Tucson Real Estate & Tucson Home Search

Home Loan

Tips On Getting a Tucson Home Loan

6 Things to Know When Looking for A Mortgage

Six Things To Know About Getting a Home Loan

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!

BACK to the ANSWERING MORTGAGE QUESTIONS page.

PMI Or Private Mortgage Insurance

Useful Tips to Turn the Tables On PMI

Private Mortgage Insurance Required with Less Than 20% Down – Or Is It?

Considering buying a home? Do you have the cash for a 20% down payment?

If you don’t, you will need to factor PMI – Private Mortgage Insurance – into the cost of a mortgage. But here are tips on PMI and mortgage loan choices.

There is no reason you cannot buy a home with less than 20% down. A lot of people do it.

But when you do, lenders of conventional loans will add PMI to the loan payments. And PMI is also required if you refinance your mortgage with less than 20 percent equity.

PMI is a layer of protection for lenders, but an added expense for borrowers.

Conventional loans are the most popular type of mortgages. But they are not insured by the government. That is why lenders require the Private Mortgage Insurance. Should you default, the private mortgage insurance pays the lender.

If you default on your loan, PMI makes sure lenders get their money. So a conventional loan with PMI will cost you a bit more. But having PMI can help you qualify for a mortgage.

Especially if you don’t have a 20 percent down payment. But not everyone can get a conventional loan. Why? Their credit score isn’t high enough to qualify.

Can you get out of private mortgage insurance?

The answer is YES!

You can –

wait until the lender or servicer automatically cancels it
contact the lender or servicer once the principal balance reaches 80% of the original home value
refinancing

How Do You Pay For Private Mortgage Insurance?

PMI fees will be around 0.3 percent to about 1.5 percent of the original loan amount per year. This depends on the size of the down payment and the borrower’s credit score.

Mortgage insurance remains tax-deductible. But tax code changes could make it non-deductible at some time in the future.

Payment options for PMI include –

Monthly. Most PMI policies use monthly payments. The “mortgage insurance” will increase your monthly mortgage bill.

One large payment. Some lenders want all the PMI paid in full at the time of closing. If that is the case with your lender, ask to have the payment added to your loan.

Both. This case would be similar to making a down payment. Some of your PMI is paid up front and the rest paid in your monthly mortgage payment.

How do you know if you will be required to have PMI?

Getting private mortgage insurance is typical with conventional loans. But you might not need to get it. Consider all your options before incurring the cost of PMI.

Shop around. Don’t settle for the first lender that approves you for a mortgage. You might end up paying more in interest and insurance. Understand your options for getting a mortgage before “signing” up.

Bump up your down payment. Remember that 20 percent, eliminates PMI. In some cases this can be difficult. But if you have some extra cash, consider it. Consider how much you will save on your monthly payment. How long will it take to “re-coop” the extra down payment? Can you wait that long to get the cash back?

If you can, great. If not, make the PMI payments and get the home you want.

Consider other loans. While conventional loans are the most popular, they aren’t the only kind. Look at FHA, VA, or other types of home loans to make sure you’re getting the right one for your situation.

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 are a top Tucson Realtor team since 2002. We know Tucson and the Tucson Real Estate market and 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 an be proud to recommend us to your family, friends and acquaintances.

Best of all, 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!

BACK to the ANSWERING MORTGAGE QUESTIONS page.

Self Directed Real Estate IRA

Using A Self-Directed Real Estate IRA To Buy a Home

Tips On Setting Up and Using a Self-Directed Real Estate IRA

Self-Directed Real Estate IRA may make sense again. Once a popular investment option. The housing decline took a lot polish of the idea. As the real estate market improves, a Self-Directed Real Estate IRA may again find favor.

What does it take to do it? First, talk with your accountant or financial adviser to evaluate your situation. Needless to say, there are risks.

Here are the basic action steps to create a Self-Directed Real Estate IRA.

