There are many important things to consider throughout the process, especially if you're a first time home buyer. Here's some information that will keep you on track.
In General: A home purchase may be your largest financial transaction to date, so it's important to make the right decisions and to keep an eye on the details. With the assistance of your Real Estate Agent and Loan Advisor, it should be an efficient, pleasant, and ultimately rewarding experience.
Count On Your Real Estate Agent To: Preview available homes to weed out those that are overpriced, or undesirable in some other way. Present the homes that suit your needs as you've defined them. Help you determine the difference between a "good buy" and a property which, because of its nature (neighborhood, market appeal, etc.), might have to be discounted if you decide to sell in the future. Negotiate the best deal for you. With a Pre-Qualification letter from us in hand, your Real Estate Agent will be able to demonstrate that you are a qualified and capable borrower. This will strongly influence the Seller, and may make the difference between the Seller accepting your offer or someone else's even if your offer is lower!
Count On AZ Financial, LLC and your Licensed Loan Advisor To: Assist you in selecting the best loan to meet your personal situation and goals. (This single decision can save you thousands of dollars throughout the years!) Keep you informed of your loan status throughout the entire process. Keep your Real Estate Agent informed of our loan progress (Note: your personal information is always kept confidential between you and us; only deal points and progress are shared). Get the appropriate loan for you at the best rates and fees. This will save you significant money "up front" and throughout the years to come.
Count On Yourself To: Keep your Real Estate Agent informed of any questions or concerns as they develop. Keep the process moving by providing documentation and decisions as soon as reasonably possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last minute details or events that require your attention. Enjoy purchasing your home, but do remain objective throughout to make the business decisions that are best for you. Make sure you are pre-approved as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.
The Loan Estimate tells you important details about the loan you have requested.
The Loan Estimate is a form that took effect on Oct. 3, 2015.
The form provides you with important information, including the estimated interest rate, monthly payment, and total closing costs for the loan. The Loan Estimate also gives you information about the estimated costs of taxes and insurance, and how the interest rate and payments may change in the future. In addition, the form indicates if the loan has special features that you will want to be aware of, like penalties for paying off the loan early (a prepayment penalty) or increases to the mortgage loan balance even if payments are made on time (negative amortization). If your loan has a negative amortization feature, it appears in the description of the loan product.
The form uses clear language and design to help you better understand the terms of the mortgage loan you’ve applied for. All lenders are required to use the same standard Loan Estimate form. This makes it easier for you to compare mortgage loans so that you can choose the one that is right for you.
When you receive a Loan Estimate, the lender has not yet approved or denied your loan application. The Loan Estimate shows you what loan terms the lender expects to offer if you decide to move forward. If you decide to move forward, the lender will ask you for additional financial information.
Note: You won’t receive a Loan Estimate if you're applying for a reverse mortgage. For those loans, you will receive two forms – a Good Faith Estimate (GFE) and an initial Truth-in-Lending disclosure – instead of a Loan Estimate. If you are applying for a HELOC, a manufactured housing loan that is not secured by real estate, or a loan through certain types of homebuyer assistance programs, you will not receive a GFE or a Loan Estimate, but you should receive a Truth-in-Lending disclosure.
The content on this page provides general consumer information. It is not legal advice or regulatory guidance. The CFPB updates this information periodically. This information may include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs.
AZ Financial, LLC 4500 South Lakeshore Drive, Suite 328 Tempe, AZ 85282 (480) 787-5777 Tel (480) 269-9099 Fax, United States of America NMLS ID: 1484811 - 233228 / AZ MB: 0935963 LO: 0927927 Equal Housing Lender Copyright © 2019 AZ Financial, LLC - All Rights Reserved.