In The Market To Buy A Home?


Below is a list of what things you need to consider and have ready.

When you are ready to purchase let us know.  We provide incentives toward your closing costs or reducing your interest rate. 

Lender Prequalification Form


A prequalification form is created by a lender who has reviewed your finances and calculated how much you can afford based on your debt to income ratio.  In the past, a pre-qualification form didn't need to be submitted with your your purchase offer.  Today, the pre-qual form must be included.  The pre-qual form indicates to the seller that you are a financially viable buyer.  If you don't have one, speak with your lender.  If you don't have a lender click here. 

What Part of Town?


Knowing what part of town you prefer to live in is an obvious first step.   Are you wanting to be near the best schools for your children or for the future resale value?  Certain neighborhoods with more social activities or community services are appealing to some.  Others may simply want to be near work.  Others base their decision on the distance from family members.   Some parts of town can be noticeably more expensive than others so let us know what factors play a role in your life and we'll be happy to help. 

What's Your Price Range?


Reviewing your finances with a lender will give you an accurate affordability range.  Prior to sending your financial documents to a lender, you can review your finances and calculate your debt-to-income ratio.
Factor in your car payment(s), credit card balances, alimony, child support payments and other monthly expenses. 
In addition to the monthly loan payment you need to include the ancillary costs of your new home - property taxes, mortgage insurance (if applicable), home owner's insurance, HOA fees, etc...
 `
`

Getting your credit reports in order.   


The chart to the left shows how the major credit bureaus calculate your credit score.  Getting your credit in order prior to starting the purchase process is highly recommended.  As the chart shows, Payment History is the most significant factor in determining your score.   Since it's difficult to change history, the quickest way to improve your score is by paying down your credit cards.  The more credit cards you have with a balance of 10% or less the better your score will be.  So, pay down the gas card and the department store cards and keep those balances low throughout the loan process. 

Note - Lenders will often conduct an additional check of your credit prior to finalizing a loan to ensure you haven't received any new or derogatory accounts.  These could include collections, large balances, a new car loan, etc... 

WHERE TO FIND US

WHERE TO FIND US

PHONE & FAX
480-652-4196  P
480-842-8696  F

ADDRESS
9375 E SHEA BOULEVARD  STE 100
SCOTTSDALE,  AZ  85260

EMAIL
info@McDowellFineProperties.com

HAVE A HOME TO SELL?

Ask us about our discounted multi-transaction discounted rates.