Those familiar with Tucson, AZ may want to jump right in and start searching for a home at the – Easy Home Search – Below. OR See our Featured Tucson MLS Homes.
If you are not familiar with Arizona or Tucson, you may want to start at – Living in Tucson or About Arizona. Want to find an experienced Realtor Team? Click the – Find Your Realtor – button.
Want to get ready for your move? Use the – Moving to Tucson AZ – button.
As a Tucson home buyer, finding a home and moving can be a stressful event. Even if you have moved dozens of times. Whether moving for a new job or heading for that perfect place to retire, it takes a lot of time and effort.
We want to make your Tucson home buying experience easy and stress-free. Call us – 520-940-4541.
But we can make it much easier. Our clients say our level of service and personal approach made a big difference to them.
We Put The Client First
We put our Tucson home buyers and sellers first. How?
By listening to you. Understanding your wants and needs. We ask questions to better understand your objectives. We offer suggestions and our expertise to find the right home for you.
Our professional backgrounds and experience is unique in Tucson real estate. That means we approach the home buying process with the client’s interests in mind.
We give every client the level of professional service they expect from their attorney, accountant or trusted financial adviser.
We explain each step in the Tucson home buying process from beginning to end during our first meeting. Before you submit an offer, we will explain each section of the Arizona purchase contract and explain what it means to you.
Conclusion
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients say that, not us.
Our website provides Tucson home buyers and sellers lots of information about the greater Tucson area. Want more? Give us a call – 520-940-4541.
We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor Team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials. Give us a call. We look forward to making your home buying or selling a home an enjoyable experience for YOU!
Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.
Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!
The steps on how to buy a house in Arizona may be like other areas of the United States. Then again, maybe not.
Here is one thing that may be different.
Arizona State statutes allow a licensed Arizona Realtor to act on behalf of a client as an attorney.
Home buyers (or sellers) do not need an attorney involved in the transaction. Buyers and Sellers can have an attorney involved, but it is not required by State statutes.
So, when selecting a Realtor to work with, choose one with a level of experience you feel will meet your needs.
But what is a “good” Realtor?
A good realtor possesses several key qualities that set them apart from the rest.
Knowledgeable: A good realtor is well-informed about the local housing market.
Excellent Communication Skills: A good realtor is an effective communicator and listener.
Trustworthy: A good realtor is honest and transparent. They should always act in the best interest of their clients.
Proactive: A good realtor takes initiative and goes above and beyond. Finding the best properties and solutions for their clients.
Attention to Detail: A good realtor pays close attention to details.
Great Realtors do more!
The NEXT Steps
1 – Determine Your Budget:
Before starting your house hunt determine how much you can afford to spend. Consider factors such as your income, expenses, and any existing debt payments.
Now, how much money do you have for the down payment? How much?
Don’t forget moving expenses if you are paying for the move.
2 – Get Pre-Qualified for a Mortgage:
Getting pre-approved will give you a clear idea of how much you can borrow. In Arizona, a mortgage pre-qualification is part of the purchase offer contract.
3 – What is your timeline:
Are you ready to move right away or planning for the future? How far in the future? 2 months, 6 months, a year? More??
4 – Choose a Realtor to work with:
Now it’s time and to select a Realtor. Interview 3 or 4 Realtors in the area(s) you are planning to move to.
If you want a GREAT Realtor Team with the background and experience to answer your questions on how to buy a house in Tucson AZ – read our Profiles. We provide a level of professional experience unmatched in Tucson Real Estate.
Want more? Read what our clients have said about our professional approach.
Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.
We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor team, we invest the time to understand your home buying interests and desires.
At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.
Why? We want you to know what to expect. And what to plan for.
Interested in new construction? We’ll brief you on buying a new construction home. And what’s unique about the process.
For us, you are not another real estate transaction. You are a client and, future friend. We strive to create a relationship that continues long after you move into your home.
Our goal is to provide insight, advice and the highest level of professional services to you. We want you to be proud to recommend us to your family, friends and acquaintances.
Review our profiles. Check out our backgrounds, education, and certifications.
We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.
Best of all, our professional service backgrounds mean we put you first!
