properties and select house Offer presented and negotiated Contract ratified Escrow opened Buyer’s required funds deposited with title company Preliminary Report/Title Commitment ordered Contract reviewed and contingency dates noted Loan […]
If you are buying Phoenix real estate, an important document to review is the BUYER ADVISORY, which contains information pertaining to schools, crime stats, sex offenders, tax records, home inspections, homeowner’s associations, termites, flood zones and much more.