Financing in Maricopa>Question Details

Jeanettehenr…, Real Estate Pro in Maricopa, AZ

we would like to refinance our home in maricopa, az to lower our payment. l Puha

Asked by Jeanettehenriks, Maricopa, AZ Sun May 29, 2011

We might like to purchase another home while prices are down.

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Is your interest rate high now? What is it? How many years left on your mortgage term? How much is owed on your mortgage balance? Like Doug asked, do you have any equity/how much do you believe your home would appraise for?

Equally as important questions, but are a little more personal, are: What is your credit like? Do you know what your credit scores are? How much is your income? Self-employed or employed? Salary? Commission? Bonuses? What are your annual property taxes & homeowners insurance? What are your other monthly minimum required debt payments (credit cards, car loans, student loans, personal loans, alimony, IRS payment plans, etc.)? How much is in savings/checking/other assets like stocks, mutual funds, IRA's, 401k's, etc.?

I am not expecting you to answer those questions (at least not in this Q&A so everyone can read), but I am just letting you know what information you should be prepared with to make it as quick and painless as possible to determine your refinance options with any mortgage loan officer you approach.

As far as purchasing, in addition to the information in the information above, you should also have a rough idea of the price range you are looking at, how much you want to put down in terms of down payment, and if there is a renter in there already then that can help with the debt to income ratio if needed.
0 votes Thank Flag Link Sun May 29, 2011
Interest rates are low and it might be a good time to refinance and save some interest. Do you have equity in your home?

Rentals are doing well as most are cash flowing right away due to the low prices. Do you want a rental in Maricopa?

Arizona Homes for Sale by a Guy from Iowa
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Sun May 29, 2011
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