Selling a home in the Tucson area?
Selling a home requires more than listing it in the Tucson MLS system. It’s about marketing. Marketing through multiple online channels.
To no one’s surprise, 80% of home buyers start their search on the internet. Homes must be visible on multiple internet channels. The more visible a home is, the faster it will sell.
We use multiple online marketing channels to showcase your home. We will build a stand-alone website built to show your home. Our marketing program targets key cities in the U. S. based on the season. For luxury listings, our drone service provides video of your home and neighborhood. This video along with professional photos helps the online buyer see and feel in your home.
To learn more about how we can help you sell your Tucson home, call us – 520-940-4541 – to arrange a meeting. We will visit your home and prepare a comparative market analysis. Then we will meet with you to review our analysis and our marketing program to “get your home sold!”
Conclusion
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.
Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.
We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.
Are we the Tucson Realtors you have been looking for?
Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.
Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!
Arizona closing costs are a topic we frequently hear from our clients whether they are buying or selling a home in Tucson AZ.
Arizona closing costs vary based on property value, location and type of loan used to buy a home. Other items included items such as title insurance, appraisal fees, and escrow fees.
It is important to know and budget for these costs before starting ayour home search. This is most important for first time home buyers.
Buyers need to budget for expenses property taxes, HOA fees, and prepaid expenses. like homeowners’ insurance or property taxes.
Your real estate agent will provide valuable by explaining Arizona closing costs.
New regulations on mortgage lenders, appraisers, and title companies have, in general, increased closing costs.
What are closing costs?
Arizona closing costs are incurred by both the buyer and seller of a Tucson home. For a buyer, closing costs will be added to the purchase price of a home.
Buyer’s Costs
Typical Arizona closing costs include costs and fees related to:
Realty Company “document handling/storage” (NOT all Realty Companies do this)
The specific costs and fees will vary based on the location of the home being purchased. For example, a home in a community without an HOA will not need to pay the HOA Capital Or Transfer fees. It you are making a purchase with cash, you will not have Lender Title Insurance.
So how much are closing costs going to be for the Tucson home buyer? On average, expect to pay between $2,400 to $4,500. The big consideration will be the HOA Capital Fees. Most, if not all, Adult or 55+ communities have them. This is a onetime fee that will range from $1,500 to $2,600.
The Seller Pays for
Arizona closing costs will reduce the proceeds received from the sale of the home. For a seller, typical closing costs will include cost and fees related to:
Realty Company “document handling/storage” (NOT all Realty Companies do this)
More Simply
SELLER:
Cost of clearing title
Certificate of title
Abstract, continuation, title insurance.
Conveyance tax
Escrow fee (Share with Buyer)
Interest in arrears on old loan
Prepayment penalty on old loan
Home Owner Association transfer fees and assessments
Septic Inspection/Certificarion
Home Warranty Policy (Share w/ Buyer)
BUYER:
New loan or loan assumption fees
Deed and mortgage recording fees
Escrow fee (Share w/Seller)
Reimbursement to seller for prepaid taxes
Appraisal and inspection fees
Prepaid Interest on new loan
Well Inspection
Wood Infestation/Termite inspection
Property Insurance
Home Warranty Policy (Share w/Seller)
And By the Way…
It is worth noting some Realty Companies charge the buyer and seller a “document handling/storage” of about $300. Ask your Realtor if their company does.
That means both buyers and sellers should be asking the agent they use how much are closing costs going to be if I use you and your company. Most won’t disclose the fees will be charged until it appears on your settlement statement. Save yourself $300 and choose a realtor and Realty Company that doesn’t charge that fee.
We will answer the question NOW – Tierra Antigua Realty – DOES NOT charge either buyers or sellers a document handling/storage fee.
So how much are closing costs going to be for the home seller? On average, expect to pay between $1,800 to $3,100.
Who Pays the Closing Costs
Some closing costs result from legal requirements. Other costs may be a matter of local custom and practice. The Tucson Home purchase contract and related addendum identify which party – buyer or seller – will pay which closing costs.
However, these can be negotiated as part of the Tucson homes purchase or selling process. This means getting the final answer to “how much are closing costs” will depend on you and your Realtors ability to negotiate.
