Financing in Arizona City>Question Details

Jo, Home Buyer in Arizona City, AZ

Needing to know if we need to get ahold of mtg company first or realtor.

Asked by Jo, Arizona City, AZ Wed Apr 11, 2012

do we arrange financing first or talk with realtor about a particular property. Can we get
financing approved without having a particular property in mind? If we need to get
financing first I have been told it takes 3 weeks would that stop sale?

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Answers

11
Roswell Moore, CMPS’s answer
Hi Jo,

As a lender, I would say that you need to know how much of a home you would qualify for, before going to a real estate agent, but that is a matter of your personal preference.

May I suggest you contact Loren Hoboy, who answered your question below, as I have worked with him in the past & know him to be very good, both in terms of taking care of his clients & having a full grasp on today's market.

Please feel free to contact me directly if you have any further questions, I'd be glad to help.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
http://www.ezAZloan.com

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!
NMLS ID 263779 | AZ BK 359295
1 vote Thank Flag Link Wed Apr 11, 2012
Find a good realtor. The better ones can help guide you to a good lender or two that do not change a lot of junk fees and can close in a timely manner.
1 vote Thank Flag Link Wed Apr 11, 2012
Hello Jo. I'm not local to your area but I found your question interesting and wanted to offer a reply. I strongly suggest you contact a Mortgage professional first for a pre-qualification. The reason being, since you are looking to finance the purchase, it's good to know what you can afford based on your income, assets, credit and downpayment. Finding a Realtor can be done simultaneously. I might also think that you would know someone who knows a Realtor to recommend.

The loan (depending on where you go to get one) will require complete financial disclosure and underwriters will be sticklers for paperwork and accuracy. This is common given the current economic climate.

Once you have a fully executed Contract of Sale, you'll need to get the place inspected. Be aware of the Contract closing date. This usually says "on or about..." then whatever date is there. Keep in mind the "on or about" gives a bit of flexibility and may give you 30 days beyond the closing date.

By the way, even though the Prickett groups' representative here cautions against certain agents/brokers who require a pre-qualified buyer, there is nothing wrong with that. We are all independent conractors and many of us who have a level of experience also have a level of customer in mind and that is usually one who has at least started to get their ducks in a row. It's a preference. Good luck.
0 votes Thank Flag Link Wed Apr 11, 2012
Just be careful of agents who throw out the line "you don't get to smell the leather of my car seats until you're preapproved" or similar nonsense. My best advice is to get comfortable with both the Realtor and the mortgage lender prior to beginning your search. Best of luck!
0 votes Thank Flag Link Wed Apr 11, 2012
Hi Jo -
Answer may differ depending on who's answering :-) Since your financing is the key to making the whole transaction work, you really would be best served by getting your pre-qualification first. Your pre-qualification can be done in a 20-30 minute conversation depending on your situation. You can also get your loan fully pre-approved by an underwriter without a property if needed. With our underwriters in-house we can get that process done (with a complete file) in a matter of a couple days. We can then work with a Realtor you would like to work with or recommend a good agent who specializes in what you're looking for. I hope that helps, but feel free to contact me if you have more questions.
Brian Cardenas, Sr. Mortgage Consultant
AmeriFirst Financial, Inc.
0 votes Thank Flag Link Wed Apr 11, 2012
Hi Jo:

Most realtors do not want to take you out looking for a home without knowing you can qualify for the homes they are showing you. It is not based on the property; it is based on credit, income and available assets. It should be able to be done over the telephone, with you following up with supporting documentation as soon as possible.

I have to run to a meeting so being quite brief. If you wish further information just email or call.
0 votes Thank Flag Link Wed Apr 11, 2012
You need to get pre qualified for a mortgage before finding a property. That way you will be ready to submit an offer when you find a home you like. The way things are going right now in Arizona you will want to act quickly when you find a property because otherwise it will probably be gone. Having the pre qual allows you to do this.
0 votes Thank Flag Link Wed Apr 11, 2012
I agree with Fred and Bea, the mortgage approval is the first thing you want to do after you connect with a Realtor and before you view properties.

Bea is in Casa Grande and might be one to consider!
0 votes Thank Flag Link Wed Apr 11, 2012
Hi Jo
It's one of those chicken/egg things. In order to submit an offer, we would need to include your LSU or LSR showing you have prequalified for a purchase amount. It isn't based on a specific property but shows the type of loan and the amount you can purchase. So the first step is speaking with a lender. The lenders I work with typically can qualify a buyer in a day. Give me a call if you would like their contact information.
Bea Lueck
Rox Real Estate - Casa Grande, AZ
520-509-1004
0 votes Thank Flag Link Wed Apr 11, 2012
You will want to contact a Realtor. We have lenders we can recommend to buyers that we know service the area and type of property you desire.

I would contact a buyers agent so you have someone representing your interests.
0 votes Thank Flag Link Wed Apr 11, 2012
Hi Jo,

The mortgage approval is the first thing to do.

You don't want to get disappointed after seeing a home you can't afford.

Best of luck!

Fred
Web Reference: http://fredglick.com
0 votes Thank Flag Link Wed Apr 11, 2012
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