Action Steps

Action 1: Set Up A Self Directed Real Estate IRA: The first step is to establish an Unlimited IRA. This will be done using a registered self-directed custodian. This is the foundation that will permit an IRA to do real estate investments. Your Accountant or Financial Adviser will be able to do this for you.

Action 2: Fund Transfer: The custodian will request, track and direct the transfer for funds from your prior IRA holder(s) into the new self-directed account. This might take 2 to 3 weeks depending upon your prior IRA custodian’s to transfers funds.

Action 3: Establish A Limited Liability Company (LLC): A key component of the process is to create a Limited Liability Company (LLC) for your Self-Directed IRA. The LLC will provide the means to invest. The LLC is the tool that provides self-direction.

Action 4: Funding the LLC: With the self-directed IRA funded and the Limited Liability Company in place, you can capitalize the LLC. Once done, your Self-Directed Real Estate IRA will control the LLC. The LLC will hold the cash in the LLC checking account.

Action 5: Purchasing Real Estate: Your IRA, through the LLC, will now be able to invest in Real Estate. You will control your IRA and be able purchase Real Estate by simply writing a check from the LLC.

Its Do Able

This may sound challenging. However, with the right professional assistance it is really straight forward. A Self-Directed Real Estate IRA Investing isn’t for everyone. Discuss the idea with your accountant or financial adviser. Assess the risks and rewards. There are opportunities in many cities. Tucson Real Estate has been improving. It may provide you a great opportunity!

What more information on Self Directed IRA’s? Here is a quick video.

Search the Tucson MLS to find A Self Directed Real Estate IRA Investment

Considering Real Estate Arizona Tucson OR Tucson homes for sale? We can help!

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!

BACK to the ANSWERING MORTGAGE QUESTIONS page.

203K Loan

203K Loan for Buying and Renovating a Home

Making A Fixer Upper Your Dream Home

Is a 203K loan or Rehab loan right for you? Well, like many things, it depends.

But if you are planning to buy a home in a “low inventory” market, the 203K loan gives you extra buying power.

Here’s why!

A 203K Real Estate Loan is a cost-effective way for buyers to buy a home and finance home repairs and improvements.

Home buyers looking for a “fixer upper” should call their mortgage lender to explore this type of loan.

Using a 203K rehab loan means there is ONE loan. One loan to buy and RENOVATE a home. The FHA 203K loan is also useful when refinancing an existing home that needs updating.

And the 3.5% down payment makes getting it a lot easier.

Quickly See ALL Fixer Upper Homes In The Tucson MLS

The beauty for the renovation loan program is it It saves time and money. One loan, one loan approval and no extra closing costs.

And the rehab costs are in the mortgage not coming out of the buyer’s pocket after closing.

How does it work?

The process is similar to regular home buying loans, with some modifications:

Apply?
Get Approved?
Find A Contractor?
Get Bids?
Close the loan?
Complete Repairs?
Move in

Receiving a final approval involves lining up contractors. That means getting quotes, receiving bids, and selecting vendors.

Yes, there are more “hoops” to jump through. But don’t get stressed. The 203k lender drives the process and will guide you through the process.

A knowledgeable Realtor is also key. They will be able to discuss what modifications to a home add the most value. You’re not on your own!

2 Types Of 203K Loans

The 203K Rehab Loan comes in two types – Standard and Streamline.

The Streamlined 203K addresses cosmetic repairs and updates. The smallest amount financed is $5,000.

A Standard 203K Rehab Loan program addresses repair costs over $35,000. Structural changes, adding rooms, new electrical, and a host of other items.

Streamlined FHA 203K Loan.

“Structural repairs” are not allowed under a Streamlined 203K. In fact, making any structural items is not considered to be minor by FHA/HUD.

And the repairs included in the rehab loan must increase the marketability and value of the home.

All repairs and improvements must meet HUD’s Minimum Property Standards. And all work must meet all local building, zoning and other codes.

Minimum repairs include any health and safety repairs. For example, peeling lead paint or replacing missing railings.

Whether you want those items included or not.