Also, understand how much are closing costs going to be is directly related to the date the ownership of the property changes from seller to the buyer. This makes the seller responsible for expenses for the period that they owned the property.
The buyer becomes responsible for expenses accrued from the date they take title.
Talk To Your Lender
Please note, there are special considerations and limits on these expenses and who pays closing costs on VA or FHA financing. Specific closing costs are identified to be paid by the seller or buyer. Ask the realtor/real estate consultant representing you what these include.
While your Realtor may be able to provide “estimates” for some of the closing costs, your lender is responsible to identify all Arizona closing costs on their “Good Faith Estimate”. The Good Faith Estimate or GFE will be provided to you within 3 days of identifying the property you are buying.
A Settlement Statement will be provided by the title company a few days prior to the Close Of Escrow.
The Final Settlement Statement shows all actual closing and adjustment costs along with how any prepaid and unpaid expenses for the Buyer and Seller.
Considering A Home In Tucson, AZ?
Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.
We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor team, we invest the time to understand your home buying interests and desires.
At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.
Why? We want you to know what to expect. And what to plan for.
Interested in new construction? We’ll brief you on buying a new construction home. And what’s unique about the process.
For us, you are not another real estate transaction. Our goal is to provide insight, advice and the highest level of professional services to you. We want you to be proud to recommend us to your family, friends and acquaintances.
Review our profiles. Check out our backgrounds, education, and certifications.
We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.
And remember, our professional service backgrounds mean we put you first!
Selling a home in Tucson?
Selling a home requires more than listing it in the Tucson MLS system. It’s about marketing. Marketing through multiple online channels.
To no one’s surprise, 80% of home buyers start their search on the internet. Homes must be visible on multiple internet channels. The more visible a home is, the faster it will sell.
We use multiple online marketing channels to showcase your home. We will build a stand-alone website built to show your home. Our marketing program targets key cities in the U. S. based on the season. For luxury listings, our drone service provides video of your home and neighborhood. This video along with professional photos helps the online buyer see and feel in your home.
To learn more about how we can help you sell your Tucson home, call us – 520-940-4541 – to arrange a meeting.
We will visit your home and prepare a comparative market analysis. Then we will meet with you to review our analysis and our marketing program to “get your home sold!”
Conclusion
Both Buyers and Sellers need to understand the Arizona closing costs and lender fees for their real estate transaction. Ask your Realtor for assistance to help you through this important step in the real estate transaction.
And one more thing regarding Home Warranty Plans. While not mentioned in the link (above), many of our clients have found Fidelity National Home Warranty to be a good choice.
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.
Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.
We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.
Are we the Tucson Realtors you have been looking for?
Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.
Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!
Everything You Need to Know About a Reverse Mortgage
How To Make It Work for You
Have you heard the term “reverse mortgage”? Wonder what it is?
Anyone that has bought a home knows what a mortgage loan is. It is money you borrow from a “lender” to buy a home. Ok, if you have lots of cash you don’t have to borrow money to buy a home. But most folks do.
The lender requires the homeowner to make regular payments to pay off the “mortgage” over time. Usually, 30 years. The payments reduce the amount of the mortgage and pay the lender “interest” on the loan.
Reducing the mortgage, increased the amount of “equity” the homeowner has in their home.
So, What Is a Reverse Mortgage?
As the term implies, it is the opposite of a mortgage. With a reverse mortgage, the lender sends you money. A lump sum, monthly or other scheduled payment.
As a homeowner receives the money, the reverse mortgage loan increases. And with increasing mortgage debt, the equity in the home declines. Interest isn’t paid on a reverse mortgage but added to the loan balance.
A reverse mortgage is a loan against the equity in a home. No equity, no reverse mortgage.
Now here is the fun part. If you don’t make the mortgage payments on a “regular” mortgage you can lose your home. But with a “reverse mortgage” you won’t. Why?
You don’t make payments on a reverse mortgage.
Who Can Qualify?
The requirements to qualify for a reverse mortgage are set up for “senior” homeowners. People that own their home clear of any debt or encumbrances. The reverse mortgage borrower must.
– Be a single homeowner at least 62 years old.
