Home Finances

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Home financing can be a critical part of any real estate transaction. According to Investopedia,  Obtaining a mortgage is a crucial step in purchasing your first home, and there are several factors for choosing the most appropriate one. While the myriad of financing options available for first-time homebuyers can seem overwhelming, taking the time to research the basics of property financing can save you a significant amount of time and money.
 
Understanding the market where the property is located, and whether it offers incentives to lenders, may mean added financial perks for you. And by taking a close look at your finances, you can ensure you are getting the mortgage that best suits your needs for buying your next home in Rio Rico, Nogales, Tubac or surrounding areas in Southern Arizona. 
 

Mortgage Relief Options

If you are experiencing difficulty making on-time mortgage payments due to the national coronavirus emergency, forbearance may be an option for you.

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How Much Can I Afford

Getting an idea as to the price of the home you can afford is an important first step in the home buying process. By understanding the price range you can afford, you can look for real estate in the appropriate areas and pinpoint the ideal home.

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Mortgage Qualification Calculator

Mortgage calculators are vital tools in helping you plan your mortgage. One of the most important steps to do before committing to a residential loan is to do thorough research. You need to fully understand how obtaining a loan affects your income levels, spending, and what the repayments will be.

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Types Of Mortgage Loans

When it comes to deciding how to finance your loan, it’s smart to consider all options and figure out which loan type is right for your situation. Learn the basic information of different loan products so you’re prepared to make an informed decision about your mortgage.

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USDA Loan Guidelines

These loans are geared towards home buyers who want to buy in a rural area. You have the ability to finance closing costs into the loan and the underwriting guidelines are relaxed with lower credit ratings. The USDA loan program is not limited to first time home buyers.

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Rural Housing 502 Loan

Rural Home Loans (Direct Program), Also known as the Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.

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FHA Loan Guidelines

FHA insures these loans on single family and multi-family homes in the United States. The FHA mortgage insurance is a policy that protects lenders, not borrowers, against losses that result from defaults on home mortgages.

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VA Loans Guidelines

Government backed loans for military personnel offered by the Department of Veterans Affairs. VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy.

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Do's & Don'ts For Mortgage Loan Shopping

Today’s real estate market is very complex. Whether you are sophisticated in the field of real estate finance... or if this is your first experience, you should retain the services of an AMLA member lender.

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Guide To Understanding A Residential Appraisal

The purpose of this brochure is to help you understand the residential appraisal. After reviewing this brochure, you will understand the definition of a credible appraisal, the appraisal process, elements of a credible appraisal, the importance of appraiser independence.

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Closing Costs For A Home Purchase

It's a customary practice for a home buyer in Santa Cruz County, AZ to request for seller concessions. In general, the home buyer must pay for certain home financing costs, but an agreement can be made between the buyer and seller where the seller pays on the buyers behalf a portion of the buyers closing costs.

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Lender Required Repairs

Banks are very adverse to risks and one of the biggest oversights that home buyers misunderstand are lender require repairs. Regardless if you are obtaining a government secured loan or conventional loan, the financial institution will not lend the borrower the money, unless repairs have been made to the home prior to closing.

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Mortgage Interest Rate Watch

Lenders provide a great deal of guidance, but you make the final decision about whether you’re getting the best loan you can get. Part of taking that responsibility involves comparing interest rates. Mortgage interest rates change daily based on a number of national and international economic factors.

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FICO Credit Score

he FTC's final ruling under the Fair and Accurate Credit Transactions Act ruled all Americans are now entitled to receive free credit reports every year with no strings attached. The three major credit reporting agencies, Equifax, TransUnion and Experian, are each required to provide consumers, upon request, a free copy of their credit report.

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Rent To Own Homes

The term "rent to own" is not always clear what it means, and that's partially because renting to own and the similar plan lease/option can work numerous ways. However, in a typical scenario, tenants can rent for a set period, such as a year, then when that time is up, they have the option to purchase the home. A portion of the rent is often credited to the sales price, used as a down payment, or closing costs.

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Home Owners Tax Deductions

Ask any homeowner what's so great about owning versus renting, and most will say "the tax deductions!" That's right because all homeowners who itemize their taxes are able to deduct 100% of their mortgage interest and property taxes from their income tax returns.