Any health and safety issues are first. Smoke detectors need to replace if missing.

Type Of Work That Can Be Included in The Streamlined FHA 203K Renovation Loan

The Streamline 203k loan program is most popular. Simply because there is less red tape and costs. Again, repairs must be less than $35,000. And no structural changes can be made. Renovations can include kitchens, baths, windows and flooring.

Repair, Replace or Upgrade
Roof, gutters, downspouts
Existing HVAC systems
Plumbing and electrical systems
Flooring
Painting
Appliances
Weatherization
Repair, replace or add exterior decks, patios, porches.
Basement waterproofing
Window and door replacement and exterior siding
Septic and/or well repair or replacement
Improvements for accessibility
Lead-based paint stabilization or abatement of lead-based paint hazards.

What can’t you do? Ineligible improvements under the Streamlined 203(k):

Major structural repairs
New construction (adding a room)
Repair of structural damage
Repairs requiring detailed plans and specs.
Any repair taking more than 6 months to complete.
Repairs that would need more than 2 draws.
Luxury items that are not a permanent part of the real estate
Granite, marble countertops, jacuzzi tubs, hot tubs, pools, etc

Standard FHA 203K Rehab Loan

If you have a larger project the Standard FHA 203K loan may work for you. The Standard Renovation Loan will address a home that needs a full gut job. Even added rooms fall under the Standard Renovation Mortgage.

This is what we refer to as the “full blown K”.

A “full K” allows you to make “structural” changes. Even the need to enlarge a house, build a new home on an existing foundation and even take an existing house and move it.

So, you can imagine that the process is a bit more involved.

Think of it as a mini construction loan program. And your contractor can ask for as many as 5 draws. But each draw request needs to have an inspection to ensure the work has been completed.

Because it is more involved than a standard loan, there are more costs involved.

Type of work for a Standard 203(k)

Structural alterations and additions
Garage
Attached unit (new)
Remodeled kitchen and baths
Changes to eliminate obsolescence and reduce maintenance.
Modernize plumbing, heating, A/C and electrical systems.
Install or repair well or septic systems.
Roofing, gutters, downspouts
Flooring, tiling and carpeting
Energy conservation improvements
Major landscaping
Improvements for accessibility
New free-standing appliances
Interior and exterior
Swimming Pool repairs
Other improvements that are a PERMANENT part of the real estate

And as indicated before, luxury items are NOT permitted in the project.

What is different from the Streamlined K and the full FHA 203K Renovation Loan?

The full 203K rehab loan requires a HUD Consultant (selected from HUD’s approved consultant list). And you pay for the consultant.

The HUD consultant understands the program and what can “fit” into the renovation loan.

They will come to the property to review your anticipated improvements.

They will inspect the property for any health and safety issues. These items must by included in the project. The consultant will prepare a “Work Write-up” for the project based on the work you would like to have done.

Because the rehab project is bigger and includes a HUD consultant it takes longer. A lot longer.

Here are a few additional items to consider.

First, there are a lot of other rules in the 203K loan program. So, find a Realtor and a Lender who has understands them.

Its an FHA mortgage for a primary residence only with a 30-year term. The maximum 203K renovation loan is limited to $295,000 in PIMA County. The maximum varies by state and county.

A 203k loan will require a longer close of escrow. Usually between 45 and 60 days. Think 90 days plus for a Standard 203K renovation loan.

And remind your Realtor to notate on the appropriate line of the Arizona Residential Purchase Contract: “Buyer obtaining a FHA 203K Rehab Loan; terms & conditions apply.” Most will not know it needs to be done.

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. 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.

Most important to you, 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

203K Rehab Loans are having a return in our marketplace! As home listings have declined, buyers are rationalizing why a “fixer” should be in their Tucson home search. But, find out if are eligible for a 203k real estate loan before starting you home buying search.

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!

For more information on the FHA 203k loan program, visit the HUD website.

BACK to the ANSWERING MORTGAGE QUESTIONS page.

