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Mann Mortgage Safford, AZ - Arizona Home Loans & Lending Services
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The Path to Homeownership

Nov 6
8:40
PM
Category | General

Helping you understand the home buying process – It’s our job!

Your Mann Mortgage loan officer wants to help make your next home purchase as easy as possible.

 

Contact Mann Mortgage for Financial Pre-Qualification and Pre-Approval

               Your credit will be pulled, and we will specify how much we can lend you based on certain assumptions.  This is not a guaranteed loan offer.  By pulling your credit early in the process we can catch credit score issues and help you resolve them faster.

Establish Your Max Purchase Price

               To calculate your general affordability range, consider primary items, such as your household income, monthly debts (for example, car loan and student loan payments) and the amount of available savings for a down payment.  Make sure to budget for mortgage, taxes, insurance, HOA, utilities, repairs, plus monthly expenses. 

Select a Relator

               Take some time to research and conduct interviews before selecting.  Seek out reviews and testimonials online.  You don’t have to use a realtor but they can be a great asset.

View and Select Properties

               Finding the house of your dreams may take a while or it may take an afternoon.  Work with your relator and search for “For Sale by Owner” homes online.

Make an Offer

               It isn’t just about telling the seller how much you’re willing to pay.  It’s also important to provide proof that you’re able to pay the amount.  You do this by providing a pre-qualified letter from your lender tailored to your offer.  Your offer will also establish the expected closing date, and state how additional costs will be covered and what you expect of the seller leading up to closing.  When submitting an offer, you also need to be prepared to provide earnest money, which shows the seller you’re serious about buying the house.  This amount can range from $500 to 10 percent of the agreed-upon price.

Negotiate/Expect to Counter Offer

               Low inventory in many housing markets in the U.S. spurs competition among buyers.  In some markets you can expect bidding wars. 

Buyer & Seller Agree/Accept Contracts

               In general, an offer becomes a contract when both parties have signed.   Once this happens, the contract is binding for both the seller and the buyer.

Open Escrow

               This is when you pay your earnest money or deposit to the escrow or title company at the time the purchase agreement is signed.  The escrow officer will ensure that all conditions are met by both parties before any money changes hands. 

Home Inspection

               This is not required as part of the mortgage process, but it can discover any potential structural or safety concerns with the property.  If the inspection finds more problems than you’re comfortable dealing with, you can choose to back out of the sale or try to negotiate to have the seller make the repairs or lower the price.

Loan Review

               A processor verifies your paperwork and an underwriter reviews your file to confirm your loan fits the guidelines.  The title will be reviewed to make sure the land is not encumbered by any judgments, liens, or lawsuits.  They will also look for recorded easements and other discrepancies that could affect ownership of the property.  An appraisal is done.  An appraisal is a licensed appraiser’s opinion of a home’s market value based on comparable recent sales of home in the neighborhood.  They are ordered to make sure the buyer is not borrowing more money than the house is worth.  At this point, the entire purchase agreement can still fall apart if anything has changed substantially before closing.  Opening new credit or changing jobs can disqualify you for a mortgage.

Loan Approved

               All your information has been verified and we legally agree to fund the contract.  

Get the keys and move in to your new home!

               Funds have been disbursed according to the contract and your deed has been recorded at the county.  It’s time to move in!

 

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies.


Buying Your First Home

Oct 9
3:34
PM
Category | General

Buying your first home?  A few things to consider.

We all know the old line about location, location, location, but buying a home also takes research, research, research!

All potential owners should take the time to truthfully answer these questions – it can help put you on the right track and ensure that the buying process goes as smoothly as possible.

 

How much can you comfortably afford?

Make a budget based on your income and include all homeowner expenses such as mortgage, PMI, taxes, insurance and repairs/upkeep.  Then meet with your lender to complete the pre-approval process, which entails full documentation and credit check.  It’s a good way to help narrow down the amount that you will qualify for and decide if that’s an amount that will fit your budget.  This can identify any potential hurdles and focus only on homes truly available to you.

 

How much cash will you need to close?

Knowing how much cash you’ll need to close and, ideally, consolidating those funds into one account will help to prevent stress and ease the process later.

 

What kind of property do you really want?

Single family, multi-family, condo, co-op, Victorian, colonial, cape, split, ranch, cottage, cabin, teepee… home types and legal distinctions are plentiful.  Whether you are open to several styles or have your heart set on only one, narrowing your search will save time and prepare you to act when the perfect home hits the market.

 

Preferred location, size and how long you want to live there?

You’ll want to strike a balance between buying what you can afford and buying what will accommodate your needs for longer than just the first few years.  Assess your plans for your growing family and how your income might grow to match.  Planning ahead is especially important in today’s market, when trading up tomorrow may mean both a more expensive home and higher mortgage rate.

 

Do I understand how the home buying process works?

Generally, the process will include:  Offer, Acceptance, Inspections, Contract, Loan Application, Appraisal, Title, Loan Approval, Closing/Funding and Moving In.  Many little steps can fall in between, and the process won’t always occur in a given order.  Ask your mortgage professional for more information on understanding the buying process.

 

I still have questions – how can I get answers?

It pays to speak with local experts early on I the home buying process.  The Internet doesn’t always have all the right answers because options vary for many reasons, including geographic location and a buyer’s individual circumstances. 

