HOME BUYING BASICS IN ARIZONA

Buying a home involves several important decisions, but understanding the process before you begin can make it much easier. AZ Financial can help you prepare for financing, understand your mortgage options, and navigate the loan process from pre-approval through closing.

Start With a Mortgage Pre-Approval

Before shopping for a home, consider getting pre-approved for financing. A mortgage pre-approval can help you understand a potential purchase price and estimated payment range based on your qualifications, and it gives your real estate agent useful information when you begin looking at homes.

A pre-approval is based on the financial information and documentation available at the time and is not a commitment to lend. Final loan approval remains subject to underwriting, acceptable property, appraisal when required, and other applicable loan conditions.

Determine a Comfortable Budget

The amount you may qualify to borrow isn't necessarily the amount you should spend. Consider the complete housing expense, including principal and interest, property taxes, homeowners insurance, mortgage insurance when applicable, HOA dues, utilities, maintenance, and other expenses.

AZ Financial can help you compare financing scenarios so you can evaluate the potential costs before making an offer.

Choose the Right Real Estate Professional

A knowledgeable real estate agent can help you identify properties, evaluate comparable sales, prepare an offer, negotiate with the seller, coordinate inspections, and guide you through the purchase transaction.

Your real estate agent and mortgage professional perform different but complementary roles throughout the home-buying process.

Compare Your Mortgage Options

No single mortgage program is best for every homebuyer. Depending on your qualifications and the property, available options may include Conventional, FHA, VA, USDA, Jumbo, adjustable-rate, and other mortgage programs.

AZ Financial works with multiple wholesale lenders and can help you compare available programs, rates, costs, and terms based on your individual situation.

Understand Your Cash-to-Close

Your down payment is only one part of the transaction. Depending on the loan and property, you may also have closing costs, prepaid property taxes, homeowners insurance, initial escrow deposits, appraisal or inspection expenses, and other applicable costs.

Before closing, you'll receive disclosures detailing the applicable loan terms and costs.

From Contract to Closing

Once you have an accepted purchase contract, the mortgage process generally includes documentation review, processing, underwriting, appraisal when required, title and insurance review, satisfaction of applicable loan conditions, and final approval.

AZ Financial will communicate with you throughout the mortgage process and coordinate applicable loan-related items with the other professionals involved in your transaction.

Protect Your Loan Approval

Keep your financial situation as consistent as possible while your mortgage is being processed. Before closing, avoid making significant financial changes without first discussing them with your mortgage professional.

This can include opening new credit accounts, financing a vehicle or other major purchase, substantially increasing credit-card balances, moving large amounts of money between accounts without documentation, or changing employment.

Prepare for Closing

Before closing, review your final loan documents and ask questions about anything you don't understand. You'll also want to confirm the appropriate method for providing any funds required at closing.

To protect yourself, independently verify wiring instructions using a known, trusted telephone number before sending funds. Email accounts and wiring instructions can be targets for fraud.

Ready to Take the Next Step? 

Ready to begin your home-buying journey? Apply securely online or contact AZ Financial at 480-787-5777 to discuss your mortgage options. 

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