Log In
FREE Mortgage Rate Quote!

Mortgage Broker Phoenix AZ | Home Loans | Desert Springs Mortgage, LLC

If you are looking to buy a home or refinance in Phoenix, or throughout the state of Arizona, give us a call at (623) 432-1309 to schedule your consultation.

Call Us Today! (623) 432-1309

4 Mistakes a First-Time Home Buyer in Phoenix Might Make

by

First Time Home Buyer Tips In Phoenix Az

The rollercoaster of emotions found in buying a home for the first time is hugely liberating and comes with plenty of excitement. Living in one place all your life, then leaving that all behind for a whole new home, is the step to freedom. First-time homebuyers in Arizona can be surprised to see all the fantastic deals that pop up in various counties, which is why agents like Phoenix mortgage brokers are essential.

While the whole adventure of finding a brand new abode can be a whole lot of fun, it also comes with specific challenges that can be problematic for first-time homebuyers. People make common mistakes regarding the entire process, and these are easily avoidable by hiring a specialist to help. Here’s what Phoenix mortgage brokers say about the errors people make when they go on the hunt for their first home:

First-Time Home Buyer Tips

1. Not Compiling the Proper Documentation. A first-time home buyer in Phoenix can avoid many issues when securing a loan. One of the most helpful ways is to prepare a comprehensive list of documentation that includes credit scores and transaction histories from the past years. The interest rate depends on the report you submit, so having a well-compiled list of documents can help with scoring the best deal for your home.

2. Not Getting Pre-Approved and Failing to Set a Budget. The worst experience is finding a home you really like, then realizing that you fall short because it’s out of your budget, or your loan doesn’t meet the costs set. When you review your finances carefully and get pre-approved, this saves a lot of time and even potential heartbreaks because of not reaching your dream home. Hiring Phoenix mortgage brokers can help with the whole process and prime you for your first residence’s buying process.

3. Forgetting About the Down payment. Preparing the down payment is essential in the home buying process. Depending on what kind of home loan you take out, these can have smaller or even 0 percent down payment mortgages. A larger initial investment will allow you to make smaller monthly payments, which can help with monthly budgeting considering the costs of owning a home in the United States. You’ll also build increased equity over time because of lower monthly dues, so consider saving up for the down before doing anything else.

4. Skimping Out on Quotes. It is never a bad idea to look around and find the best mortgage company in Phoenix for your needs. Not all agents will fit the bill, and this is why you need to canvas around and look for a quote that looks good on your plan. Sometimes, you might feel like settling for whatever you found because it looks good on paper, but not shopping around is the worst decision any first-time home buyer can make. Many people end up with exorbitant interest rates, which can build up thousands more over the length of your mortgage. Remember that the whole home buying process is not a rush and more patience means better deals coming towards you.

Buying a Home in Phoenix with Deserts Springs Mortgage

Phoenix mortgage brokers always recommend following the basic guidelines in finding the right home for your needs. Sometimes, you’ll have to compromise and settle for something within your reach and budget instead of going all out and suffering from payments. Remember that professional help is always just a search away, so consider hiring a proper broker to help with first-time purchases of Arizona homes.

Desert Springs Mortgage is a Phoenix mortgage company that offers various types of loans and deals for a wide range of clients. No matter what you need for Arizona’s real estate market, we are ready to help you get your dream home. Contact us today at (623) 432-1309 to get in touch with a broker that will fit all your requirements.

When Is the Right Time to Buy a House? – What to Know

by

First Time Homebuyer In Phoenix Az

Homeownership is among the biggest commitments and responsibilities an individual will undertake. As a homeowner, you’re not only obliged to pay for monthly amortization, but you also must settle costs for maintenance and repairs, utilities, decoration, and sanitation. Understandably so, it’s still a dream for almost every individual to be able to afford homeownership.

Since buying a house is not a simple venture, there will be things you need to consider before you sign those papers. Here are some signs that tell you it’s time to buy your house:

  1. You pay rent on time

If you have no trouble when it comes to paying rent, you’re probably ready for homeownership. Since paying rent doesn’t just mean settling the monthly expense for renting the place, being able to do so means you’re equipped to upgrade to a place of your own.

Paying monthly rent must be added on top of utilities and other expenses. By still managing to pay rent on time, that means you have the discipline required not to delay monthly amortization payments for your house.

  1. Your credit score looks good

Another criterion that dealers will look for is if you have a good credit score. While this is closely related to paying rent on time, having a good credit score means you’re also responsible for using credit only when absolutely needed. That means you don’t rely as much on credit, and you understand that it is only meant for emergency purposes.

Having a good credit score will also show dealers and sellers that you know credit is not free money, but another responsibility which should only be used for special circumstances. If your credit score looks good, chances are high that you’re ready for homeownership.

  1. You have a good job that pays well

Sometimes, it can be easy to believe that your monthly income is enough for such responsibilities when the truth is it’s not. Having a good job that pays well doesn’t just mean you have a high salary, but you also have more than enough to afford your lifestyle, including paying for a house.

Having a good job also means you’re not likely to lose it in the coming years, which is called job security. At the very least, you’re enjoying your job, and you don’t have plans to leave soon.

Sometimes, people have high salaries, yet they don’t find meaning in their jobs. As a result, they spend more to please themselves, but that doesn’t really eliminate their frustration toward their jobs. If you plan on staying for a long while, and you’re earning more than enough to pay for your daily expenses, it’s probably time to invest in a house of your own.

  1. You’ve already decided

One of the hardest parts of homeownership is choosing the house itself. If you feel like you already know what type of home you want and have already decided in terms of design and location, you’re ready to undertake this commitment.

Buy Your First Home with Desert Springs Mortgage

Homeownership is a milestone in everyone’s life. If you’re a first-time home buyer and you believe you have what it takes to fulfill your responsibilities as a homeowner, it’s best to consider investing in your own property already. Not only will it give you a sense of accomplishment, but it will also give you security in the future. Are you a first-time home buyer from Phoenix, Arizona? Desert Springs Mortgage provides fast and reliable mortgage brokerage services. Contact us today to learn how you can buy your own house!