 

Reach out when you’re ready, and we’ll help you understand the nuances of your market today.

 

 

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies.


Inspection vs Appraisal

Sep 27
4:09
PM
Category | General

Inspection vs Appraisal – What’s the difference?

Two different reports for two different purposes.

 

Home INSPECTION (optional)

Inspection Determines Property Condition

This is a report that is ordered by and completed for the home buyer.  It is meant to determine the condition of the property and its systems.  It is not required by Mann Mortgage, and is therefore optional.  In most circumstances, our lending professionals would highly recommend that a buyer do have an inspection done.

 

What is the cost? 

Varies, est. $350 - $500

Inspection costs vary depending on geographical location, as well as the complexity and size of home being inspected.

 

How and when is it ordered?

An inspection is ordered by the buyer or buyers agent.  The buyer may use an inspector of their choice.  The inspection is typically ordered after the buyer’s offer is accepted.  In many states, the purchase contract will stipulate that the buyer has 10 days from contract acceptance to complete the inspection and notify seller of any issues uncovered in the inspection.

 

When is the report delivered?

The inspection report is generally delivered to the buyer within 24 hours from the time the inspection was completed.

 

Home APPRAISAL (Required)

Appraisal Determines Property Value

The appraisal is required by most mortgage companies during the buying process, including Mann Mortgage.  It is used to determine the fair market value and general physical condition of the property.

 

What is the cost? 

Varies, est. $350 - $500

Appraisal costs vary depending on the size of the home and whether the home will be an investment property or primary residence.

 

How and when is it ordered?

Mann Mortgage typically waits to order the appraisal until after the home inspection is completed.  Government regulation guidelines dictate that an appraiser be randomly assigned from a pool of appraisers.

 

When is the report delivered?

Typically, an appraisal report is delivered within 5-7 business days from the time it was ordered.

 

 

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies.


Top Credit Score Myths

Sep 11
2:42
PM
Category | General

When it comes to debt and credit reports, there are a lot of myths and misunderstandings.  Find out what actions Do and DON'T affect your credit score and learn some tips on what you CAN do to improve your score.

 

Myth #1  Checking your report will hurt your score

False:  When you check your credit report at www.annualcreditreport.com this is called a "soft inquiry".  Because you are not applying for credit, this type of inquiry does not have any impact on your credit score.  You should check your report by visiting this website once a year.  Review your credit history and make sure that all of your accounts are reporting correctly.  If you see things that you believe are not accurate, contact the credit bureau who is reporting the information.  They can help you get inaccurate information corrected.

 

Myth #2  Closing accounts will improve your score

False:  In fact, closing an old account that is still reporting as open on your credit report could actually lower your score.  There are two reasons for this.  The first relates to credit depth.  While a small factor, credit accounts that go back 10 or more years shows you have experience managing your credit.  Closing an old line of credit removes that depth from the report.  The second reason is a ratio the credit companies call "credit utilization" which is a ratio of your combined credit limits and your total outstanding balances.  As you close old accounts, the combined limit is reduced and it looks like you are using a greater percentage of your total available credit.

 

Myth #3  Paying off a debt eliminates it

True, but...: You do eliminate the obligation when you pay off a debt, but the evidence of the debt (and your payment history) can stay on a credit report for years.  If you paid on time, you want the history to stay on the report and be reflected.  On the other hand, negative information can also stay on the report for up to seven years.  If you've filed bankruptcy, that information can stay on the report for up to 10 years.

 

Myth #4  Each person has a "single" score

False:  There are three major credit repositories and each one has their own scoring model and additionally there are over a thousand different scoring models used in the credit market place. Some lenders may use a model that highlights use of consumer credit where another may be focused on your housing or installment credit use.  The score you see will depend on the information the lender is requesting.  When you check your report at www.annualcreditreport.com, you don't need to check your score too.  Just make sure the data in the report is accurate.

 

Here are a few things that REALLY DO help increase your credit scores.  

1.  Make all of your payments on time.  Even one late payment to a minor credit card will have a negative impact on your score.

2.  Keep your credit utilization at 30% or less of the total limits.

3.  Dispute inaccurate information.

4.  Avoid collections or judgments.

5.  Time is your friend.  There are no "quick fixes" for credit.  Negative information takes time to drop off the report so start now to make on time payments and your score will improve over time.

 

(Adapted from "11 Credit Myths: Don't Fall for 'Em" published by Experian. Article located at https://www.experian.com/blogs/ask-experian/11-credit-myths-don't-fall-for-em/)

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies.


Tips For Establishing Credit

Aug 28
1:55
PM
Category | General

Open a Bank Account

The first step in establishing a financial history is to open a bank account.

 

Get a Co-Signer

Piggy-backing on someone else’s good established credit history is another way to boost yours.  But be aware that any default of credit on your part affects the credit of the co-signer.

 

Secured Credit Card

Apply for a credit card.  Shop around and only apply for a card if you can meet the lender’s requirements.  Responsible use will help you build a good credit history.

 

Store & Gas Credit Cards

Since some gasoline credit cards are not revolving, they are sometimes easier to obtain than regular credit cards.  Similarly, department stores offer revolving credit for a specific purchase and this is sometimes easier to obtain as well. 

 

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies.


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