BUYING A HOME IN ARIZONA
QUICK REFERENCE
®BENEFITS of Using a REALTOR
HOME COMPARISON
LOAN APPLICATION REQUIREMENTS
THE LOAN PROCESS
PMI FAQS
WHAT TO AVOID DURING THE LOAN PROCESS
TYPES OF LOANS
SAMPLE MORTGAGE PAYMENT
RENT vs BUY
THE ESCROW PROCESS
ESCROW SERVICES
CLOSING COSTS: WHO PAYS WHAT
CLOSING YOUR ESCROW
WHAT I S TITLE INSURANCE & WHY YOU NEED IT
TITLE POLICY CHART & WAYS TO TAKE TITLE IN AZ
RED FLAGS IN THE ESCROW/TITLE PROCESS
TERMS YOU SHOULD KNOW
DIRECTORY OF SERVICES
PLANNING YOUR MOVE
SAMPLE PURCHASE CONTRACT
SAMPLE BUYER ADVISORY
ARIZONA ZIP CODE MAP
WHAT TO AVOID DURING THE LOAN PROCESS
DO NOT CHANGE JOBS
A job change may result in your loan being denied, particularly if you are taking a lower paying position or moving into a different field. Don’t think you’re safe because you’ve received approval earlier in the process, as the lender may call your employer to re-verify your employment just prior to funding the loan.
DON’T PAY OFF EXISTING ACCOUNTS UNLESS THE LENDER REQUESTS IT
If your Loan Officer advises you to pay off certain bills in order to quality for the loan,
follow that advice. Otherwise, leave your accounts as they are until your escrow closes.
AVOID SWITCHING BANKS OR MOVING YOUR MONEY TO ANOTHER INSTITUTION
After the lender has verified your funds at one or
more institutions, the money should remain there
until your escrow closes.
DON’T MAKE ANY LARGE PURCHASES
A major purchase that requires a withdrawal from your verified funds or increases your debt can result in your failing to qualify for the loan. A lender may check your credit or re-verify funds at the last minute, so avoid purchases that could impact your
loan approval.
