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Mann Mortgage Safford, AZ - Arizona Home Loans & Lending Services
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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.


When you buy a house, a great deal of thought goes into it.  After all, you can’t just get up and move the next week. 

While you might not be able to get everything you want, it’s possible to make sure you enjoy your new house as much as possible. Here are some things to consider when you decide to buy a home.

1. Location

Where you live matters a great deal. When buying a home, think about your lifestyle and your expectations for the future. What amenities matter most to you?  Where would your kids go to school?  Think about safety, night life, shopping, walkability, grocery stores, public transit access, and how the location of your new home relates to all of them and try to buy in an area that fits your lifestyle choices.

In our rural town, city utilities aren’t available to all homes.  Consider the cost and upkeep of wells, septic systems, internet dish providers, and propane when choosing the location of your new home.

2. Commute

Another big item to consider when buying a home is the commute to work or school.  Think about how long you would be in traffic, on a train, or a bus. Is the time you spend on the commute worth a lower cost for you to live farther away?  Is the wear and tear on your vehicle and the extra gas expense worth it as well?

3. Space

The size of your family and your future family plans also dictate your priorities when buying a home. Do you plan to have more children, do you have pets, do you entertain frequently, do you need a home office?  Your family situation is unique, and you want to buy a home that matches your needs.

4. Type of home

Some people love the charm and history of old homes, and they love updating them and remodeling them. Look at your skills and abilities. Do you have the know-how to fix up a home, or the budget to hire someone that does? If you like the idea of putting in a little sweat equity to improve the value of a low-cost older home, go for it.

A recently built home has the advantage of new items. You have fewer worries about things breaking down and you know that the electrical and plumbing systems are modern.

If you want something absolutely perfect for you, you might consider building a home. However, building a home on your own requires a lot of effort. 

As you shop for a home, figure out which items are most important to you. Prioritize your list and buy a home that fulfills the most important items — even if you have to compromise elsewhere.

 

 


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