Buyers:  Agents, myself included, cannot emphasize enough the importance of getting pre-approved before you get in the car to shop for a home.  It is a first step even if you know you can qualify and have a good work history.  Our current Residential Resale Purchase Contracts demand that we include Pre-Qualification Forms with our offers.

Additionally, I personally require that my buyers submit all documentation and be ready to write that contract!  Strange things happen that are unexpected and unanticipated even with great borrowers.  Avoid surprises and get pre-approved...here are some great resources for loans:

Christopher J. Gilbert

Mortgage Banker/Branch Manager

NMLS #180201

V.I.P. Mortgage Inc.

7747 W. Deer Valley Rd., Suite 240

Peoria, Arizona 85382

623.223.1805 Direct

602.540.7575 Mobile

623.218.9089 E-Fax

cgilbert@vipmtginc.com

www.vipmtginc.com

Susan Cossey

Loan Officer

NMLS #237875

Summit Funding Inc. (Realty Executives’ Partner)

11211 N. Tatum Blvd., #130

Phoenix, Arizona 85028

602.535.0166 Direct

623.210.4059 Mobile

480.787.5506 E-Fax

Susan.Cossey@SummitFunding.net

www.summitfunding.net/scossey

Jeannie Bolger

Senior Loan Officer

NMLS #194387

Fairway Mortgage

602.483.1740 Direct

602.550.8674 Mobile

866.523.4784 E-Fax

jbolger@fairwaymc.com

www.loansbyjeannie.com

Brian Schmidt

Mortgage Loan Originator

NMLS #208007

Arizona State Credit Union

602.644.4704 Direct

480.772.7931 Mobile

602.644.4705 E-Fax

Brian.Schmidt@AZSTCU.org

Apply Here: www.azstcu.org/brianschmidt

From the October 2015 Phoenix @ Your Service:

Looking for updates on Federal Aviation Administration FAA flight path changes?  The Phoenix Aviation Department has a variety of helpful online tools to keep residents informed.  Visit skyharbor.com/flightpaths for weekly updates, informational videos, outreach meetings, and open houses.  You can also sign up to be notified each time an update is made to the website.  Residents can also submit a noise comment in a variety of ways on the website including through a fast track account on the PublicVue flight tracking portal, or by calling the Noise Office toll-free at (844) 244-7430. 

http://mcassessor.maricopa.gov/category/frequently-asked-questions/ 

The above link will be of assistance if you are a property owner who rents out any property you own.  Make sure you understand the rules and requirements of registering your property with the county so that it is appropriately classified for tax assessment purposes.

Pursuant to A.R.S. § 33-1902 any property that is used solely as leased or rented for residential purposes must register certain information related to the property and its ownership with the assessor in the county which the property is located.

Registered rentals occupied by a qualified family member as their primary residence per A.R.S § 42-12003 will be classified as a legal class 3, primary residence. Registered rentals occupied by non-qualified family members will be classified as a legal class 4.2, rental/leased residential.

Additionally, the property tax amount you pay may likely be higher as a rental.  To that end, it is important to check on your tax record to make sure you're in compliance if you do have a property leased to tenant(s) or, just as important, make sure that you're not paying a tax amount based on a rental property when you actually reside in the home (it's your personal residence).

Need to register?  Forms are available on the county's website!  Click here:  http://mcassessor.maricopa.gov/forms/

Be safe and register your rental properties!

I often get contacted by people who are anxious to look at a home they saw on Zillow, Trulia or on my own website that allows anyone to search property.  If you're going to be financing your purchase, interviewing and selecting a lender is really your first step.  I don't want to lose clients, obviously, but I am adamant about this step in the process.  The lending and underwriting environment is one that experiences changes constantly and it's important for you to have a qualified lender who is up on all industry changes and can competently advise you. 

Additionally, you need to know what your options are, for example, you may be able to lease out your current primary residence and purchase a new primary residence.  The 'reserve' requirements necessary to do so have recently been changed in favor of buyers, so you may have options you didn't have before.  It is suggested to obtain advice from tax and legal professionals as well to insure your short-term plans fit your long-term goals. 

Please refer to my 'Resources & Testimonials' tab and then 'Mortgage Professionals' link to get contact information for mortgage professionals with whom I am acquainted and whose expertise I trust!  Thank you for recognizing the importance of this piece of the 'purchasing' puzzle!  When you're armed with your lending professional we can then get in the car and shop!  You matter to me so let's be ready together!

ARMLS® STAT – July 16, 2015, ARMLS® COPYRIGHT 2015

“Supply tightens, demand holds steady” might not be the most glamorous headline but it perfectly describes the first 6 months of 2015 as our inventory numbers have declined every single month. STAT is currently reporting only 19,596 Active (excluding UCB) listings, down 20% from last year at this time. We currently have only 2.69 months of inventory. The low number of homes available for purchase, particularly listings below the $200,000 price level, has led to a significant increase in the median home price this year.

Check out the entire June 2015 report here and connect with me on Facebook to get these updates monthly.  Be in the know....