In a hopeful glimmer of a recovering housing market, mortgage lenders are beginning to ease up on stringent standards and have started to accept lower credit scores and have reduced down-payment requirements.
Don Frommeyer, CRMS, President of NAMB (The Association of Mortgage Professionals), explains that the lax in lender standards stems from a sharp decrease in refinancing. “Lenders know that the landscape is changing and that there is a competitive market for first-time buyers who may have a less than stellar credit score,” says Frommeyer.
Frommeyer adds that with a projected 36 percent decline in mortgage originations this year, lenders are looking to expand their options. “Surprisingly, smaller lenders such as community banks and credit unions are leading the way,” says Frommeyer. “The slow loosening of credit standards will have a beneficial impact on the market.”
I think most of us know that we must continue to pay our bills, even after receiving a loan pre approval letter from a lender, but many people assume that the lender has approved them and start neglecting their finances.
#1Generally, a pre-approval letter is valid for 90 days after you receive it. Most have a disclaimer that if anything changes before the settlement, it could impact your pre-approval. After 90 days most lender will issure you a renewal letter, after checking your finances again, and doing another credit check.
#2 DON’T MAKE ANY MAJOR PURCHASES.
When you buy furniture or appliances with credit, your lender will have to factor in the added new payments to your debt to income ratio, which might result in a cancelled or delayed loan settlement. If you pay cash, will you still have the money for the down payment, and any cash reserves?
#3 DO NOT PAY OFF ALL OF YOUR DEBT.
After getting a pre- approval letter, every move you make with your money will have an impact, so consult with your lender before doing anything. Even if you pay off your credit card debt, it can hurt you if you close out your account or reduce your cash reserves. We’ll also need to know where the money came from to pay off the debt.
#4 DO NOT CO-SIGN ANY LOANS FOR ANYONE.
Borrowers sometimes assume that co-signing a student loan or a car loan won’t affect their credit, but it is considered a new debt for both signers, especially when its a new loan. Most lenders will require at least 12 months of cancelled checks that show only the co-signer is paying the new loan. Payments made against the new loan will also have to be calculated as part of your debt to income ratio.
#5 DON’T CHANGE JOBS.
From Scottsdale, Arizona, there are almost too many natural wonders to name within driving distance. The Sonoran Desert, the Petrified Forest, and, of course, the Grand Canyon are among the most well known. The Grand Canyon is one of the greatest natural wonders in the entire world and it just happens to be located in Scottsdale’s back yard.
The Grand Canyon is one of the most visited natural tourist destinations in the United States drawing millions of visitors each year. Residents of Scottsdale, Arizona, however, are only a four hour drive from the South Rim of the Canyon where the waters of the Colorado River spent more than six million years digging their way an average of 4000 feet deep into the desert ground. Photographers, naturalists, hikers, white-water enthusiasts, and anyone who enjoys being in the great outdoors could not ask for a better base of operations than Scottsdale from which to pursue their hobbies.
One of the lesser known attractions within driving distance of Scottsdale is the Kartchner Caverns State Park. Although these caves are estimated to be tens of thousands of years old, they were discovered only in 1974 and were purposefully kept secret from the public until 1988. Because of their recent discovery, these breath-taking caverns are in nearly perfect condition with none of the damage caused by heavy traffic that most other large cavern complexes have experienced. The Kartchner Caverns offer awe-inspiring geological formations unlike any other in the world. The youth of this state park combined with its proximity to the Grand Canyon keep its miles of tunnels off the beaten path for most tourists, leaving it relatively un-crowded for those who live near enough to visit at their leisure.
While many Americans are familiar with the majestic red buttes of Monument Valley, on the northern border of
Short Sale Myths -Who’s Zooming Who?
Given the current state of the real estate market in all areas in and around Phoenix/Scottsdale are many short sale listings. We have had our share of short sale listings and have represented both buyers and sellers through this process. We find ourselves educating buyers and sellers a lot these days about the process.Many people seem to think they know what short sales are…we find that about 2/3’s of people we speak with really have no clue what a short sale is.
For those of you who are not familiar with this terminology, a short sale is the sale of a house for less than the amount that is owed to the bank/mortgage company. Occasionally, homeowners find themselves in positions in which they must to sell their home, but the reality is that their property is worth less than what they owe the bank…perhaps they did a “cash-out” refinance?…perhaps they bought at the peak of the market with 100% Financing?
Many banks will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a costly foreclosure, and the owner is able to pay off the loan for less than what he owes. We hear all kinds of crazy misperceptions about short sales and have put together a list of myths about short sales, boy was that a mouthful!
1) “The seller must stop making payments on their loan.” Not necessarily.
