With interest rates hovering around their thirty-year lows, a multitude of flexible and low-cost loan financing programs are available as well as a wide variety of assistance programs that can help virtually anybody experience the joy of homeownership.  In short, the time is right for buying your a home.

However, if you have always been a renter then you probably aren’t as well informed of the intimate processes of obtaining a home mortgage as you’d like to be.  To guide you through this exciting but often confusing time, this report details six tips that will help make your purchase a much smoother experience, save you money and eliminate your anxieties.

Get Mortgage Pre-Approval Before Starting Your Search

Before you begin looking for the home of your dreams, before you make one single decision regarding a home purchase, call my office to get pre-approved by a mortgage professional.  This is a FREE service I offer and will give you a definite advantage in the buying process.

During the evaluation stage, we’ll look at your financial situation and help you figure out how much home you can afford.  This may influence your decision for size, amenities and location, which will help narrow your search.

Pre-approval will also give you a step up on your competition.  Homebuyers that are pre-approved have increased leverage over buyers who are not.  Essentially a pre-approved buyer becomes a “cash” buyer.

Shop Around For A Professional Mortgage Broker

Like most industries, the quality of mortgage professionals can and does vary significantly.  So don’t immediately settle on the first lender you talk to.  Shop your mortgage around to until you find someone that you completely and unconditionally trust.  I think you will find that will be me.

My belief is to “teach” my clients how the real estate and finance systems work against the consumer in order to help THEM make the best decisions possible.

Download the following homebuyer and financing information at my web blog:

www.azhomebuyercoach.com/free-info

Mortgage Tricks

Shopping Around

Satisfaction Guarantee

Top 11 Credit Do’s and Don’t’s

Five Part Buying System

Don’t Become Fixated On The Interest Rate Alone!

Be careful!  The lowest interest rate does not always translate to the best deal.  Look at the total loan program that is being offered, not just the rate. There are several factors that have to be taken into account when evaluating programs: the loan type (fixed or adjustable), the loan term (15 year or 30 year), the closing costs and the down payment requirement.

NOTE:  The most important factor to consider is the ACTUAL interest you pay to the lender over he course of the loan.  My average client will save over $100,000 in payments and interest over the life of the loan.

If you are a Phoenix Homebuyer and need a low interest rate loan, get started here

Would you like to buy homes 10% to 20% below market value? Call our office at (602) 291-4362 or fill out your information below.                                             (your information will NEVER be distributed to another party)

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That’s right, shopping for the lowest interest rate is one of the BIGGEST MISTAKES Phoenix homebuyers can make! Let me explain; about two months ago I received a call from someone looking for a new mortgage to purchase a home in Phoenix.  They were shopping for interest rate quotes.  At the time, I told them interest rates were around 6%.  (I routinely do not quote rates without having all of the information such as credit scores as loans are now “tiered” in pricing based on FICO scores).

They told me they had another Phoenix Mortgage Broker who was willing to lock them today at 5.75% and wondered if I would do the same. I explained to them that it was not in their best interest at that time.  They had not even found a home and locking them for 30 to 45 days was futile.

In addition, because I follow the interest rate market and pricing so closely I felt the market was going to trend down with interest rates going down over the next few weeks. I showed them the data and systems I use to track interest rates.They closed last week with an interest rate of 5.25%.

I receive market updates every 15 minutes via text, monitor treasury auctions and economic data every morning and afternoon at the start and end of the trading market to determine the best interest rate strategies for my clients.

Had I locked them when others who seemingly were offering a better interest rate, their monthly payment would have been $81 per month higher. Because they could afford the extra $81 every month, I set them up on a plan to apply the extra $80 per month towards their debt and mortgage.

By using the $81 another Phoenix Mortgage Broker would have them paying, I was able to give them a plan to have their home paid off 9 years early, saving them $93,412.61 in payments and interest!

So, had they hired another Phoenix Mortgage Broker who was quoting a lower rate that day, they would have paid an extra $93, 412.61 to the bank!

This real life example was part of the motivation for starting this blog and creating the Daily Market Rate Update.

My wife and I form one of the most successful real estate and mortgage teams in the country.    Our SmartBuyer System is GUARANTEED to save every Phoenix area homebuyer a minimum of $50,000, so hiring the right advisers MAKES A DIFFERENCE!

Call our office at (602) 291-4362 to see how our SmartBuyer System can save you at least $50,000 when buying and financing a home.

Be sure to bookmark this site and subscribe to our RSS feed to get your Daily Market Rate Update.

Get started NOW on an Arizona home Loan by visiting MY SITE

Searching for a Phoenix foreclosure? Get daily listings, photos and maps HERE

If you are a Phoenix Homebuyer and need a low interest rate loan, get started here

So, here is today’s update for Phoenix area homebuyers:

Interest rate markets started softer but by 9:30 the 10 and mortgages were trading better, but not much. The rate markets remain bullish, however we are at levels that may be difficult to improve on unless equities completely collapse (and that appears unlikely). We will continue floating to start but caution to keep in touch with our rate alerts.

Treasuries and mortgages opened a little soft prior to 8:30 release of weekly jobless claims. At 8:00 the 10 yr -3/32 and mortgages -3/32; the DJIA futures trade had the index +70. At 8:35, shortly after the weekly claims data, the 10 yr  -4/32, mtgs -2/32 and the DJIA +80. At 9:30 the DJIA opened +50, 10 yr note +7/32 (.21 bp), mortgage prices +6/32 (.18 bp).

Weekly jobless claims were expected to have declined 11K to 540K, claims fell 33K to 521K after a small increased revision last week from 551K to 554K; the lowest since January, a sign the labor market is deteriorating more slowly as the economy emerges from the recession. Continuing claims, a more interesting number, declined to 6.04 mil (-72K for the week) after a slight upward revision last week from 6.09 mil to 6.112 mil. Treasuries saw initial selling on the better looking weekly claims and the decline in continuing claims. The 10 yr yield jumped to 3.21% from 3.19% close yesterday and mortgages declined 2/32 (.06 bp). Not much of a reaction but with the 30 yr bond auction later today it lessens the outlook of improvement in the rate markets. While the figures today indicate improvement, government data last week showed more job cuts than forecast for September and a rising unemployment. On continuing claims, 400K on unemployment ran out of unemployment payments at the end of Sept, Congress has yet to extend the time frame but will do so shortly. If those that lost their unemployment return continuing claims will increase, we take that into account when analyzing this week’s continuing claims decline.

At 10:00 August wholesale inventories, expected down 1.0% were down 1.3%; July revised to -1.6% frm -1.4%. Sales in August +1.0%; the inventory to sales ratio at 1.20 months from 1.23 months in July. Not any movement on the report.

When is bad news good news? When the US 2009 budget deficit was not nearly as bad as was expected just a few months ago. The 2009 fiscal deficit was $1.4T, a couple of months ago we were hearing close to $1.8T and six months ago $2T. The deficit amounted to 9.9% of total GDP and the largest since WW II (1945).  Total tax revenue fell $420B, 17%, to the lowest level in more than 50 years. Individual income taxes fell by 20%, corporate income taxes dropped by 54%.  Spending increased 18%. About half of the spending increase, $245B, was driven by the costs of bailing out the financial industry and taking over mortgage financiers Fannie Mae and Freddie Mac. The spending increases and tax cuts included in the economic stimulus package approved in February added almost $200B to the 2009.

If you are a Phoenix Homebuyer and need a low interest rate loan, get started here

Searching for a Phoenix foreclosure? Get daily listings, photos and maps HERE

Need Help?  Call the Phoenix Homebuyer HelpLine at (602) 291-4362