Increasing the Value of Your Home Before Selling It in Phoenix If you’re thinking of selling your home but are wondering how to maximize its value for a better sale price here are 8 helpful tips that will help you accomplish that goal: ● Add security cameras or install a security system to entice buyers. Whether you want to increase the value of your home or are planning on listing it on the market, any of the helpful tips above can add thousands of dollars to its selling price. Furthermore, be sure to enlist the services of an experienced and knowledgeable real estate agent or broker that is familiar with the housing market in your area. https://www.google.com/maps?cid=6744959272592205627 Learn morefrom https://local.google.com/place?id=6744959272592205627&use=posts&lpsid=8205118196870697580
0 Comments
Millennials Now Represent the Largest Group of Home Buyers in Phoenix Based on statistics presented in an American Community and American Housing survey, the 66 million millennials now comprise 37% of the total US home buying market. The primary home buying statistics include: ● 82% of millennials ages 22 to 30 and 48% of millennials ages 31 to 40 bought their first homes in the one year period of July, 2019 and July, 2020 Furthermore, the NAR estimates that 99% of all millennials who are buying a home initially search the internet. If you’re in the millennial demographic and are looking to purchase a home, here are some helpful tips: ● Comparison shop multiple mortgage lenders to ensure getting the best deal. Finally, millennials approach the home buying process differently from prior generations in that they have different preferences and rely more heavily on technology. https://www.google.com/maps?cid=6744959272592205627 Learn morefrom https://local.google.com/place?id=6744959272592205627&use=posts&lpsid=7495946141809982386 What are Lender Overlays and Why are They Added to VA Loans in Phoenix? If you’re looking for the best VA Loan, keep in mind that no two lenders are alike when it comes to qualification requirements. That’s why it’s important to know what lender overlays are and understand why they get added to VA loans. A lender overlay is an additional requirement placed on a loan and that exceeds most loan program’s standard qualification guidelines. Additionally, VA loans have flexible requirements and several benefits including: ● competitive interest rates There are two primary reasons why lenders add overlays to VA loans. First, lenders add overlays to limit any default risk. The VA acts as the guarantor on the loan. So if a borrower defaults, they can redeem 25% of their losses. This still leaves most of the financial burden on their shoulders. Second, it provides them with the ability to sell servicing. So when a lender chooses to increase their loan sales to investors, they often implement overlays to make their loans look more attractive with less risk. So if you get denied for a VA loan because of lender overlays, you have two options. You can improve your financial situation or find a lender that doesn’t use overlays. https://www.google.com/maps?cid=6744959272592205627 Learn morefrom https://local.google.com/place?id=6744959272592205627&use=posts&lpsid=CIHM0ogKEICAgIC2lN2sFg 4 Things You Should Know About Minimum Down Payments in Phoenix Typically, the minimum amount of the down payment on a home ranges between 3% and 20% of the total cost of the property you’re buying. Here are 4 things you should keep in mind for down payments. A down payment of 20% is more economical – while most individuals believe that 20% down is required, that’s not always the case. In some cases, you can put down as little as 5%. However, this will likely mean paying a higher interest rate and PMI. If you want to purchase a larger home, you’ll need to save more – as of 2021, the average home price in the US is $269,039. But if the home you want to buy costs $400,000, you’ll need to save an additional 25% to 30% for your down payment. Lenders use 3 different types of down payments – 5% down is required on the first $500,000 and 10% down is required for any amount over that. However, lenders will require 20% down on investment properties and second homes. Your down payment impacts more than the purchase price of the home – it also affects the interest rate on your mortgage. The larger the down payment, the lower the interest rate will be. https://www.google.com/maps?cid=6744959272592205627 Learn morefrom https://local.google.com/place?id=6744959272592205627&use=posts&lpsid=8061851960136124003 What are Government-Insured Mortgages in Phoenix? As the name implies, government-insured mortgages are mortgage loans insured by the Federal Government. They are often referred to as “government-backed”, however, the definition is identical. Despite their name, the US Government doesn’t loan you the money or provide the mortgage. The loan is funded or “originated” by a mortgage lender and guaranteed (or insured) by the government. The primary reason that the government backs these loans is to ensure that people are able to purchase a home even though they may not qualify for a conventional loan. A government-insured mortgage offers significant advantages over other loans such as lower down payment requirements. However, in some cases, a government-insured mortgage may not always be a borrower’s best option when buying a home. There are other kinds of government-insured mortgages that are backed by separate agencies or departments. These include: ● FHA or Federal Housing Administration loans It’s important to work with a mortgage lender that always has your best interests in mind so that you choose a home loan that accommodates your financial circumstances. For many borrowers, these government-insured mortgages are a wise choice. Just keep in mind that they’re not for everyone. https://www.google.com/maps?cid=6744959272592205627 Learn morefrom https://local.google.com/place?id=6744959272592205627&use=posts&lpsid=CIHM0ogKEICAgICWpN2g8QE What are Government-Insured Mortgages in Phoenix? As the name implies, government-insured mortgages are mortgage loans insured by the Federal Government. They are often referred to as “government-backed”, however, the definition is identical. Despite their name, the US Government doesn’t loan you the money or provide the mortgage. The loan is funded or “originated” by a mortgage lender and guaranteed (or insured) by the government. The primary reason that the government backs these loans is to ensure that people are able to purchase a home even though they may not qualify for a conventional loan. A