Phoenix Mortgage Blog
Every article here is written to answer one real question a Phoenix-area buyer or homeowner has actually asked — with the Arizona specifics that generic national advice leaves out.
12 of 12 articles
In the Phoenix metro, most move-up buyers should line up financing before they list, because selling first gives you the strongest offer and the cleanest approval, while buying first only works when you can carry both payments or use a bridge, HELOC or recast strategy.
Read the article →Hazard insurance is the portion of a homeowners policy that covers physical damage to the structure, and it is the only part your lender legally requires; homeowners insurance is the broader package that adds liability, personal property and loss-of-use coverage.
Read the article →Medical collections under 500 dollars are no longer reported by the major credit bureaus, and the current mortgage scoring models weigh remaining medical collections far less than other derogatory accounts, so medical debt by itself rarely stops an approval.
Read the article →Eligible active duty service members can buy a Phoenix-area home with zero down payment, no monthly mortgage insurance and a capped set of closing costs through a VA loan, and the entitlement can be restored and reused after each sale or payoff.
Read the article →You can absolutely finance a for-sale-by-owner purchase, but without a listing agent you take on the disclosure, title, appraisal and contract deadlines yourself, so a licensed lender and an Arizona title company should be involved before you agree to a price.
Read the article →Condo financing depends on the project as much as the borrower, so before you write an offer on a Phoenix or Scottsdale condo, confirm the HOA's owner-occupancy ratio, delinquency rate, litigation status, reserves and insurance — those five items decide whether the loan is possible.
Read the article →Nearly every mortgage approval starts with the same package: two years of W-2s or tax returns, 30 days of pay stubs, two months of full bank statements, photo ID, and documentation for any large deposit, gift or additional income source.
Read the article →Homeownership builds wealth through four mechanisms at once — principal paydown, appreciation, a housing payment that stops rising while rents do not, and tax treatment — which is why owners in the Phoenix metro typically accumulate net worth faster than renters at the same income.
Read the article →If rates fall meaningfully after you lock, many lenders offer a one-time float-down that lets you capture part of the improvement before closing, and if they do not, refinancing later remains available once the savings outweigh the costs.
Read the article →Arizona property taxes are relatively low compared with most of the country, which is why a Phoenix-area buyer can often afford more home at the same monthly payment than a buyer in Texas, Illinois or New Jersey — but Maricopa County bills in two installments and rates vary by taxing district and community.
Read the article →Arizona buyers have several real down payment assistance options, including statewide programs through the Arizona Industrial Development Authority and city and county programs across the Phoenix metro, most of which provide a grant or second lien covering roughly 3 to 5 percent of the purchase price for buyers meeting income and credit thresholds.
Read the article →Builders in Buckeye, Queen Creek, Surprise and the Southeast Valley often offer large incentives through their affiliated lender, but you are almost never required to use them, and comparing a builder's buydown against an outside lender's total cost is the single highest-value thing a new-construction buyer can do.
Read the article →Tell Jim what you are trying to accomplish. He will help you understand the numbers, compare your options and determine the right next step.