– For a couple, one person must be at least 62 years old. For a couple with only one person being 62 or older, the reverse mortgage money borrowed will be less.
– You must own your home and have no debt against the home.
– The home must be the borrower’s principal home. That means you have lived in the home for more than 6 months a year.
– The home must be a single-family home, a 2 to 4 unit building or an approved condominium. A planned-unit development will also qualify. And last, a mobile home with a foundation meeting HUD guideline also qualifies.
– The borrows’ financial situation must meet the lenders’ rules. Lenders will look at your credit history, income and expenses. There must be enough free cash to pay property taxes and home insurance.
How Much Money Can You Get?
Well, that depends on a couple of things.
The reason a person would want one is to get their hands on the money from the equity in their home. Without equity, there isn’t a reverse mortgage.
The amount received depends on the home’s worth, the age of the borrower, interest rate and lender fees. Remember, there can be no debt on the home. The proceeds from the reverse mortgage can pay off any debt first. But that will reduce the balance of the reverse mortgage for future use.
With that in mind, the most cash is available for older borrowers living in homes with the greatest value. And the lower the interest rate charged the greater the amount of money available.
Another big factor in the amount of cash you receive from a reverse mortgage is how you receive it.
Receive Monthly Payments
Most people need a monthly income to live on. That makes a monthly payment is a popular option.
It can make a set payment amount for a specified number of months. Or it can make a set payment for as long as you live in your home. Or for life.
The longer the period of time to received payments, the lower the amount of the payment will be.
Used It as A Line of Credit
An alternative to monthly payments is to create a line of credit. Using a line of credit means you only draw money from the reverse mortgage when you need it.
And the interest isn’t charged until you use the money. That means you only pay interest on the money used. And that will make the balance of the reverse mortgage last longer.
This option a better way to access funds if your financial goal is to limit the equity you pull from your home. The size of the line of credit will be set at the time you close on your loan but may increase over time.
Get A Lump Sum Amount
Another option is a lump sum payment. It is the least beneficial to most people. A lump-sum payout only makes sense when you have an immediate need for a large amount of cash.
Or Mix and Match Payments
This option might work if you need a large chunk of money up front and a regular monthly income.
It is a combination of the preceding three programs. And some reverse mortgage lenders will allow you to alter the payment structure as time goes on.
Another big factor in the amount of cash you receive from a reverse mortgage is how you receive it.
When Is a Reverse Mortgage Repaid?
Here are the conditions under which you need to repay the loan:
When the last surviving borrower dies, sells the home, or moves away. In this context, “moves away” means that they haven’t lived in the home for 12 consecutive months.
The reverse mortgage may need to be repaid if-
– Property taxes aren’t paid.
– Home insurance isn’t maintained
– The home falls into disrepair
In these situations, the lender may be able to make more cash available to resolve the problem. Note the word “may”. It is not a sure thing.
At the end of the day, reverse mortgage borrowers are homeowners. And are responsible for insurances, taxes and maintenance of the home.
What Do You Owe?
The total amount you will owe at the end of the loan will be-
– All cash received
– All interest incurred
It is important to understand that you can never owe more than the value of your home at the time the loan is repaid.
A true reverse mortgage is a non-recourse loan. That means that in getting repaid the lender only has your home. They cannot take your income, other assets or your heir’s finances.
Will A Reverse Mortgage Effect Your Government Sponsored Benefits?
Social Security and Medicare benefits aren’t affected by reverse mortgages. But Supplemental Security Income (SSI) and Medicaid are different.
Reverse mortgages will affect these and other public benefit programs under certain circumstances. So, if you are receiving SSI and/or Medicaid talk with an attorney or financial adviser.
Conclusion
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.
Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.
We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.
Are we the Tucson Realtors you have been looking for?
Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.
Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!
A Major Home Buying Consideration in Coastal Areas – And Tucson
Flood insurance costs for home buyers in coastal areas may be a deal breaker. There are over a million homeowners located in along the coastlines and riverbanks of the United States. Most will see significant increases in their flood insurance costs.
Homeowners in these areas are being rocked by federal flood insurance costs rate hikes.
