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More AZ First Time Home Buyer Tips (really tips for ANY buyer!)


In Arizona, as in most places, if you are a first time home buyer, you can be overwhelmed with the process of purchasing a home.

Here is a bit more guidance:

First, when your realtor says “Location.Location.Location.” Just trust them. It is critically important. The bottom line is, you can change virtually anything about a house, you cannot change where it is located. Again, just trust us on this one. Clients like to convince themselves into things. This one cannot be compromised.

Second, USE your realtor. Remember, your BUYER agent is paid by the seller so there is NO reason not to use a realtor and use them to your advantage. They have done this “home buying” thing before. They know what, when, who, where and how to look for real estate…. and how much! The “how much” is the biggest thing on everyone’s minds these days…”how much” is not everything though… You realtor can walk you through all sides of it.

Third, get pre-approved. I know. I’m beating a dead horse here but full disclosure, it will not be the last time I bring it up. Use the mortgage calcuator at http://fcfs.net/loancenter-calculators-monpmt.aspx – this will help you get an idea of your potential monthly payment. Get your head around what you are comfortable with AND what is realistic. Fourth, after you have your monthly payment from using the calculator- don’t forget to add in your property taxes (go estimate is .78% of your purchase price is ANNUAL taxes – divide that by 12 to get your MONTHLY taxes) and go to http://www.iii.org/media/facts/statsbyissue/homeowners/  to get stats on average home owners insurance rates. You can use a factor of .35% (same way as above) to get an estimated amount as well. These will be added into your monthly payment so you want to be prepared for your FULL payment not just principal and interest.

NOTE: Don’t forget about potential home owner association fees!

Fifth, not sure? You may want to see the comparison of what is costing you to rent versus the benefit of home ownership- try out this handy tool to see the true impact – http://fcfs.net/loancenter-calculators-rentvsown.aspx  – I can save you some time and just tell you that the value of home ownership will substantially outway renting (in this current Arizona market) but sometimes seeing it is believing it. Remember, these are just items to give you some direction. Your loan officer and your realtor will walk you through all of these steps. The more you know before you start the better educated you will be during the process!

Having a dream is good, owning one is better!

Leslie Pelletiere, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O) 602.294.9830(F)          www.fcfs.net

MB#0902810 NMLS #162494 AZDFI Loan Officer # LO-0911453

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