Queen Creek AZ

Steps To Buying A New Home

Your Queen Creek Realtor will assist you at every step of the process. Buying a new home is a major commitment and is an investment that must be made wisely. That’s why it is crucial to hire a diligent Queen Creek Realtor to help you make fully informed decisions. A competent Queen Creek real estate agent at your side is a cost-free advantage since it is the seller that pays all sales commissions.

Purchasing a home in Queen Creek, Arizona can be a stressful process with an avalanche of decisions and options. It always helps to relieve some of the stress when the buyer understands the steps in the home buying process so he or she are better prepared for what to expect.

Know What You Can Afford

Queen Creek Family

Never confuse affordability with a loan approval ceiling. Getting pre-qualified or better yet, pre-approved by a lending company for a mortgage loan amount is the lender’s opinion of what you can afford based upon your credit score. Unless you are prepared to pay cash for your home, you will have monthly loan payments for a long time. Those mortgage payments must be made on time to sustain a good credit rating. Always anticipate lifestyle changes and unforeseen emergencies in the future that could consume spendable income. Those situations could adversely effect your ability to service your loan payments.

To avoid future financial stress, establish a projected monthly payment that gives you adequate comfort and flexibility. It’s always wise to establish a combination of purchase price and monthly payment that’s somewhat below what you think your budget may be. Peace-of-mind will lead to a more rewarding, stress-free experience.

Get Loan Pre-Approval

Getting pre-approved for a maximum mortgage loan will give you a negotiating advantage with a seller for several reasons which your real estate agent can explain. A lender typically recommends that total monthly payments including principle, interest, insurance premiums and taxes do not exceed about 28% of your monthly income. Looking for a home before knowing what a lender will loan you could be a waste of time. Know your affordability range before going house hunting in Queen Creek, AZ.

Prepare Before Seeking A Lender

A loan company will require supporting documentation of income along with other information. Organize your financial files to quicken the home loan approval process. If you’re ready to buy a home, this is not the time to change employment, make large credit purchases or apply for new credit cards. Doing these things could adversely effect your credit score inhibiting a successful loan approval. It’s also time to bring any delinquent payments current. Perform a credit check on yourself in case there are any “black marks” that should not be on your credit report. Get any controversial items cleared-up before the lender performs its credit research.

Identify Needs and Lifestyle Desires

Once you’ve secured an approved maximum mortgage ceiling and set a comfortable monthly payment, it’s time to make a list of home and neighborhood features you desire. Separate items that are defined as needs versus features and amenities that you could do without if affordability becomes a factor. Do not spend beyond your financial means.

Now It's Time For House Hunting

Have a good informative meeting with your selected Queen Creek real estate agent. The processes of purchasing a Queen Creek home consumes a great deal of time and you do not want to waste valuable time looking at homes you can’t afford.

You’re seeking homes in Queen Creek that are ideal to your lifestyle in neighborhoods that reflect your desired quality of life. Remember, buying a home is a major investment that hopefully will build future financial rewards. Your best targets are neighborhoods where historical resell data is most likely to result in the best market value increases. Your real estate agent can help identify the best areas.

Making An Offer To Buy

Rely on your real estate agent to suggest a negotiation strategy since they would have negotiating experience. A qualified Realtor will likely know when values may be under or over-priced and the likelihood of an offer rejection. Your Queen Creek, Arizona Agent will prepare an offer at your direction. This is where a loan pre-approval becomes a negotiating advantage because sellers will likely look at your offer more seriously since it demonstrates credibility that would result in a quicker escrow closing.

Any offer should be conditioned upon a home inspection which gives you an out if construction or maintenance deficiencies are discovered. Always hire your own Queen Creek professional home inspector for an unbiased assessment of the home's condition.

A “good faith” deposit is generally required with an offer to support the validity of the offer. If the seller accepts your offer based upon the conditions set by you and you fail to proceed with the purchase, your deposit could be forfeited.

Most ofter you can expect a counter-offer from the seller. Rarely is the first offer accepted. Consider deferring to your Realtor for guidance in making another counter-offer.

The Purchase Transaction

A diligent and qualified real estate agent will generally assist you through the transaction phases. An escrow close date will be determined and a title company will verify ownership and rights to sell the property and issue a title clearance. There will be closing costs which will be explained by your Realtor and Title Company. Closing costs are most often split by the seller and buyer.. Final down payments will be required at closing. A cashier's check may be required.

Often it is advisable to consult with a real estate attorney to review the final documents before finalizing any documents.

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