Arizona Mortgage Question of the day: Where do I find a FREE mortgage calculator?


Arizona Mortgage Question of the Day (now affectionately called “QD”) Where do I find a FREE mortgage calculator?

First, this is an easy one.  I’ve got you covered.  We have MANY mortgage calculators on our website.  

It’s easy. Click here —>http://fcfs.net/loancenter-calculators-default.aspx

Many home buyers/refinancers looking for an Arizona mortgage want to do their own research BEFORE they call a loan officer. I understand that. 

Use the Arizona mortgage calculators to:

1. Calculate monthly payment —>http://fcfs.net/loancenter-calculators-monpmt.aspx

2.  How much you can you afford? —>http://fcfs.net/loancenter-calculators-howmuch.aspx

3.  The affect of making an extra mortgage payment? —>http://fcfs.net/loancenter-calculators-extrapmt.aspx

4.  Chart an amortization schedule —>http://fcfs.net/loancenter-calculators-amort.aspx

5.  The cost of renting -vs- owning —>http://fcfs.net/loancenter-calculators-rentvsown.aspx

6.  The difference between and ARM (adjustable rate mortgage)  and a fixed rate mortgage ->http://fcfs.net/loancenter-calculators-fixedvsarm.aspx  

7. Should I refinance —>http://fcfs.net/loancenter-calculators-interestsaving.aspx  

and many more!

You owe it to yourself to get started today!

Click here —> https://secure.web-loans.com/security-logon.aspx?timeout=1  to apply for your Arizona mortgage online today!

Having a dream is good, owning one is better!

Leslie Nilsen

Owner/Broker

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net                 mortgagedr@fcfs.net

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

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I’m ready! I want to buy a house! How do I get started?


I’m ready! I want to buy a house! How do I get started?

Surprisingly, it’s easy.  First, and foremost, you need to complete a mortgage application.  You can do that by going online to www.fcfs.net and click APPLY ONLINE! This will walk you through the full application and it is emailed back to me as soon as you hit submit!  OR you can call the office at 602.294.9288 and we can do one together over the phone.

You should have the following items handy when we do the application:
Current paycheck stub

Last years W2 

Current asset account statements (checking, savings, 401K etc)

Once I have the application, I will pull a copy of your credit report.  

We now have a full picture of where you currently stand and an idea of what you qualify for.

We will spend the time together to review your application, your credit report and what you qualify for.  What down payment you should be prepared for? What the new mortgage payment will likely look  like? Things that you should consider as you start your house hunting?  As well as cover any questions you may have.

Once you have a loan approval, you are ready to hit the streets with your realtor! Need an Arizona realtor referral? We can help with that as well! You can see a list of our preferred realtors on the website as well at http://fcfs.net/custompage-view.aspx?id=28 

We will provide the neccessary PreQualification Letter that your realtor will need in order for you to make an offer.   Many times, as you begin looking at Arizona homes, we may need to re-visit your application so we can compare what you find, with what the mortgage numbers will look like.  Ensure that you still have the same comfort level as when you began looking. 

Once you have an accepted offer from the seller… we are off an running! This is when your Arizona mortgage loan submission process begins.  Stay tuned for further blog posts on how the Arizona mortgage loan submission process works!

Any questions? Feel free to email me at mortgagedr@fcfs.net or post your question on Facebook —>  http://www.facebook.com/#!/pages/First-Class-Financial-Services/278622632014

or of course, you can always call 602.294.9288

Having a dream is good, Owning one is better!

Leslie Nilsen

Owner/Broker

First Class Financial Services, proudly Arizona mortgage lending since 1999.

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

 

Arizona Mortgage Question of the Day: Can I qualify for an Arizona mortgage if I have co-signed on a loan for another person?


Arizona Mortgage Question of the Day:  Can I qualify for an Arizona mortgage if I have co-signed on a loan for another person?

Well, kind of. 

There is a NEW Arizona mortgage underwriting rule for this.  IF you are qualifying for an Arizona mortgage and you have co-signed (for example for your son to buy a car) BOTH you and your son need to be on the NOTE to repay.   Your son makes the payments on time each month (out of his OWN individual account) then he can provide cancelled checks to show HE makes the car payment.  By doing so, you can qualify for your Arizona mortgage without having that payment included in your debt.

IF, instead, you initiate the loan FOR HIM, you are on the ONLY borrower on the NOTE, then you have to qualify for your new Arizona mortgage WITH the car payment regardless of who makes the payment. 

It always angered me that my father would never co-sign on my behalf, to establish credit.  After what I have seen on individuals mortgage credit reports, I now understand his concern.  Although we all know, I would have made all of my payments diligently 🙂 …… the alternative possibilities are scary.

I would always discourage anyone from co-signing on behalf of another person, however, in certain circumstances it can not be avoided.  IF this is the case- just ensure you are BOTH on the NOTE.

Having a dream is good, owning one is better!

Leslie Nilsen

Owner/ Broker

First Class Financial Services

602.294.9288 (p)

mortgagedr@fcfs.net                   www.fcfs.net

 

Military Veterans easy /inexpensive streamline refinance!


Miliatry veterans that have used their VA Eligibility to purchase a home can easily streamline refinance!

In many cases there is no appraisal, no income or asset verification to qualify!

