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Scottsdale Real Estate, Phoenix Real Estate, Scottsdale Homes for Sale, Scottsdale Az Real Estate Listings, Scottsdale Az Homes
Arizona Relocation - Mortgage Process
Understanding the Mortgage process Questions to expect from mortgage lenders |
Employment and income | • | Where do you work? | • | How much do you make? | • | How long have you been at your job? | • | How is your income derived -- steady salary or irregular income? | • | If it's the latter, you may need to provide more details to obtain a favorable interest rate. |
Outstanding debts | • | What recurring debts do you have? | • | How much do you pay a month for auto loans? | • | Credit cards? | • | How much of your monthly pretax income do these debts consume? |
Cash reserves and assets | • | How much money do you have in the bank? | • | How much will be left after you pay your down payment and closing costs? |
Down payment | • | How much money are you putting down? | • | Is this your own money? | • | If not, is it a gift from your parents? | • | A nonprofit agency grant? |
Loan purpose | • | Is this mortgage for a home buy or refinance? | • | If it's a refinance, do you want to take cash out at closing to pay off other debts? | • | If so, how much? |
Property use | • | Do you plan to live in the house? | • | Is it investment property? |
Property type | • | A condominium? | • | A duplex? |
The following responses tend to work in your favor: | • | Steady employment (two or more years) with the same employer or in same line of work. | • | Low debt: no recent major buys (such as automobiles) and a debt-to-income ratio of 36 percent or less. | • | Loan is for straight home purchase (or rate-and-term refinance). | • | Property is detached single-family home to be used as primary residence. | • | Down payment of at least 5 percent of sales price with your own money. | • | You'll have at least two months' worth of mortgage payments in the bank after closing. |
These responses tend to work against you: | • | Self-employed or contract worker. | • | High debt: credit cards maxed out, total debt-to-income ratio more than 36 percent. | • | Property is a duplex or condominium, to be used as a vacation home or rental. | • | No cash left after home buy and closing costs. | • | Down payment is 3 percent or less of buy price and money is borrowed |
For additional information regarding Arizona Relocation, please send direct e-mail request to GaryandClaudia@cox.net or call our Toll Free Number 866-464-2140  
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