One homeowner on Pete Beach, a barrier island community off Florida’s west coast, suffered a major shock. A 9-fold increase in their flood insurance costs. On October 1, 2012, the flood insurance costs for a modest 1950s concrete-block, ranch-style home on the waterfront will increase from $1,700 to $15,000 over the next few years. Interestingly, the home has never flooded.
Should the homeowner choose to sell the home, or if the policy should lapse, the new rate would apply immediately.
Higher Rates
Interestingly, Congress passed the law just months before Superstorm Sandy struck the northeastern coast in October 2012. The law attempt to balance a $24 billion deficit in the National Flood Insurance Program. Long in a deficit position, the losses from Hurricane Katrina in New Orleans in 2005 along with recent earlier disasters made losses skyrocket.
The flood insurance hike will make property owners pay for the actual risk of residing in flood hazard areas.
This directly effects the coastal areas of Florida, New Jersey, New York, Texas and Louisiana. Other areas prone to river flooding will also be affected.
The law requires the Federal Emergency Management Agency (FEMA) to phase out insurance subsidies. Subsidies to flood insurance costs have been in place for years. Many homeowners in high-risk flood zones have received subsidies since before the federal flood insurance rate maps and building standards were put in place.
Florida has more than a 25% of the 1.1 million subsidized properties in the United States. The low-lying coastal area of County west of Tampa is ground zero. This area includes St Pete Beach.
Over a third of the county’s 142,000 properties with flood insurance costs have subsidized rates. This is reported by Florida Association of Insurance Agents.
New Flood Zone Maps Bring Higher Flood Insurance Costs
The law follows a nationwide flood zone re-mapping effort. New maps with wider flood hazard zones exposed many homeowners to higher flood insurance costs.
Although, 80 % of the 5.6 million properties nationwide covered by the $1.12 trillion program comply with existing standards and would not have increases in their flood insurance costs. At least not for the time being. That is what FEMA director Craig Fugate told a hearing of the U.S. Senate Banking, Housing and Urban Affairs Committee on September 18, 2012.
However, Fugate said the flood insurance costs for those homeowners in compliance could go up too if new maps reveal higher flood risks.
Hit hardest by the rate hike are people who bought a home with subsidized insurance after the law’s passage on July 6, 2012. Those new buyers must pay full-risk rates starting October 1, according to a timeline on FEMA’s website.
For those with subsidized flood insurance policies on businesses and homes that have had severe or repetitive loss will face 25 percent rate increases annually on policy renewals after October 1, until rates reflect true flood risk.
Owners of secondary and vacation homes have already experienced the first 25 per cent rate hikes in subsidized policies that renewed after January 1, 2013.
All other subsidized policyholders in high-risk flood zones can expect rates to rise about 16 to 17 per cent next year. Increases in flood insurance costs after that are uncertain since, but Biggert-Waters raised the annual cap on future flood insurance costs from 10 per cent to 20 per cent.
Some examples fo what is happening are:
One Pinellas County couple who purchased a home close to the bay last month learned that flood insurance on the modest $205,000 farmhouse will skyrocket from $1,900 to almost $8,000.
“It was a shock; we were in the middle of closing when we found out said a recent home buyer. The 1925 farmhouse sits 5 feet above sea level and had never been flooded.
The buyers went ahead with the purchase hoping for a reprieve in the higher flood insurance costs.
A realtor in St. Pete Beach felt blindsided after she helped sell a beach home after the passage of the Biggert-Waters Act.The home was hit with a $23,000 flood insurance premium.
Conclusion
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.
Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.
We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.
Are we the Tucson Realtors you have been looking for?
Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.
Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!
Mortgage rates are at all time lows and homes are selling fast. Along with that, Getting a mortgage has gotten easier.
Many of our clients are buying their “perfect” home as a place to retire or a winter get away. But many haven’t purchased a home in over 20 years. Over that time, the “rules and processes” have changed.
Getting the answer to the mortgage question, “How much can I afford?” is key to everything else.
And understand this! Buying a home in Arizona REQUIRES the buyer to be pre-qualified to buy the home. And the pre-qualification form goes with the offer to buy a home.
This means the buyer needs to contact a mortgage lender and answer some questions in order to be pre-qualified.