We have negotiated short sales where the seller has not missed any payments, and were not in default.
2) “The seller is in foreclosure.” Not necessarily.
It is possible to have missed payments and not be in full-blown foreclosure.
3) “Buyers will not want to
Being On Stage 24/7
There is a reality of the real estate market in Scottsdale that is often overlooked. When selling your Scottsdale home, it is basically on show or on stage 24 hours a day 7 days a week. Sellers need to remember this fact as even though it may be 11 pm, prospective buyers may still drive past the home and even at that point what they see should be impressive.
You may not want to show your home late at night but your Scottsdale home is “on stage” no matter what time it is. What this means for any seller is that their home must be in show condition no matter what time of day or night it is. The last thing any seller wants to do is to have to clean like a maniac at the last minute to accommodate a quick show. Unfortunately one thing that happens a lot with a home sale is the “drive by show.” This is a completely unplanned show that occurs when buyers and their realtors are having a quick drive around the available homes in the area and they see something they like and don’t want to wait to see what lies inside. Most realtors will bristle at doing shows on the fly like this but ask yourself if you can really afford to lose a prospective sale especially in today’s market?
It can be a chore keeping your Scottsdale home in showing condition, as showing condition and living condition are usually two different things. Daily living does tend to create a bit of a mess, especially if children and pets are part of the equation. It does not take a huge effort to make sure that things stay in pristine condition on a daily basis. You may have to learn to
Thinking of our friends up North and in the East. Stay warm. It is always warm here;-)
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Scottsdale Ranch is one of Scottsdale’s premier master planned communities and consists of 40 individual sub divisions with a wide spread selection of beautiful home options especially planned for singles, families and retirees. This sub division has been built on over 1100 acres and is close to popular Lake Serena, just east of McCormick Ranch. There are plenty of residential options ranging from the affordable to upper end expensive.
There are town homes, private patio homes, single family custom designed and built homes and estate-style custom lakefront homes and tennis villas. Scottsdale Ranch offers custom executive homes on the waterfront of Lake Serena with over 5 miles of shoreline to enjoy.
This development offers the children a great education through the award winning Scottsdale Unified School District. There are great shopping, dining and entertainment options available and all the modern amenities and conveniences of the big city. Financial services, medical services, retail shops, specialty shops, fast food and fine dining, auto services are all available.
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Scottsdale Mountain is one of Scottsdale’s premier gate guarded home developments.
This development is less than ten minutes from downtown Scottsdale and numerous world class golf courses, great shopping and restaurants, medical services and financial services offices and entertainment. The award winning schools are part of the Scottsdale Unified School District and all located within 2 miles of the development.
Most homes in the community are approximately 8-10 years old and range from 2 bedroom to 3 and 4 bedrooms in size. Condo and town home complexes are also available. Many prime build-able lots remain available for sale. Golfing is big time here and there are many prime courses to play around the area.
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Scottsdale has attractions which makes living here the perfect solution for the active family. You will find world-class museums and a renowned botanical garden, guided city tours, architectural wonders and the nation’s largest wilderness preserve. The following Video says it all. After you view this you will understand why Scottsdale Real; Estate is at a premium.
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If you are new to our beautiful community , you will want to put Sonoran Splash, Fairmont Scottsdale Princess’ 6,000 square-foot water oasis as a must experience during our long summer season. Whether you are young or young at heart this water park is one of the best in the Arizona. This can be one of those “stay close to home resorts” that will complete your summer fun.
We are often thought of as a retirement community, but in fact we also cater to young growing families and have many amenities in Scottsdale that make this a very family friendly community. Such as the wonderful Sonoran Splash at Fairmont Scottsdale Princess.
The water park features:
Two 200-foot water slides, pop-jet fountains, cabanas and games poolside
A zero-entry deck area as well as a large sandbox complete with beach toys to keep the little ones entertained.
Two pool areas that feature cabanas for rental, each including a flat-screen TV, sofas, reserved chaise lounges, a refrigerator and refreshments.
Saturday nights from Memorial Day to Labor Day, Resort guests can watch “Dive In” movies that are offered on weekend nights along with fireworks that light up the sky.
What a great weekend get away this will be for your family this summer. If you are not familiar with this part of beautiful Arizona , this is the perfect way to explore the communities and decide if this is the place for your to relocate.
A simple search of Scottsdale homes for sale can open your eyes to the wonderful real estate that is available in these Arizona neighborhoods.