Mortgage News & Insights

Mortgage News and Insights

3 Sources of Loans to Check When Buying a Home

This Tucson Mortgage News & Insights highlights the 3 key types of mortgage lenders. Many of our home buyers want to know which is best.

Our answer always – it depends!

Banks, mortgage bankers and brokers will all be able to help you get a mortgage. If you qualify!

However, they are not all alike and their costs to the buyer won’t be either.

All use a buyers FICO score and debt to income ratio in making their lending decisions. But there are other factors that may or may not be considered. Knowing what each lender does or doesn’t do may help you choose the better lender – for you!

Lender #1 – Banks

Banks will normally manage the entire loan process from start to finish. Starting with loan pre qualification.

A loan officer is licensed with the necessary federal and state authorities and adheres to the regulations of the banks lending process. A loan officer will bring their expertise to the table when they work with you.

Loan officers know the types of loans their bank offers, and they can give you advice about the best option for you and your situation.

loan officer is your direct contact when you’re applying for a loan. They will research and review your financial history and assess whether you qualify for a mortgage.

One of the critical steps in the mortgage lending process is the Appraisal. They determine whether or not the value of the home being bought is at or above the price the buyer is paying. Lenders subcontract the appraisal to independent appraisal companies.

Lender #2 – Mortgage Bankers

A full service mortgage banker processes,underwrites and funds the mortgage internally. This gives the mortgage banker complete control of the entire mortgage loan process.

Mortgage Banker Loan Officers understand the process and are in a position to communicate any issues and make direct inquiries with underwriting!

All Mortgage Banker Loan Officers must be licensed and are required to take annual continuing education programs.

Mortgage bankers are able to access a number of financial institutions and financing programs. Large mortgage bankers will be selling mortgages directly to Fannie Mae and Freddie Mac. That eliminates overlays.

Mortgage Bankers, as well as banks and brokers, subcontract the appraisal process to an independent third party appraisal company.

Lender #3 – Mortgage Brokers

A mortgage broker is the “Middle Man” in the lending process.

The broker will shop rates & programs available at other mortgage lenders. A Broker has NO control over underwriting or funding. They rely on funding source to close the transaction.

As with the other mortgage lenders, the appraisal of the home will be subcontracted to an independent appraisal company.

What The Better Choice?

So which is better?

The answer will depend on your perspective and experience.

If you want to know our view, give is a call. We will review the choices and give you some insights based on our experience in Tucson AZ.

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!

BACK to the ANSWERING MORTGAGE QUESTIONS page.

Credit Score Factors

Helpful Ways to Improve Your Score

Credit Score Factors are what lenders use to evaluate your credit. Lenders decide whether or not to lend money to a borrower based on their credit score. The mortgage industry is ever changing their lending requirements. The recent foreclosure and short sale activities has plagued the increase in standards for the borrower.

Lenders to evaluate credit score factors based on your FICO score. FICO stands for the Fair Isaac Corporation.

The scoring program assists lenders in managing credit score factors. It provides a standardized approach when making lending decisions on a loan.

Credit Scores

FICO scores range from 300 to 850. A 850 credit score is the highest. It would indicate all the credit score factors are very high. Below is the weight system used when evaluating your credit score:

35% – Borrower’s payment history. Late payments on bills including mortgage, credit cards, auto loans, and in some state’s utilities, can cause your FICO score to go down.
30% – Borrower’s credit utilization. The ration of outstanding debts (credit card balances) to the total available revolving credit (credit limit).
15% – Credit history. As your credit history grows, you pay your bills on time, this will have a positive impact.
10% – Types of credit. Installment, revolving, or consumer finance; by using these different types you get some credit for positive history.
10% – Recent search for credit or amount of credit recently obtained.

Other credit score factors effecting the FICO score include.

Multiple credit inquiries seeking to open new credit (cards or personal loan)
Applying for new credit in a short period of time

Note: Shopping for a mortgage or auto loan in a short period of time should not affect your credit score factors.
FICO scores do not take into account a borrower’s salary, employment history, where they work, rental agreements, interest rates on current loans, child support or other such obligations.

