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Posts Tagged ‘mortgage, real estate, finance, housing, house, money, finance, personal finance, arizona, colorado’

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

 

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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

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

Buy AZ investment properties! Buy AZ investment properties! Buy AZ investment properties! (subliminal message)


Buy AZ investment properties! Buy AZ investment properties! Buy AZ investment properties! (subliminal message)

NOW IS THE TIME! Buy Arizona Investment Properties!

Why am I saying this again? I know from personal experience! I recently got married. Yes. Yay for me! In doing so, we bought a house together. This required me to determine what I was going to do with the house I already owned. Never having been a landlord, I was concerned. My fear was outweighed by the fact that I am underwater on my mortgage. Leslie Landlord here I am! S

o, I listed it as a rental in MLS and waited. What? 35 minutes? That is probably a liberal guess. My phone INSTANTLY started ringing. Literally.

Now I know I am not telling you anything you don’t already know I just thought from hearing my personal experience you may have a different listening for the story.

In 21 days, I had over 15 people look at it. More who just called but were eliminated from the amount of the monthly rent. I have put my heart and soul into remodeling the property so I wanted to find just the right tenant. In the end, I had several applications, all from qualified tenants, to choose from! Hopefully, I found the tenant that is going to care for my property as their own, and given their prior landlord verification, they will leave it nicer than when they got it! Now thats the tenant anyone would want!

With rates being CRAZY low, property availability still abundant enough to find viable options and even HOMEPATH financing which allows for 10% down and no appraisal…why would you NOT want to look into the next level of investing?

Wish me luck!

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

Arizona real estate market update!


Thank you Sarah Moran of Equity Title for providing me some up to date info on the Arizona real estate market!

This is the Market Update through the end of May 2011.

Good News: Total active listings have dropped by another 3051 units over the beginning of last month. As of June 12, we sit at 31,227 Actives. Sales are at 9963 for the last 30 days (as of June 12), which is trending up. We are currently sitting at a 3.1 months of supply. If you subtract out the AWC Contracts (which are included in Actives in the Cromford Report), we are at 2.4 months of supply. Traditionally, 3-4 months of supply indicate a balanced market. We are teetering on a Seller’s Market!

Distressed Market: This represents the percentage of distressed properties that are being listed and sold. Short Sales currently represent 21% of the Closings and 39% of the active Listings for a 5.7 Months of Supply. Distressed Sales (Short Sales and REOs combined) accounted for 65% of the total sales for May.

Closings: There were 8848 closings in May 2011 vs. 8536 closings in May 2010 ~ which equates to a 4% increase over last year! 

Reality Check: The Median Sold Price for Maricopa County for May 2011 was $120,000. In May 2006, the Median Sold Price was $253,418! In May 2000, the Median Sold Price was $125,000. 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 3.1 months of supply valleywide. And we are finally seeing movement in the high-end market. In the MLS, there were 98 properties that sold for $1+ million for the month of May – and currently in the $1+ million segment, there is a 12.3 months of supply – down drastically from previous months. An astounding 93% of the closed MLS Sales for May were less than $400,000!

MONTHS OF SUPPLY

East Valley: 2.7

NorthWest: 3.0

Paradise Valley: 6.1

Luxury ($1mil+): 12.3

Southwest: 2.7

Peoria/Glendale: 2.5

Camelback Corridor: 3.8

Cave Creek: 4.4

Ahwatukee: 3.3

Scottsdale: 4.8

Apache Junction: 3.3

Fountain Hills: 4.4  

Buckeye: 3.4  

Desert Ridge & Tatum Corridor: 3.3  

Thank you again Sarah Moran from Equity Title Agency for providing this “we are teetering on a seller’s market” info! LOVE THAT!  Sarah can be reach at Equity Title at sarahm@eta-az.com or 602-769-1438.

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