Tucson Real Estate & Tucson Home Search

Mortgage Recast

What Is a Mortgage Recast?

How Does It Work? – How Much Will It Cost?

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!

BACK to the ANSWERING MORTGAGE QUESTIONS page.

Mortgage Loan Process

What You Need to Know About the Mortgage Loan Process

5 Top Credit Tips to Prepare You for A Mortgage

Credit Score and the Mortgage Loan Process

Your credit score and debt to income ratio are the two key facts lenders use in the mortgage loan process. These two items are the primary factors to qualify someone for a home mortgage loan.

In some cases, a good credit score may offset some “close” calls on the debt-to-income ratio for some borrowers.

What Is A Credit Score

A credit score is a numerical value based on the analysis of a person’s credit history. The credit score rating ranks the credit worthiness of the person wanting to borrow money. Credit scores use credit information received from credit bureaus.

Three primary agencies report credit scores to lenders: Equifax, Experian, and Transunion. Often times these agency credit scores vary from one another.

What’s A Good Credit Score?

Credit scores range from 300 to 850. A 850 credit score is the highest. Lenders will have different credit scores tailored to their line of business.

Mortgage lenders consider excellent credit score to be at 720 or higher. However, a credit score in the mid to upper 600’s may qualify for a home loan with specific circumstances.

Get “pre-qualified” before Starting Your Home Search

The Arizona Real Estate Purchase Contract includes a Pre-Qualification form. Pre-qualification is the initial step in getting a mortgage. The potential mortgage lender wants to know the overall picture of your financial situation. To be pre-qualified for a home loan, a lender will want information regarding income, assets and any debt. A pre-qualification form must be included with an “offer to purchase” that is given to the seller when buying a home.

Pre-approval is the next step in the mortgage lending process. This step usually completed after the purchase offer on a home has been accepted by the seller.

The pre-approval process requires more information than the pre-qualification.

Tax returns, W-2’s or pay stubs along with the details of any “other income” and assets that will be used to purchase a home. All debts must be identified, and payment terms disclosed.

Summary

Getting through the mortgage loan process isn’t a difficult task if you prepare for it. And part of the preparation is getting your credit score as high as possible. While a high credit score is always better, less than perfect credit may still qualify you for a mortgage loan.

So, don’t give up without contacting a mortgage lender to discuss your credit score and debt to income ratio.

Getting through the mortgage loan process may be easier than you think.

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.

Best Places To Live In The US

Do You Know the Best Places to Live in the US?

This Information Will Help

Are you trying to find one of the best places to live in the US?

Data from an article in the Washington Post may provide answers to that question. The study ranked every county in the United States from best to worst.

The rankings used an index of six criteria correlated to scenery and climate. Researchers applied this “natural amenities index” against each county in the adjacent 48 states.

That means a total of 3,111 were in the study.

Sorry, data for Hawaii and Alaska was not included in the research.

No Surprise Here

Well, guess what? The top 10 counties, out of the 3,111 counties studied are in California. Ventura County CA ranked number 1. By the way, most of those counties are on – or just west of – the San Andreas fault line. Just saying it might be something to ponder??

The top 200 counties ranked as the best places to live in the US are on the west coast states and Southwest region of the US. Exceptions Are In Southern Florida and Wyoming

There isn’t a single county in the Midwest, northeast, east coast or southeast ranked in the top 200. Perhaps further validation of why people retire to the southwest region of the US.

Arizona Counties

How do the counties in Arizona rank? Please note, we live in Tucson AZ and believe it is a wonderful area of Arizona. There are 15 counties in Arizona. Of those, 12 ranked in the top 200 counties identified as the best places to live in the US.

A Few More Thoughts

Where is your top place to live in the US? The pattern of the results from the study are an indicator of what people view as a best place to live in US. There is likely no surprise that many Baby Boomers are moving from across the US to Arizona.

Most have lived and worked in the areas of the United States not in the top 200. After years of work, they look forward to more leisure time in one of the best places to live in the US. They want a place to enjoy a new lifestyle and purse their interests.

Two criteria not included in the study were cost of living and winter climate. These two criteria will influence any decision on the best place to live in America. And don’t forget about taxes. Arizona is considered one of the top ten low tax states in the US.

Including these factors into identifying the best places to live makes Southern Arizona a top contender. Our clients are from California say Arizona’s lower cost of living is attractive to them.

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

Is Tucson AZ or another Southern Arizona city on your list of best places to live in the US? If not, perhaps it should be.

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 ABOUT ARIZONA page.

Comparing The Cost Of Living In Arizona Cities

Quick Look at The Larger Cities in Arizona

One Chart Tells It All!

Comparing The Cost of Living in Arizona Cities

Arizona has a lot going for it, but its popularity has resulted in a higher cost of living. Higher, but not unreasonable. The cost of living in Arizona is still reasonable.

Yes, that will depend on where you live today.

In many parts of the U.S., the housing prices continue to hit mind blowing prices. Take Denver for instance, please!

Arizona prices have increased but remain close to the US average. Yes, there are exceptions. For example, Flagstaff.

But when you peal the onion and look at specific cities in Arizona, 2 cities offer a cost of living below the national average. First is Sierra Vista and number 2 being Tucson.

Arizona City Comparison

Tucson Arizona has a cost of living at 98% of the national average. Not a lot lower, but what is the value of weather, outdoor activities, and lots of things to do?

Considering A Home In Arizoan?

Are you thinking of buying a home in Arizona? Or better yet, 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 licensed contractors, electricians, plumbers and home services to take on your projects.

But most important, our professional service backgrounds mean we put you first!

Conclusion

So what does this study on the cost of living in Arizona cities mean to you? Simply, if Tucson AZ isn’t at the top of your list of cities in Arizona to consider for your future home, it should be!

Want to compare Tucson, AZ to other U.S. cities? Here is an easy-to-use tool……COMPARE!

Tucson is not only one of the cheapest places to live in Arizona, it has an endless list of low-cost things to do – all year around.

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 ABOUT ARIZONA 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