Buying a home is a complex process, but lucky for first time Arizona home buyers, we’ve assembled a few tips and tricks to help make the whole experience as smooth as possible. The first thing to do is determine your budget. Figure out what a reasonable monthly payment would be for you, and be sure to include money to set aside for emergencies. You also need to gather your financial documents, including W-2 forms, 401k or other pensions, and other paperwork that documents your income and expenses. Make sure your credit score is in good shape, too. The credit score will determine whether you can get a mortgage at all and what the rate will be. Shop around for a bank that offers competitive rates and get a pre-approval letter, stating how much you will be allowed to borrow. Sellers are more likely to accept the offer of a buyer with pre-approval.
The next big decision to make is which real estate agent to work with. Real estate is a very local market, so you want someone with experience in the neighborhoods where you’d like to live. Arizona homes all over the state are selling quickly, so you need to be sure your agent is proactive.
Once you’ve found the home of your dreams, it’s time to make an offer and get a mortgage. Many first time Arizona home buyers are surprised by all the extra costs that rack up during closing. You’ll need your down payment, of course, and other costs include appraisal and inspection fees. Check your home loan, because it should have an estimate of all the closing costs. Home owners insurance is another requirement for closing.
The home buying process has a lot of moving parts in it, but with good preparation and a good agent, it should all go pretty smoothly.