Three Credit Score Agencies

Three agencies report credit scores to lenders and their respective credit scores will vary from one another.

Wonder what a good credit score is? Here’s the general valuations:

720 or greater – Excellent
680 – 719 – Good
620 – 679 – Scrutinized
585 – 619 – Disqualifies you from a competitive interest rate

To improve your credit score, consider this:

Pay all your bills on time every month.
Pay off your debt by lowering your utilization ratio. Keep in mind that “closing” an existing revolving account will typically adversely affect your credit score with a negative impact on your FICO score.
Do not open a lot of new credit in a short period of time.

Get pre-qualified

Get pre-qualified from a lender before you start your home search.

The Arizona Real Estate Purchase Contract has a Pre-Qualification form. The form is required as part of the purchase contract given to the seller.

Make sure to ask for a copy of your credit report from each of the three agencies. A borrower is allowed to get one free credit report each year from each company. Equifax, Experion and TransUnion will provide you a report. Understanding your credit score will help you get the best mortgage rate possible.

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!

BACK to the ANSWERING MORTGAGE QUESTIONS page.

2021 VA Loans Guide: Tips for Veteran Home Buyers

2021 VA Loans Guide

Tips for Veteran Home Buyers

Dedicating one’s life to serving your country is one of the most noble commitments a US citizen can make. And while this life can be dangerous, actively participating in the US armed forces can be met with numerous rewards.

One way the Department of Veteran Affairs thanks its veterans and active service members is through a Veteran Administration Loan.

VA loans offer veterans interest rates and financial benefits unmatched in the market. Sure, there may be some more hoops to jump through, but Premier Tucson Homes will guide you every step of the way to ensure our active military personnel and veterans receive the best legal protection available when home buying this 2021.

What is a Veteran Administration Loan and Do You Qualify?

A VA loan is a mortgage insured by the US Department of Veteran Affairs and issued by private lenders like banks or credit unions. They can only be obtained by veterans, active-duty service members and qualified spouses.

It is estimated that less than 12% of veterans and active military personnel utilize their VA loans. A little known fact is that and possible reason for this low percentage is that any veteran, no matter their age or number of times they have qualified for a VA loan, is still eligible for a VA loan.

Whether it’s been 5, 15, or 30 years since you served, you still qualify as long as you’re borrowing for your primary residence.

Condominiums are somewhat of a gray area. As condos differ from buying a multi-unit property or single-family residence, the VA has to approve the specific condo in order for a veteran or military service person to purchase a unit.

To see if you qualify, you must first obtain your DD Form 214. A qualified VA lender then requests your VA Certificate of Eligibility for you, or you can request it directly from the VA’s eBenefits website.

The more money you can put down, the faster you’ll be able to pay off your house. And it’s important to know how much house you can afford to develop a feasible working budget for you and your family.

VA Loans and Achieving Good Credit

Yet another benefit is that the VA doesn’t set a minimum credit score needed to obtain a loan. It should be mentioned that having fair to positive credit can help you attain a fixed interest rate or rock bottom variable.

The three major credit bureaus now offer free access to check your credit report on a weekly basis. This offers you with a hands on approach to your credit score; providing you with insight on how positive and negative spending practices quickly affect your financial well-being.

Consistently paying bills on time and living within your means also makes you more attractive to all lenders. This will come in very handy when applying for a home equity loan to improve future home or for any emergencies that may arise. Also keeping in mind how proactive you should be in case of a bad credit score.

VA Loan Tips

Here are VA Loan tips to consider if you’re thinking of buying a home through a VA loan.

You can get started without the Certificate of Eligibility (COE)
A COE is issued by the U.S. Department of Veteran Affairs and is proof that you are eligible for the VA home loan benefit
Your credit score still matters, but it’s not everything
Lenders tend to be more flexible with VA loans
Make sure you have enough saved
You are still responsible for certain closing costs (i.e. application fees, insurance, inspection fees, real estate taxes, and more)
Shop for a VA lender and get pre-approved
Look for reputable lenders that exclusively cater to military members, veterans, military spouses, and their families – compare all offers
Find a real estate agent that’s VA-savvy

Contact your VA regional loan center and ask if they can recommend a VA-savvy agent in your area.

