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Can I get a Tempe Mortgage in Today’s Market?
We’ve heard all the bad news day after day on the evening news programs. Many prospective new home buyers are beginning to wonder if they can get a mortgage at all. Fear not! There is a silver lining of this dark foreclosure cloud. New home buyers may find that real estate in many areas is somewhat more affordable than it might have been 3 years ago. Further, though the rules may have toughened up some, lenders are still making new mortgage agreements and houses are still selling. In short, you can still purchase a home in Tempe, Arizona.
Find an Honest Lender to get a Good Mortgage
We’re learning the price of not asking enough questions or paying enough attention to the financial details when buying a home. Unfortunately, there will always be a few bad apples and you will want to be able to recognize them. Look for misleading advertising or claims that the company’s interest rates are tied directly to federal interest rates.
One good way to avoid getting ripped off is to go with a local vender. Ask lots of questions and look for referrals from your friends, co-workers and family.
Should I Purchase my New Tempe Home Before Selling the Old House?
Realtors can tell you that this question is asked not only by Tempe, AZ home buyers, but all across the U.S. The answer, as is the case with most complicated questions, is “it depends.” Think about your budget and financial situation. Can you afford to make for two mortgage payments for several months? Will your lender even approve you for another loan? What is the likelihood that you will be able to sell your old home quickly?
Are ARM Mortgages ever a Good Deal?
ARMs, or Adjustable Rate Mortgages have received a lot of bad press lately. This is often because people who received these types of mortgagees were not fully aware of the details of their loans. However, there are perfectly good reasons that some people choose ARMs over more traditional Fixed Rate Mortgages.
If you plan to stay in a home less than five years or are very sure that your income will rise very soon, it might make sense to look at an ARM.