Home Buying in Phoenix>Question Details

imdb, Home Buyer in Houston, TX

Looking to purchase a home in Phoenix by year end, but am living in CA. Should I seek pre-approval & financing in CA or AZ?

Asked by imdb, Houston, TX Fri Aug 24, 2012

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Doug McVinua’s answer

Financing is done on a national basis but practices are local. The closing process in Arizona is different than in CA and as such I would recommend an Arizona lender.

In the end when the pressure is on right before you get keys a good local lender will be able to perform better for you.

I would be glad to share a great lender or two with you to pre-qualify with and begin the process. We have agents living in Phoenix that understand the market very well.

We come at no charge and offer home searches, inspectors, lenders etc for the process, everything you need.
1 vote Thank Flag Link Fri Aug 24, 2012
Hello Debi, I would HIGHLY recommend going with a local AZ lender. For one, they know the market/programs and two most sellers if they see an out of state preapproval will accept a local lenders buyer over yours due to CA lenders not knowing our marketing, guidelines, process, etc and dealing with an out of state lender will in no doubt delay your closing.

The first step if you are looking to purchase by the end of the year is get pre-approved now and then you can start looking at homes. There are a lot of short sale homes out there so they can take 1-6+ months to get Bank approval on for the seller, so you really need to start the ball rolling as soon as possible.

If you would like to apply on my website I can have you preapproved within 24 hours if not sooner. I am an Arizona native and have been in the mortgage business for over 11 years. I have local processing, underwriting, and funding.

I have a great agent that I have worked with for many years and Pearl's contact information is Pearl Everett HomeSmart Direct: (602) 931-9525 peverett@hsmove.com so once you are preapproved, she can set you up on a home search.

I look forward to helping you purchase your new home!


Kelly Weston
Senior Mortgage Specialist
Direct (480) 428-1214 Fax (480) 882‐0860
NMLS#203522, BK#0904164
0 votes Thank Flag Link Fri Aug 24, 2012
Hi Debi,

I would look up local lenders in AZ and make a few calls and ask questions etc... Although if you've got a pre-approval with a bank of ameirca, wells fargo, chase etc. in general you shouldn't have any problems. For the most part if you're pre-approved and have good credit your main concern would be getting the best rate. This obviously takes into account your time frame of moving as they can change. If you have questions don't hesitate to call.

Peter Sahhar
Realty One Group
0 votes Thank Flag Link Sun Dec 16, 2012
Hi Debi,

Just doing some follow up from this Aug post, are you here in Phoenix now or in Calif? Have you started your house search and is your plan still to purchase before the end of the year?

Let me know if I can help

Edie Womack. CDPE, GRI, SFR,
0 votes Thank Flag Link Sun Dec 16, 2012
Why would you come to Phoenix? Horribly polluted air, with particulates causing most people who live here terrible allergies and asthma (look it up -- Phoenix and Tucson have the worst allergy and respiratory illness problems in the entire country) . Also, lots of corruption in government, and plenty of trouble with drug cartels taking over neighborhoods (having that happen will kill your investment really fast). Phoenix is, unfortunately, a tremendous ILLUSION. People are transient and houses turn over so fast you can barely even recognize so-called "neighbors." I'd recommend northern CA, the Pacific Northwest, and the Midwest (as well as parts of the South) as decent places to live or invest. Phoenix can be Hell.
0 votes Thank Flag Link Fri Aug 31, 2012
I lived in Tucson growing up and love the heat! Also, the last time I visited, the city held museums, sports arenas, etc. Something for everyone! CA has the same negative connotations. I guess my glass is always half full :D
Flag Tue Sep 25, 2012
Either, but for smooth running it always best to seek out and SHOP ur loan with local lenders, ones that are successful, and know the local market, Just for your info the majors, Chase, BofA, Wells, Citi, take longer to do a loan and they have a lot more red tape so to say. Let them quote u on a good faith estimate and use it to bargain with Major Mortgage Bank lenders such as http://www.academymortgage.com or like Peoples Mortgage below, they will shop ur loan to about 200 different lenders to get u and them the best deal as 95 percent of loans are resold after the first 30 days in package deals to major banks anyway. If u like u can contact me I can provide u with numerous loan officers to shop ur loan. thx
hubert@expertrealtyadvisors.com 623-329-2327
0 votes Thank Flag Link Mon Aug 27, 2012
Go with a Arizona lender, but if you're working with a good lender/broker it shouldn't matter. Good luck in your move.
0 votes Thank Flag Link Sun Aug 26, 2012
Hi there!

Korene (who answered your question a couple lines below) and I have worked together with many clients and I would be happy to help you with your home purchase. Korene is the one of the best lenders that I have ever worked with and will work very hard both to earn your business but to ensure you have the best possible loan structure for your scenario.

