For Sale In AZ

Omg soooo cute

She thought she had to wear makeup 😅 (via schmittcrew/TT)

👀 What do mortgage lenders look for? 👀

1. Creditworthiness: including history and score 💯
2. Financials: including income and assets 💰
3. Ability to repay (debt-to-income ratio) 📊
4. Loan-to-value ratio 🏠

Getting pre-approved and pre-qualified for a mortgage should be your first step in the home-buying process. Home sellers want to know that a buyer is serious and well-qualified before reviewing an offer! A pre-qualification letter and proof of funds are usually required when submitting a purchase offer.

Before a lender will pre-qualify a borrower for a mortgage, they look at several factors, including the borrower's employment history, income and creditworthiness. Lenders are looking for a strong employment history, proof of income and a good credit score. Before applying for a mortgage, make sure to have the appropriate documents ready! 📁

With financial documents in hand, the mortgage lender will determine the borrower's debt-to-income (DTI) ratio. DTI ratio is the amount of monthly debt payments to monthly income. A DTI ratio will determine what kind of monthly payment the borrower can afford and how much they can borrow.

But mortgage lenders don’t stop there! Once a home is found and a purchase offer is accepted, the lender will order an appraisal of the property. This helps determine the loan-to-value ratio. A mortgage lender needs to verify that the property is worth the amount they are willing to lend. If an appraisal determines that the property is not worth the loan amount, the purchase contract may need to be renegotiated.

Ready to get started with purchasing your own home? Call or message to learn how to take the next step! 📲

Wondering which updates to make before listing? 🛠

Before you even pick up a paint brush, let's chat!

Based on your home's current condition and our local market trends, I can help you make a game plan for getting your home ready for market. 🏡

Call or message me if you're interested in discussing more! 📲

We Believe Homeownership Is For Everyone

Shawn Potter, Realtor
(480) 878-9660
[email protected]
SA673698000
Homesmart Lifestyles
https://www.forsaleinaz.com

Tamara Potter, Realtor
(253) 254-3684
[email protected]
SA6988640000