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5 Thing To Know About Homeowners Insurance

Homeowners insurance is critical, and it's a requirement by the mortgage company to carry a mortgage, and rightly so. If something were to happen to your home and it was destroyed completely, you would still be obligated to pay for the outstanding balance owed to the mortgage company.

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10 Tips For Lowering Insurance Costs

During the inspection period, the home buyer should be provided with a Letter of Experience or a CLUE report of the last 7 years for the property's claims history. The CLUE (Comprehensive Loss Underwriting Exchange) is a claims history database that enables insurance companies to access consumer claims information when they are underwriting or rating an insurance policy.

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Mortgage Rates Newsletter - Market Analysis

10/19/2021 8:29:24 PM +00:00

Mortgage rates hit their highest levels in months yesterday as bonds lost ground at a brisk pace to start the new week. Bonds--specifically mortgage-backed securities (MBS)--are the most important ingredient used by lenders to determine mortgage rates. Bond market weakness (i.e. "losing ground") means that bond PRICES are falling. Bond prices vary inversely with bond yields, and yield is just a fancy term for "rate." In simpler terms, bond sellers had to offer higher rates of return to attract reluctant buyers. But why are bonds struggling? This is actually a general trend for bonds and rates for just over a year as the economy battles back against covid. The middle of 2021 was a bit of an aberration as the delta variant brought new pandemic-related uncertainty to financial markets. But now

10/18/2021 8:21:26 PM +00:00

Mortgage rates had a mixed showing last week. They started out high before improving through Thursday. Finally, they took a step back up on Friday. Now at the start of the new week, the upward momentum is continuing. The bond market was much weaker in overnight trading, and weaker bonds mean higher rates, all other things being equal. Bonds hit their weakest levels just before the average mortgage lender released rates for the day. As such, the average conventional 30yr fixed rate quote was the highest in roughly 4 months . As the day progressed, bonds found their footing to some extent. It was enough for most lenders to offer mid-day improvements to rates. Keep in mind though, these improvements are generally small. They mean today's rates are lower than they were this morning, but still noticeably

10/15/2021 11:47:57 PM +00:00

After a calm summer at historic lows, interest rate volatility has ramped up heading into the fall. What are rates worried about, and is this just the beginning of more drama? In a word: maybe! Because they're based on bonds, rates are always worried about anything that can have a big impact on the supply/demand equation in the bond market. Since March 2020, virtually any major supply/demand consideration can be traced back to the pandemic in some way. In general, the worse the outlook is for covid, the higher the outlook is for rates. Rates have other concerns too. Inflation is a constant consideration for bonds/rates because bonds are repaid on a fixed schedule that cannot adjust for inflation over time. If investors think inflation will move higher, they would demand higher and higher rates

10/14/2021 8:47:40 PM +00:00

Mortgage rates fell today as a majority of lenders finally got caught up with the past few days of strength in the bond market. Lenders rely on bonds--specifically mortgage-backed securities (MBS)--to determine where to set mortgage rates. Bonds are constantly on the move, but lenders prefer to just set mortgage rates once per day, if possible. As such, when volatility is higher and when rates have been rising more than falling, lenders tend to be more defensive. In other words, they need to see more sustained improvement than normal before bringing rates back down. Today's improvement was the biggest of the week, and it brings the average conventional 30yr fixed quote well below those seen at the end of last week. Even so, there are numerous news articles out today proclaiming "sharply higher

10/13/2021 8:03:33 PM +00:00

Closely following intraday moves for the bond market and mortgage rates means that seemingly insignificant time frames are actually important . For instance, it's actually not too common for rates to make it more than 5 business days without falling at least once--even if only slightly. Thankfully, today's modest drop in rates puts an end to just such a streak (rates hadn't improved since last Monday). In a way, this improvement was almost " owed " to prospective mortgage borrowers considering yesterday's counter-intuitive results (higher rates despite bond market gains). For a few moments this morning, it wasn't entirely clear that we would see any improvement. Bonds initially balked at an inflation report released this morning ( spoiler alert: it's still high), but were ultimately able to