I am a licensed realtor in Arizona and am a very experienced buyer's agent. If you would like to see the quality of my work, you can see recommendations from my clients on my Trulia profile. You can also start your home search online on my website at http://www.jenniemillerrealtor.com
0 votes Thank Flag Link Fri Aug 24, 2012
I would be pleased to assist you in getting pre-approved. I have a license and originate in both CA and AZ. With wanting to purchase in AZ you will need to be pre-qualified with a lender issuing mortgages in AZ.

Please call or email me at your convenience.

0 votes Thank Flag Link Fri Aug 24, 2012
Hello Debi,

Marlo Newman
Starboard Financial

He has many different Loan Packages that are very unique to the industry. Please let him know I referred you.

Have an AWESOME afternoon!

Vivien L Biggs PLC
Prudential Arizona Properties

Check MLS for homes on my website
0 votes Thank Flag Link Fri Aug 24, 2012
Hi Debi,

I agree with everyone else, it is probably easiest to get a pre-approval from a lender in AZ. I know several fantastic lenders if you need any recommendations. The homes on the market are moving pretty quickly right now, so it's a good idea to be ready to go with a pre-qual for when you find a house that you want to offer on.

If you are still looking for an agent, I would love to interview with you to see if you would be interested in working with me. I have lived here all of my life and am very familiar with all areas of the valley.

Happy house hunting!

Kim Scott
Diamondback Realty, LLC
0 votes Thank Flag Link Fri Aug 24, 2012

I would suggest to do so. If you would like any assistance feel free to contact me direct. I could forward you relocation information as well as auto searches in your areas of interest. Also a handful of lenders too contact for an interview

0 votes Thank Flag Link Fri Aug 24, 2012
I would go ahead and get a pre-approval from a local lender. I have seen some out of state deals go awry because of out of state lenders not knowing the ropes locally. Please feel free to give me a call and I can help you with this.
Thomas Bartz
R.O.I. Properties
0 votes Thank Flag Link Fri Aug 24, 2012
Hi Debi. GREAT question, and one that a LOT of buyers don't consider prior to purchasing a home when they move into a new state.

I would HIGHLY recommend getting pre-approved HERE in AZ. There are many reasons, the least of which it is MUCH easier to deal with a local person versus someone from out of state. The local lender will know AZ rules and regulations and guidelines when it comes to mortgages, plus they understand the timelines that come up during the escrow period.

I've had a few horror stories from buyers that wanted to use their home town lender, one being from Minnesota a few years ago. It almost cost her getting the home she wanted because her out of town lender just couldn't grasp how an escrow is handled in AZ, and he needed several extensions to get her loan completed. It was a short-sale, and the seller's lender did NOT want to continue granting us extension after extension. Fortunately, my buyer was able to go over his head and get it done, but not without much stress and unnecessary delays.

I have an EXCELLENT local lender here in AZ that has closed several loans for my buyers over the last few years. She can get you pre-qualified from a quick phone call:

Lizy Hoeffer
Sr Loan Officer
Cobalt Mortgage
Cell: 480-593-4510
E-fax: 888-391-7477
NMLS# 260183

Lizy is the best! She's very personable and professional and all of my clients that have used her just rave about her performance.

Once you've spoken to her, feel free to give me a call or send me an email and let me know what type of home you're looking for and what area of the Valley you'd like to live.


Jim Mitchell
Realty ONE Group
Cell: 480.231.6769
0 votes Thank Flag Link Fri Aug 24, 2012
You can get pre-approved in CA as long as the lender is licensed to loan in AZ. But, I would recommend a local AZ lender who is familiar with the market and the specific requirements in AZ. If you would like recommendations for lenders here in the Phoenix area, please let me know. Good luck either way!

Adam Tarr PC
Citywide Real Estate
0 votes Thank Flag Link Fri Aug 24, 2012
I recommend using a AZ lender.

What tool are you using to search for real estate?
I have a free tool for my clients called listingbook. Go to http://www.listingbook.com/carlsongroup to sign up and start using the free tool. It is the best way to search for real estate on the internet. Let me know if you have questions. Thanks, Tiffany

Tiffany Carlson
Realty One Group
Cell 480-215-1105
Fax 480-302-5885
0 votes Thank Flag Link Fri Aug 24, 2012
Hi Debi:

Well, it probably makes more sense to get pre-approved over here, as it will be more convenient to sign the documents over here with a local lender and title company.

With a re-location, the question is always one of income sourcing. If your income is non-employment related (social security, retirement, etc., for example) then no issue. If you are changing jobs, depending on the circumstances, you may be able to qualify based on a signed employment contract or you may have to wait until you have a paycheck in hand.

I would be glad to help with your pre-approval when the time comes. Please give me a shout.

Bill Parker
NMLS #223607
0 votes Thank Flag Link Fri Aug 24, 2012
I recommend getting pre-approved by an Arizona based lender as they know the local procedures and are best positioned to help you be successful in your purchase.
0 votes Thank Flag Link Fri Aug 24, 2012
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