Here is a quick video explaining the steps to getting a mortgage for your new home.
There’s More
Interest rates vary every week and the mortgage interest rate you pay will be in effect once you have an executed contract on the home you want to buy and the lender of choice has a “loan lock“.
Also, there are three types of mortgage lenders. Banks, Mortgage Banks, and Mortgage Brokers. So, another mortgage question is; “which of these three home financing options is best for me?”
Well, in this case, the answer is in the details. Rates are very similar across each of these three lenders. However, some are easier to work with and better at meeting the buyer’s timelines.
Take time to understand how the mortgage lender works and will they commit to meeting your schedule.
The above information will hopefully answer many of the mortgage questions you may have. If it doesn’t, please contact us so that we may help you get the answers to your mortgage questions.
Considering A Home In Tucson, AZ?
Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.
We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor duo, we invest the time to understand your home buying interests and desires.
At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.
Why? We want you to know what to expect. And what to plan for.
Interested in new construction? We’ll brief you on buying a new construction home. And what’s unique about the process.
For us, you are not another real estate transaction. You are a client and, future friend. We strive to create a relationship that continues long after you move into your home. Review our profiles. Check out our backgrounds, education, and certifications.
We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.
We will also help you get deals on tile and paint to make the home you buy yours. Our professional service backgrounds mean we put you first!
Thinking About Selling Your Home In The Greater Tucson Area?
Selling a home requires more than listing it in the Tucson MLS system. It’s about marketing. Marketing through multiple online channels.
To no one’s surprise, 80% of home buyers start their search on the internet. Homes must be visible on multiple internet channels. The more visible a home is, the faster it will sell.
And the photos on the mls make a difference. You can spend lots of money on home staging. But if that effort isn’t correctly show in the MLS photos, you are not getting the full benefit.
We use multiple online marketing channels to showcase your home. We will build a stand-alone website built to show your home. Our marketing program targets key cities in the U. S. based on the season.
For luxury listings, our drone service provides video of your home and neighborhood. This video along with professional photos helps the online buyer see and feel your home. Their “new” home.
To learn more about how we can help you sell your Tucson home, call us – 520-940-4541 – to arrange a meeting. We will visit your home and prepare a comparative market analysis.
Then we will meet with you to review our analysis. We will go over our Comparative Market Analysis for your home in detail. And the review our marketing program to “get your home sold!”
Conclusion
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients say that, not us.
Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541. We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor duo in Tucson, AZ since 2002. Read our client testimonials. Give us a call. We look forward to making your home buying or selling a home an enjoyable experience for YOU!
Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.
Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!
The MIP Tax Deduction was part of the American Taxpayer Relief Act of 2012 (effective through 2013), MIP tax deduction was recently passed. There are 7 points to keep in mind:
1 – The deduction applies to “qualified residences,” as defined in the Internal Revenue Code. Generally, that includes the borrower’s primary residence and a non-rental second home.
2 – As with mortgage interest, borrowers can deduct mortgage insurance premiums paid on both their primary residence and one other qualified residence each year. Investor loans are not eligible.
3 – Households with adjusted gross incomes of $100,000 or less will be able to deduct 100% of their MI premiums.
4 – The deduction is reduced by 10% for each additional $1,000 of adjusted gross household. Income, phasing out after $109,000. Details in link below.
5 – Married individuals filing separate returns who have adjusted gross incomes of $50,000 or less will be able to deduct 50% of their MI premiums.
6 – The deduction is reduced by 5% for each additional $500 of adjusted gross income, phasing out after $54,500. Details in link below.
7 – The deduction is not restricted to first-time home buyers.
We have provided this information to make our clients aware important home buying issues. If you are interested in buying a home in Tucson, we can help. We suggest you contact your tax adviser to learn how the MIP Tax Deduction might affect your specific tax filing.
Another key piece of the mortgage process is the Good Faith Estimate provided by the lender. It provides detail of all the costs related to obtaining a mortgage.
Conclusion
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.
Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.
We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.
Are we the Tucson Realtors you have been looking for?
Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.
Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!
