Scottsdale AZ Homes | Scottsdale Real Estate | Arizona Homes For Sale

Gary Scott

Phone
(480) 948-0550
Mobile
(602) 402-8594
Toll Free
(866) 464-2140

John Hall & Associates

9366 E. Raintree Dr. #101
Scottsdale, AZ 85260

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Contact Info.

Gary Scott

Phone
(480) 948-0550
Mobile
(602) 402-8594
Toll Free
(866) 464-2140

E-Mail Me

John Hall & Associates
9366 E. Raintree Dr. #101
Scottsdale, AZ 85260

Scottsdale Real Estate, Phoenix Real Estate, Scottsdale Homes for Sale, Scottsdale Az Real Estate Listings, Scottsdale Az Homes

Arizona Relocation - 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?

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