government-insured mortgage offers significant advantages over other loans such as lower down payment requirements. However, in some cases, a government-insured mortgage may not always be a borrower’s best option when buying a home. There are other kinds of government-insured mortgages that are backed by separate agencies or departments. These include: ● FHA or Federal Housing Administration loans It’s important to work with a mortgage lender that always has your best interests in mind so that you choose a home loan that accommodates your financial circumstances. For many borrowers, these government-insured mortgages are a wise choice. Just keep in mind that they’re not for everyone. https://www.google.com/maps?cid=6744959272592205627 Learn morefrom https://local.google.com/place?id=6744959272592205627&use=posts&lpsid=5285773656991318579 The 5 Warning Signs of Predatory Lending in Phoenix With the abundance of mortgage lenders in the housing market today, you’re probably wondering if you can find one that has your best interests and property needs in mind. This can be extremely difficult because of the deceptive practices and tactics that predatory lenders utilize to trap borrowers into less-than-ideal financial circumstances. When shopping for a mortgage lender, watch out for these 5 warning signs that tell you you’re dealing with a predatory lender: ● abnormally high or inflated interest rates are common with predatory lenders The purchase of a home is one of the largest and most important investments you’ll make in your lifetime. Therefore, it’s vital that you work with a reputable company that prioritizes your financial future and happiness. The right mortgage lender will do everything possible to ensure you have a home loan that’s right for you. Remember, if something doesn’t feel right about the lender or their paperwork, trust your gut because it probably isn’t. https://www.google.com/maps?cid=6744959272592205627 Learn morefrom https://local.google.com/place?id=6744959272592205627&use=posts&lpsid=CIHM0ogKEICAgICWqKSjkQE The 5 Warning Signs of Predatory Lending in Phoenix With the abundance of mortgage lenders in the housing market today, you’re probably wondering if you can find one that has your best interests and property needs in mind. This can be extremely difficult because of the deceptive practices and tactics that predatory lenders utilize to trap borrowers into less-than-ideal financial circumstances. When shopping for a mortgage lender, watch out for these 5 warning signs that tell you you’re dealing with a predatory lender: ● abnormally high or inflated interest rates are common with predatory lenders The purchase of a home is one of the largest and most important investments you’ll make in your lifetime. Therefore, it’s vital that you work with a reputable company that prioritizes your financial future and happiness. The right mortgage lender will do everything possible to ensure you have a home loan that’s right for you. Remember, if something doesn’t feel right about the lender or their paperwork, trust your gut because it probably isn’t. https://www.google.com/maps?cid=6744959272592205627 Learn morefrom https://local.google.com/place?id=6744959272592205627&use=posts&lpsid=8193744594549833919 How do FHA Home Loans differ from others in Phoenix? Compared to other home loans, the FHA or Federal Housing Administration requires a minimum credit score of 500 and allows you a down payment of as little as 3.5% of a home’s selling price. They will also allow “0” credit scores by supplementing with non-traditional credit. With FHA options, this is a loan program that was designed for first-time home buyers. What are the credit score and down payment requirements for FHA loans? If your credit score is between 500 and 580, you’ll be required to put down 10% of the purchase price. For scores of 580 and higher, 3.5 % is required. What is the Waiting Period for Bankruptcies and Foreclosures? There is a 2-year waiting period after the discharge date of a Chapter 7 bankruptcy, unless there were extenuating circumstances that were beyond the borrower’s control. For a Chapter 13 bankruptcy, the waiting period is 12 months after 12 months of on-time trustee payments. What about PMI? Private mortgage insurance or PMI is attached to all FHA loans. With less than 10% down, it remains on the life of a 30-year mortgage. If you put down more than 10%, PMI is removed after the 11th year of a 15 or 30-year mortgage. Desert Springs Mortgage, LLC from https://local.google.com/place?id=6744959272592205627&use=posts&lpsid=CIHM0ogKEICAgIDmq6HGngE How do FHA Home Loans differ from others in Phoenix? Compared to other home loans, the FHA or Federal Housing Administration requires a minimum credit score of 500 and allows you a down payment of as little as 3.5% of a home’s selling price. They will also allow “0” credit scores by supplementing with non-traditional credit. With FHA options, this is a loan program that was designed for first-time home buyers. What are the credit score and down payment requirements for FHA loans? If your credit score is between 500 and 580, you’ll be required to put down 10% of the purchase price. For scores of 580 and higher, 3.5 % is required. What is the Waiting Period for Bankruptcies and Foreclosures? There is a 2-year waiting period after the discharge date of a Chapter 7 bankruptcy, unless there were extenuating circumstances that were beyond the borrower’s control. For a Chapter 13 bankruptcy, the waiting period is 12 months after 12 months of on-time trustee payments. What about PMI? Private mortgage insurance or PMI is attached to all FHA loans. With less than 10% down, it remains on the life of a 30-year mortgage. If you put down more than 10%, PMI is removed after the 11th year of a 15 or 30-year mortgage. Desert Springs Mortgage, LLC from https://local.google.com/place?id=6744959272592205627&use=posts&lpsid=6893598394255969138 |
About UsDesert Springs Mortgage, LLC is a mortgage lending company in Phoenix that is dedicated to making the mortgage borrowing process easier for anyone looking for ways to finance the purchase of a new home. We have a team of experienced loan originators and processors that will guide you through the whole application process from start to finish. They will also give you advice on what loan products best suits your situation and ambitions. Aside from that, we also help with loan refinancing where we can adjust the terms of your loan to suit current market conditions. For more information, give us a call today on (623) 432-1309. ArchivesNo Archives Categories |