Undoubtedly, the state or Arizona is a wonderful place to live – especially if you’re poised on establishing roots.
But, how do you know if you’re ready for this big move? Here are four signs that say you’re ready to buy in Arizona.
You’ve fallen in love with the neighborhood
Whether you’ve found your dream home in Phoenix, Scottsdale or any other incredible city in the Copper State, a sure sign that you’re ready for this big move is that you’ve fallen for your future neighborhood.
Everything about your future home clicks – that’s how you know it’s the right fit. From the schools, city services, near-by attractions and amenities to highway access and night life, your future neighborhood has it all.
Unlike the other signs, this one originates from within and will provide the positive vibes to thrust you ahead in the process of buying a home.
You’re in CONTROL of your debt
We’re not talking about being debt free. Rather, being in control of your debt means that your finances are manageable, sustainable and in good standing.
Life is busy. Between your student loans and revolving credit cards, it’s unrealistic to expect to be 100 percent debt free before buying a home. All you can ask from yourself is a strong credit standing that may result in a successful application.
One of the most important factors under this debt test is your debt-to-income ratio. When you’re in good credit standing, your debt-to-income ratio is also healthy. Among other things, it will provide the framework upon which lenders will approve and structure your mortgage.
If you love your job and you’ve been there awhile, that’s a GREAT sign you’re ready to move on up.
Steady employment, and the appropriate income, are significant factors to buying a home. When a lender decides to approve your application for a mortgage, employment history and income will be two key indicators in the lender’s decision. Generally speaking, two years of continuous service at the same employer is ideal.
Those who freelance need not worry. Lenders can provide supplemental income confirmation paperwork you can fill out.
You’re ready for a rainy day
In addition to a steady income from a steady job, a BIG sign that you’re financially prepared for a home is the flexibility and capability to SAVE money.
In addition to a down payment, other costs associated with the purchase of a home will require assets outside your income. That’s why a good savings is instrumental to buying a home.
Now that you’ve checked off all the big boxes that demonstrate your readiness to buy a home, it’s time to think about what mortgage program will get you across the finish line. Our loan programs include fixed-rate mortgage and adjustable rate programs. We also have specialty loan programs, and government-backed lending. We can help you decide which loan program meets your goals, especially now that you know you’re ready to own in Arizona.
The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.
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