Arizona Mortgage Information, Arizona Home Buying

Arizona Mortgage Information and Assistance

The 3 basic loans in the Mortgage Industry are New Home Purchases, Home Equity Loans and Refinancing.

There are also VA Loans, FHA Loans, Home Improvement Loans and Debt Consolidation Loans.

All loans have an amortization schedule which is based on the interest rate and the balance of the loan. This tells you how much you pay towards the principle vs the interest for the life of the loan.

Mortgage Loans are limited to the value of the property that you are purchasing in conjunction with the size of the down payment that you provide or any property that you may already own  It's a business of credit vs collateral.

Once you have paid off a sizable portion of the balance, you may have the option of borrowing more money based on the equity that you have earned so far. This is a popular thing lately. People take out another loan to go on vacation, to consolidate debt, to get a lower interest rate through refinancing or to take on a home improvement project.

When applying for any of the aforementioned loans, you must deal with a loan officer who will guide you through the process until a mortgage broker is able to get funding for the loan through a lender. It can be a lengthy process for some people and then a quick one for others. Everyone's circumstances are different and therefore, so is the loan process.

The loan process involves personal credit checks, verification of income and investment history, checking your recent paycheck stubs along with 2 years of W-2s, listing your creditors along with minumum monthly payments and balances.You may also have to provide calceled checks for your rent or mortgage payments. Loans also have qualifying guidelines, minimum down payments and closing costs associated with them

You'll also have to get homeowner's insurance and title insurance to get the loan. Lenders require all areas to be covered to minimize risk even though they will make a lot of money over the course of the loan.

If you have any questions, give Paul a call.

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