The new VA Funding fee is .50% which is financed on top of the eligible loan amount and the closing costs can be rolled into the loan.

AND there is a huge resale advantage!  With interest rates being unbelievably low, upon resale, an NEW eligible veteran could assume the existing loan at the low refinanced rate.   All things being equal, when it comes to resale time, the assumable low rate VA loan could be the deciding factor between houses!

Spread the word to all the veterans out there.  First, THANK YOU for keeping us safe, second, time to pay less on your American Dream!

Having a dream is good, owning one is better!

Leslie Nilsen

Owner/ Broker

First Class Financial Services

602.294.9288

mortgagedr@fcfs.net

MB#0902810 / NMLS#162494

*** Underwater on your mortgage? GOOD NEWS… HARP “2.0” to roll out 11/15/2011!


 

The specifics of the changes are not yet clear however…

First, you need to know if your loan is Fannie Mae or Freddie Mac owned (ONLY eligible on loans originated 5/2009 or prior).  You can find out by going to these links:

www.fanniemae.com/loanlookup

AND

https://ww3.freddiemac.com/corporate/
Take note of which entity you determine currently owns your loan.  Your loan officer will need this.

Second, it is pretty clear that the new roll out will have NO RESTRICTION as to appraised value! I know! I was excited too! This means, regardless of your value, if Fannie Mae or Freddie Mac own your loan and if you qualify, you can refinance!

With rates at historic levels, this will bring out the masses so be prepared!  Find out who owns your loan and have the following items ready:
Paystubs for the last 30 days

Statements for ALL asset accounts (all pages)

2010/2009 W2s

Mortgage coupon/statement for your current mortgage

2 forms of ID for all borrowers.

Currently, the HARP loan requires you refinance ONLY the way you originated the loan (for example, if it was owner occupied when you got the current loan, you can ONLY refinance if the property is still your primary residence)  I do not know if this requirement will change.

The changes are expected to roll out on 11/15/2011 for December 1 submissions.   I will advise on Monday 11/15 about the changes.  Stay tuned!

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)

http://www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

Categories: Uncategorized

Arizona mortgage refinance? Can I still qualify if I am under water?


Can I still qualify to refinance my Arizona mortgage if I am under water?

Remember, the Obama administration has recommended to Fannie Mae and Freddie Mac to allow eligible borrowers to refinance up to 100% of their property value through the HomeStability refinance option.

Most homeowners who are under water are because they have a 1st AND 2nd mortgage.  The home stability option will ONLY allow you to refinance the first mortgage balance.  For example, the house value is $200K.  The first mortgage balance is $200K.  The second mortgage balance is $50K.  Both Fannie Mae and Freddie Mac will allow you to refinance the $200K balance (if eligible) under the home stability option and not be required to carry new private mortgage insurance! This is huge! It is still here AND it won’t be around forever!

In order to determine initial eligibility, the borrower needs to reference BOTH of these websites:

Fannie Mae:

http://www.fanniemae.com/loanlookup/

Freddie Mac: 

https://ww3.freddiemac.com/corporate/

The borrower enters their home mortgage information into both sites.  The site will return an answer as to whether Fannie Mae or Freddie Mac “owns” the mortgage. Based on that information we can determine the specifics as to the eligiblility to refinance under this option.  Once this option is gone, borrowers will not be able to refinance unless they have 20% equity in their homes.  This is an opportunity we cannot pass up!

There are ALOT of caveats to this loan so be sure to contact me if you have questions!

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)

http://www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

Arizona Market Update June 2011


Arizona Market Update June 2011

Thank you again to Sarah Moran of Equity Title Agency (sarahm@eta-az.com) for providing this up to date info!

Here is the Market Update through the end of June 2011.

WOW: Total active listings have dropped by another 2320 units over the beginning of last month. As of July 6, we sit at 28,887 Actives for Single Family Homes and Condos. Sales are at 10,512 for the last 30 days (as of July 6), which continues to trend up. We are currently sitting at a 2.6 months of supply. If you subtract out the AWC Contracts (which are included in Actives in the Cromford Report), we are at 2.1 months of supply. Traditionally, 3-4 months of supply indicate a balanced market. We are in a Seller’s Market!

Distressed Market: Short Sales represent 27% of the Closings for June (compared to 21% in May) and 39% of the active Listings for a 3.9 Months of Supply. Distressed Sales (Short Sales and REOs combined) accounted for 68% of the total sales for June. The listing success rate for Distressed Properties is up to 74.3% and for Short Sales is at an all-time high of 63.9%! Don’t avoid these listings! They are closing with greater success rate!

Closings: There were 9450 closings in June 2011 vs. 9353 closings in June 2010 ~ which equates to a 1% increase over last year! 

Reality Check: The Median Sold Price for Maricopa County for June 2011 was $124,000, which is a 3% increase over last month! In June 2006, the Median Sold Price was $266,523! In June 2000, the Median Sold Price was $136,400. Use this at your listing appointments to help explain what has happened to our market and get realistic list prices!

We currently sit at a 2.6 months of supply valleywide. And we are finally seeing movement in the high-end market. In the MLS, there were 92 properties that sold for $1+ million for the month of June – and currently in the $1+ million segment, there is an 11.7 months of supply – and listings have dropped by 133 units.

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)

http://www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453