Everywhere you look, another media outlet tells you to buy NOW as selling prices and interest rates rise, as well as aggressive pressure on you to click on a link to find data about a home for sale. Note that you won`t get much information before you have to share your personal details. This will trigger a continuous number of calls and emails from various related industries. When – You can start shortly by making a call. If you want to meet at a branch, tell the person taking your call your preference and they will try to connect you to a branch. If you feel comfortable, you can also complete your pre-qualification by phone. Remember that you check how well the prequalification form will be completed and how quickly we can provide you with one. As a final comment, I included a document called the buyer`s attachment in the uploaded documents. This is another document from the Arizona Association of Realtors (AAR) that states that important tasks fall under your responsibility if your offer is accepted. Desert Financial wants you to be prepared again, so please check this list so that you are educated and prepared when working with a broker.
When talking to your loan officer, ask them questions about our brokerage program and how they can provide you with $500 for closing costs. The broker program will be covered in an upcoming webinar, but information is available from your loan officer today. 1. Big step: Why prequalification? Yes, you see it “pre-qualified” everywhere, but you know you paid your rent and bills on time and saved money. So what`s the big problem and what does it entail? I bought a house before. it should only take a few minutes. The PQF is provided by the buyer`s mortgage lender. Then, the buyer`s agent submits the PQF with the Arizona Residential Real Estate Contract to transfer and offer a seller`s home. However, the PQF is not property specific.
To help the seller determine the buyer`s skill level, the prequalification form describes: In fact, members often ask for credit score requirements before asking questions about the prequalification process, as they realize that credit issues can prevent or change the timelines of a purchase or refinancing. We will briefly unpack credit score factors to develop an understanding of how credit scores are developed. But what about you? Your purchase or refinancing concerns you. In order to achieve your needs and goals, we need time to listen to your story and collect your data. The keyword can be time. You can be very busy with work, kids, school, or you have to cut into the fast lane and be in a house quickly. This can be achieved if you can take the time to contact your loan officer and respond quickly to inquiries, we can speed up the process. So keep in mind that the prequalification form can be issued quickly if you can provide the required documentation. We spent a lot of time on the PQF form because that`s why you call a lender – “to be pre-qualified.” This form is the basis for the rest of the loan process. Gift money is often provided by family members, but we still need to collect the appropriate documents. Some programs have income limits and geographic requirements to consider. As you may recall, the prequalification form included the question of whether the seller needed help with closing costs.
All these topics are discussed. Let`s go back to the PQF form and line 24 – get the initial documentation. This is where your commitment makes all the difference in the timing of your PQF. Most of you have probably heard that in many areas or at certain price levels, there is a lack of inventory of homes to choose from. How does it affect you? Well, if I were the seller, I would focus on the best possible deals for my home, so I would take a close look at the prequalification form to see if the buyer has provided all the requested information. Our Arizona market has been experiencing an inventory shortage for some time, so we want the seller to seriously consider your offer. Phone lines are open to answer your questions or to begin the pre-qualification process free of charge or obligation at 602-433-HOME (602-433-4663). The number will also be displayed in the chat box for your convenience.
The urban team uses the Arizona Association of Realtors Home Purchase Agreement when helping someone buy a home in the Phoenix, Arizona area. A credit prequalification form is usually included in the offer. Below we have a brief video preview of this form to help you become a more competent home buyer. Knowledge is power and we want you to be the most informed home buyer. By the way, while this webinar focuses on pre-qualifying for buying a home, the loan approval process for credit, income, property value, and assets to be refinanced remains the same in most cases, so take advantage of the review. There is another point to keep in mind here – not all pre-qualifications are the same, even if boxes are checked. Recently, the Mortgage Bankers Association released data for the first quarter of 2018. They said that in the first quarter of 2018, only 70% of loans being processed were closed. Desert Financial “keeps your back free” and our share of loans that are closed once processed is significantly higher. If you wish to contact me, my information will be displayed on your screen. Right now, some of you may think, why does this process seem so long? I need to find a house and move in soon. I`ve been searching for homes on the internet for a while now, and I can click on links offering a PQF (pre-qualification) in minutes, as well as a broker who can show me a house before finishing this webinar.
Well, with the technology available today, this can happen, but it does not mean that you have accurate information and that your loan will be concluded on time. You may have invested funds for serious money deposit, home inspections, and appraisals without having confidence that you will be approved and that you will be able to complete your loan on terms that suit your wants and needs. .
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