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One of the wonderful aspects of living in Scottsdale AZ is this array of activities the area has to a offer us. We all come together so often to celebrate our deep rooted culture. This is true whether it be equestrian indulges, Enjoying the Native American art and lore or even just possibly the challenge of that morning golf game. Whatever it may, it is all here in the beauty of Arizona Desert. The following video is a great guide to many activities we have had and will be celebrating this Spring .
Take a look, come visit us and soon you will decide that Scottsdale is where you will relocate and enjoys our special Lifestyle.
Call me today at 602-620-2164 or email me at firstname.lastname@example.org to assist you with the selling or buying of your home.
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It was 1888 when Army Chaplain Winfield Scott visited the Salt River Valley and made his down payment on 640 acres so he could start a farming operation. Scott’s purchase, near the heart of present-day downtown booming Scottsdale, would be the impetus for the development of the city that bears his name. The very favorable climate and ability for irrigation, and the beautiful scenery influenced the initial settlement with agriculture being the main draw, many health seekers came to Scottsdale. Many of the first settlers were educated and had an appreciation for cultural activities. These early settlers established the Scottsdale public school system in 1896, supported a burgeoning artists and writers culture in the early 1900’s, and promoted Scottsdale’s affiliation with the earliest area resorts. Scott’s original homestead lay adjacent to the new Arizona Canal, which tapped the Salt River, ad the development of a reliable water supply was crucial to the early growth of the community and the valley. The construction of the Granite Reef Dam in 1908 and the Roosevelt Dam in 1911 transformed the Salt River Valley and allowed Scottsdale to share in a population boom.
Scottsdale soon became known as the”West’s Most Western Town”. In 1916, a large cattle ranch, which would eventually cover over 44,000 acres, was established. The DC Ranch operated through the 1950s. The Depression Era saw an influx of artists and architects to Scottsdale including Frank Lloyd Wright who purchased 600 acres and built his winter home.
In 1950, Motorola Corp. opened a plant near Scottsdale’s western border, signaling the beginning of an advanced teleology industry that has continued to grow up to the present.
The town continued to grow rapidly during the 1950s with more than 10,000 population occupying an area of about 5 square miles. By the end of the 60s, Scottsdale’s population
Port Hueneme is surrounded by Oxnard, the Naval Base Ventura County and the Santa Barbara Channel. It has a south-facing sand beach and is known for great surfing. The beach area is small but stretches to the east and boasts a great wood fishing pier. The beach area also features picnic tables and barbecue grills. […]
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The small, rural unincorporated community of Piru, California is located in the Santa Clara Valley between the town of Fillmore and the Los Angeles county line. The community is located in the eastern area of Ventura County east of the Pacific Ocean and west of the hills and valleys of Santa Clarita Valley, in the […]
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Camarillo, California is the 4th largest city in Ventura County. The city has a great location being about halfway between Los Angele and Santa Barbara and just a few miles inland from the coast. Be sure and check out the diverse selection of homes in Camarillo that fit the affordable budget all the way up […]
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People come to Ventura County California from all over the world to enjoy the clean and sparsely populated beaches and coastal resources, the hills and towering mountains, rivers, valleys, year ’round mild weather, the Channel Islands, Los Padres National Forest, and the closeness of many of Southern California’s top tourist destinations. You will find out of […]
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Some of my friends are tearing up their beautiful green front lawns and replacing the lawn with native plants. And of course, like all converts, they are trying to get me to do the same -to go green. Here is some of their logic. If you are paying $100 a month to have the front […]
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Nothing is more beautiful than the Bougainvillea scattered among the landscapes of Ventura County. This plant which is native to South and Central America is the perfect solution for colorful drought resistant specimens in either your private homes or commercial properties. It comes in a variety of colors and can be pruned to simulate a […]
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Mullin Automotive Museum in Oxnard has a fabulous array of vintage cars on display all the time. Right now for our enjoyment is a collection of Bugatti automobiles along with the family’s art collection. The Bugatti family members were all artists in their own right, designing beautiful high end automobiles along with other works of […]
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Home Purchase Private Mortgage Insurance is an insurance that will protect the Mortgage Lender. The buyer will pay the premium. If you purchase a home and put 20% as a down payment, there is a 10% difference between the down payment and the Mortgage Loan. The lender wants a guarantee on that 10% in case […]
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Yes, it’s true and the old timers used to talk openly about the Banana Belt of Ventura County. It was located along the sloping areas along the Santa Clara River, down near the ocean around Saticoy. This is a unique micro-climate and probably has the only commercial banana farm in the western United States. […]
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The residents of Southern California and especially the people who live in Ventura County are lucky to have a famous Channel Islands National Park just a few miles offshore. This unique Park is made up of the several offshore islands, off the coast of Southern California. California’s Channel Islands are often called “the Galapagos Islands […]
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