FHA MIP rule changes beginning April 1, 2013. The FHA Mortgage Insurance Premium (MIP) will increase to 1.35% on 30-year amortized loans with 3.5% down. Please note that this is in addition to the monthly mortgage payment.
FHA News Update – FHA Lowers Mortgage Insurance Premiums Beginning January 2015 – READ NOW
This will not have a huge impact on buyers qualifying
The bigger change in FHA MIP comes effective June 3, 2013. On June 3, FHA MIP will be for the life of the loan! In the past, once a home’s principal balance reached 78% of the original sales price after being paid for 5 years, the MIP would drop off. How much of an impact does this have on a loan?
To put this in perspective, with a purchase price of $175,000 and a 3.5% down payment, the loan amount would be $168,875. Adding the 1.75% “up front FHA MIP”, the total loan amount would be $171,830. (Remember: FHA charges MIP on two levels – up front, which is financed into the loan AND annually which is paid monthly.)
A Quick Example
MIP CANCELATION
CURRENTLY 78% OF ORIGINAL LOAN
AFTER 6/3/13
LIFE OF LOAN
Cumulative Premium
$19,190.00
$40,969.00
Example with 4% loan rate
30-Year term – ARP=5.017%
For the homeowner who intends to live in the home less than ten years, this does not have a significant financial impact. However, if you plan on living there longer you may want to consider refinancing into a conventional loan. This would eliminate the FHA MIP.
Other considerations would be the 3% down conventional loan. This program comes with it’s own set of more restrictive guidelines. For more on FHA Loan rules and FHA MIP go to the FHA Website.
Conclusion
FHA rules change frequently. Consult a mortgage lender to understand the rules when you are considering buying a home.
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.
Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.
We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.
Are we the Tucson Realtors you have been looking for?
Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.
Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!
A mortgage recast is when you make a lump-sum payment toward the principal balance of your loan. Your lender will then re-amortize your mortgage — your loan will now have a new (lower) balance.
The result is a lower monthly mortgage payment, but your interest rate and term remain the same.
This is often done when a home buyer purchases a new home but hasn’t sold their old one. When the old home sells the homeowner can use the proceeds to reduce the mortgage on their new home.
A recast can also works should a person receive a large amount of money. For example, a homeowner receives an inheritance or a large bonus from work.
They use the “windfall” cash to reduce their home mortgage and have the mortgage “recast”.
How Does Mortgage Recasting Work?
The specifics can vary by lender, but here are the steps you can expect:
Make a payment. You’ll need to make a large lump-sum payment to a lender – at least $5,000. But check on the minimum amount with your lender. The money goes toward your loan’s principal balance and reduces the amount you owe.
The lender re-amortizes the balance over the remaining term of the loan.
Most lenders charge a servicing fee for loan recasting. But the good news it is not a lot of money.
Again, recasting only lowers the amount you pay each month, it doesn’t reduce your mortgage term.
How Do I Qualify For Mortgage Recasting?
Not all lenders offer mortgage recasting and not all types of mortgages are eligible
You can’t recast an FHA, USDA or VA loan under the current government rules. Most jumbo loans are also excluded from recasting.
You’ll need to refinance your loan if you’re looking to change the terms of these types of mortgages.
Keep in mind that individual standards can vary by lender, so it’s best to check to see what you can qualify for.
Considering A Home In Tucson, AZ?
Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.
We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor duo, we invest the time to understand your home buying interests and desires.
At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.
Why? We want you to know what to expect. And what to plan for.
Interested in new construction? We’ll brief you on buying a new construction home. And what’s unique about the process.
For us, you are not another real estate transaction. You are a client and, future friend. We strive to create a relationship that continues long after you move into your home.
Review our profiles. Check out our backgrounds, education, and certifications.
Our goal is to provide insight, advice and the highest level of professional services to you and be proud to recommend us to your family, friends and acquaintances.
We are here to help you “know what you need to know” to buy a home in Tucson, AZ.
We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.
But most important, our professional service backgrounds mean we put you first!
Selling Your Home in The Greater Tucson Area?
Selling a home requires more than listing it in the Tucson MLS system. It’s about marketing. Marketing through multiple online channels.