How to Find the Best VA Loan

While the federal government insures all VA loans, they do not actually loan you the money for your future house. Applying for a VA loan still requires working with a bank or lending institution. And as with all government loan programs, sometimes the paperwork can be tedious.

Fortunately, we – Ben & Kim Boldt – Premier Tucson Homes – can guide you through this process seamlessly and make sure you are protected legally.

The Above Guest Article Was Provided by Estefanía Guzmán at money.com

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.

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.

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!

BACK to the ANSWERING MORTGAGE QUESTIONS page.

Car Shipping Service Or Drive To Tucson Arizona

Should You Ship Your Car on a Long-Distance Move?

Saving Your Time Or Your Money

If you are moving cross country or have a vacation home and are splitting your time between two homes throughout the year, shipping your car back and forth may be a better idea than driving. You might be wondering if you should ship your car or drive it back and forth.

It can be a difficult decision, but ultimately it comes down to a few factors: cost, convenience, and safety.

Moving across the country is a big undertaking. There are a lot of things to think about and consider when making the decision on how to transport your belongings to your new home. One option is to pack everything up in a moving truck and drive it all across the country yourself.

This option gives you the most control over your belongings and you don’t have to worry about them getting lost or damaged in transit. However, it is also the most expensive and time-consuming option. If you decide to go this route, be sure to plan your route carefully and allow yourself plenty of time to make the trip.

Another option is to ship your belongings and your car and then fly to your new home. This option is cheaper and less time-consuming than driving, but it does have some downsides. You won’t have as much control over your belongings and there’s always a chance that something could get lost or damaged in transit.

However, if you don’t have many belongings that you’re moving with you, then hiring a car shipping provider and flying to your new home would be a great option.

Cost

When you’re making a long-distance move, you have to decide how to get your car to your new home.

Driving it yourself may be the most obvious choice, but it’s not always the best option. If you’re moving cross-country, for example, the cost of gas can add up quickly.

Car shipping is usually more economical and can also be less stressful than driving for days on end. Plus, if you ship your car, you’ll have one less thing to worry about when you arrive at your destination.

By the time you factor in the wear and tear on your car, as well as your time, and the gas money, shipping starts to look like a pretty good deal.

Convenience

Convenience is another factor to consider.

Shipping your car means you don’t have to worry about making the long drive, and you can fly back and forth if you need to. This can be a big deal if you’re moving for work or have a busy schedule.

While driving your car may seem like the more economical option, there are several reasons why shipping your car may be a better choice.

For one thing, driving long distances can be very challenging and fatiguing, particularly if you’re not used to it. In addition, if you’re moving across the country, there’s a good chance that you’ll have to deal with difficult weather conditions at some point along the way.

Shipping your car eliminates these risks and can make your move much easier and less stressful.

Safety

Driving cross country can be a dangerous proposition.

Not only are there the obvious dangers of being out on the open road for long periods of time, but there are also the potential problems that can arise from driving a car that is not properly prepared for the journey. Shipping your car when you’re moving cross country is a much safer option.

Your car will be expertly loaded onto a truck and transported to your destination, where it will be ready to go when you arrive. You won’t have to worry about breakdowns or getting lost, and you can simply relax and enjoy the ride.

Shipping your car instead of driving it can save you time and money. If you’re moving a long distance, consider shipping your car rather than driving it. You’ll avoid the hassle of road trips and be able to get your car to your new home faster.

Plus, you may be able to save on transportation costs by shipping your vehicle. So if you’re planning a long-distance move, take a look at the cost of shipping cars and see if it might be a better option for you!

The Above Guest Article was provided by Luna Miles – www.overdrivehomedigital.com

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.

