First Question Should Be – “How Big of a Mortgage Can I Afford”
Many of our clients are buying their “perfect” home as a place to retire or a winter get away. But many haven’t purchased a home in over 20 years.
Over that time, the “rules and processes” have changed, but the key questions to ask when getting a mortgage to buy a home haven’t!
Getting the answer to the mortgage question, “How much can I afford?” is key to everything else.
Questions to Determine What You Can Afford
| 1 – How big of a mortgage can I afford? Don’t ask what you qualify for—ask what fits your budget and lifestyle. |
| 2 – How much should I put down? While 20% is ideal to avoid PMI (private mortgage insurance), many loans allow 3–5% down. |
| 3 – What will my monthly payment be, including taxes and insurance? Get the full picture—not only the principal and interest. |
The Loan Details are Important
| 1 – How much are the points or fees? Points can lower your rate but cost upfront. Ask for a breakdown. |
| 2 – Are there any prepayment penalties? Know this if you plan to pay off the loan early or refinance should rates drop. |
Time to Process the Mortgage
| 1 – How long does the loan process take? Very important if you need to close on a home in a short period of time. |
| 2 – What documents will I need to provide? Get these ready as soon as possible. |
And understand this! Buying a home in Arizona REQUIRES the buyer to be pre-qualified to buy the home. And the pre-qualification form goes with the offer to buy a home.
Find Your Dream Home In Tucson Arizona
This means the buyer needs to contact a mortgage lender and answer some questions in order to be pre-qualified.
Here is a quick video explaining the steps to getting a mortgage for your new home.
There’s More
Interest rates vary every week and the mortgage interest rate you pay will be in effect once you have an executed contract on the home you want to buy, and the lender of choice has a “loan lock“.
Also, there are three types of mortgage lenders. Banks, Mortgage Banks, and Mortgage Brokers. So, another mortgage question is “which of these three home financing options is best for me?”
Well, in this case, the answer is in the details. Rates are very similar across each of these three lenders. However, some are easier to work with and better at meeting the buyer’s timelines.
Take time to understand how the mortgage lender works and will they commit to meeting your schedule.
Answers To Frequently Heard Mortgage Questions
The above information will hopefully answer many of the mortgage questions you may have. If it doesn’t, please contact us so that we may help you get the answers to your mortgage questions.
Considering A Home in Tucson, AZ?
Finding the right home can be a challenging process, but we can make the process much less stressful for you. As a top Tucson Realtor team since 2002, we invest the time to understand your home buying interests and desires.
At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.
Why? We want you to know what to expect. And what to plan for.
We are here to help you “know what you need to know” to buy a home in Tucson, AZ.
Thinking About Selling Your Home in The Greater Tucson Area?
Selling a home requires more than listing it in the Tucson MLS system. It’s about marketing. Marketing through multiple online channels.
To no one’s surprise, 80% of home buyers start their search on the internet. Homes must be visible on multiple internet channels. The more visible a home is, the faster it will sell.
To learn more about how we can help you sell your Tucson home, call us – 520-940-4541 – to arrange a meeting.
Conclusion
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. It provides information on homes for sale in communities and neighborhoods throughout the greater Tucson area.
Want more? Give us a call – 520-940-4541.
Take a few minutes to read our profiles and client testimonials.
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