To no one’s surprise, 80% of home buyers start their search on the internet. Homes must be visible on multiple internet channels. The more visible a home is, the faster it will sell.
And the photos on the mls make a difference. You can spend lots of money on home staging, but if the photos aren’t great it doesn’t matter. Staging and stunning photos make it all come together.
We use multiple online marketing channels to showcase your home. We will build a stand-alone website built to show your home. Our marketing program targets key cities in the U. S. based on the season.
For luxury listings, our drone service provides video of your home and neighborhood. This video along with professional photos helps the online buyer see and feel your home. Their “new” home.
To learn more about how we can help you sell your Tucson home, call us – 520-940-4541 – to arrange a meeting. We will visit your home and prepare a comparative market analysis.
Then we will meet with you to review our analysis. We will go over our Comparative Market Analysis for your home in detail. And the review our marketing program to “get your home sold!”
Conclusion
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.
Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.
We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.
Are we the Tucson Realtors you have been looking for?
Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.
Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!
1. Make sure you get the right home loan – For YOU!
You’ve found your dream house in Tucson AZ. Now all you need is a home loan. Make sure you get a loan you can afford. That means get pre-qualified BEFORE you start your home search. The process of being pre-qualified will answer a key mortgage question – “What mortgage can I afford?”
2. You can bargain for a better rate on home loans
The average mortgage rate is usually the focus of the bargaining. But wait. What about the costs associated with getting the home loan. Loan origination fees, appraisal fees and processing cost are topics for negotiation.
These “loan costs” are usually rolled into the loan principle. That means you pay them and the interest on them. Consider paying for them instead of financing them.
3. The APR on home loans may not mean what you think it does
Lenders advertise their loans and highlight their annual percentage rates (APR). When it comes to home financing the APR is supposed to help you compare loans. It combines the fees and points with a year of interest charges. The “idea” is to show the “true” annual cost of the home loan.M
Most lender’s APR policies differ. Some include their application fees in the APR, some don’t. So, two home loans from different banks may have different APRs even though they have identical rates and points.
4. Review the total costs of the home loan
Lenders are required to give you a good faith estimate of your closing costs when you submit your home loan application. Any extra costs are a violation of the law. (RESPA)
Always ask for an itemized list of your estimated closing costs item for home loans. The details are required by law.
When you receive the final loan documents for signature,check the amount shown as “amount financed” on your settlement papers.
If it is not the same as the principal, you are borrowing understand why.
5. Know the mortgage insurance obligations
You will need to purchase mortgage insurance if your down payment is less than 20% of the loan amount. Your lender may suggest it’s no big deal. Once your equity grows to 20% you won’t have to pay the mortgage insurance payments.
However, that may not be the case. The Homeowners Protection Act of 1998 requires lenders to automatically remove the mortgage insurance when home’s equity reaches 22% of the home loan amount. it’s the lender’s prerogative.
So be sure to understand the mortgage insurance obligations before you close your loan. Know what conditions you have to fulfill before you can stop paying for mortgage insurance.
6. “Which Is Better” Pre-qualified OR “Pre-approved”?
Being pre-qualified helps you understand the home loan amount you can “likely” afford. But it doesn’t mean you are approved for a loan in that amount. Being pre-approved does.
Getting pre-approved will require a lot more financial information be given to the lender. Based on your timing and objectives consider a pre-approval over pre-qualified loan status. Keep in mind, that in today’s home loan world, even pre-approved status is not a lock.
If you are moving to Tucson for a new job, winter get away or just interested in seeing if Arizona is the right place for you to retire too, we can help!
Considering A Home in Tucson, AZ?
Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.
We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor duo, we invest the time to understand your home buying interests and desires.
At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.
Why? We want you to know what to expect. And what to plan for.
Interested in new construction? We’ll brief you on buying a new construction home. And what’s unique about the process.
For us, you are not another real estate transaction. You are a client and, future friend. We strive to create a relationship that continues long after you move into your home. Review our profiles.
Check out our backgrounds, education, and certifications.
We are here to help you “know what you need to know”to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.
But most important, our professional service backgrounds mean we put you first!
Conclusion
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.
Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.
We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.
Are we the Tucson Realtors you have been looking for?
Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.
Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!