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.

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.

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

Whether you ship you car or drive to your future winter home, we can help you find your perfect seasonal home in Tucson, AZ. Based on your situation, the cost to ship your car with a car hauling service MAYBE less than driving to your destination.

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!

BACK to the MOVING TO TUCSON page.

Tips On Maintaining Stucco Exteriors

Tips For Keeping Stucco Exteriors Looking Good

Stucco Lasts Longer With Proper Maintenance

Most southern Arizona residents are accustom to seeing homes with a stucco exterior. In fact, almost all homes in southern Arizona have stucco exteriors.

The reason for a stucco exterior is simple. It does a great job of protecting the home in the Arizona climate. Stucco is a strong coating that will stand the test of time and the Arizona sun.

Stucco is and has been the traditional southwest home exterior for decades. It is durable, but needs regular maintenance and painting.

When properly maintained, stucco is an incredibly long-lasting finish for the outside of your home. Because there are no gaps in stucco finishes, your home may be better insulated and protected against water damage

However, if you are not properly taking care of your stucco home, you won’t get to reap these benefits. Painting stucco is a great way to refresh your home’s exterior and improve curb appeal. However, improper painting may flake or peel, ruining your hard work.

Once you get the exterior of your house in order, don’t forget the backyard! Painting your pool further improves your home’s market value and is an important part of your exterior renovation.

We’ve listed three tips for some stucco paint tips to refresh your home’s exterior and add value to your property.

Tip 1: Consider UV Rays

Arizona gets a lot of sunshine. This is great for enjoying outdoor activities, but not so great for the longevity of exterior paints. Just like UV rays damage our skin, your home’s exterior paint is damaged by the bright sun over time.

When selecting paint for your stucco home, select paints that have UV protection to prevent fading and other damage from bright sunlight

Tip 2: Evaluate Flexibility

In June, July, and August, Tucson averages a high of 101. Home exteriors get the brunt of the heat, so you need paint that can withstand higher temperatures.

Most materials, stucco included, expand when heated, so you need flexible paint if you want your stucco exterior to last. Stucco doesn’t expand as much as other materials, but it is also generally exposed to more heat. Acrylic latex paint is a great choice to avoid cracking and improve longevity.

Tip 3: Take Your Time

Painting your stucco home’s exterior is not a small job, so make sure that you budget enough time to do it right.

Every exterior paint job needs to begin with a deep cleaning of your home’s exterior. For stucco, this means cleaning the exterior with a stiff-bristled broom or using a power washer.

Next, you will need to repair any cracks in your home’s stucco. If you don’t do these repairs before painting, your home will be more susceptible to water damage and your paint will be more likely to crack.

Keep in mind that stucco caulking needs at least 7 days to cure before you can paint over it.

Now that you’re ready to paint, be sure to properly prime your stucco. Skipping any of these important steps ultimately means wasted time and money, so plan ahead so you aren’t rushing and skip steps to finish the project.

Painting Tips for Pools With Fading Or Stains

For many homeowners in Tucson, their patio and pool is like their second home. But over time most pool surfaces become faded or stained. Most likely in plaster or concrete pools. That means maintenance.

Here are some pool painting tips to make sure you get the job done right.

The safest choice for painting your pool is using waterborne paint. Waterborne paint is designed for painting over damp surfaces and it dries much quicker than traditional paint.

Make sure that you do some research on your pool before starting any projects. To successfully repaint your pool, it’s very important to know, what type of material your pool is made of and what type of paint was previously used.

If your pool is made of plaster or concrete, you should acid etch it with a muriatic acid solution before painting. While you can acid etch your pool yourself, it requires proper PPE and safety precautions. If there is any step in painting a pool where you should consider hiring a professional, this is it.

Enjoy Your Curb Appeal

Once you’ve properly invested your time into painting your stucco home and pool, you get to enjoy the best part of it all — having a beautiful home in the best small city in the continental United States.

The Above Guest Article by Chi Whitley – siegemedia.com