Shopping around for a mortgage on a North Scottsdale home for sale can be stressful, especially for first-time home buyers. First, you must decide on a location, affordability, and if you have job security. Then you’ll want to get a pre-approval for a loan to make the home buying process go a little faster. Researching the market and creating a timeline will make the process go easier. Here are a few tips:
Understand the housing market
Home prices are rising but that doesn’t necessarily mean it’ll have an impact on first-time homebuyers. With that said, you should understand the housing market and do your research on North Scottsdale homes for sale. Inventory is low and it continues to be a sellers’ market, making it harder to compete with other buyers. But if you work with a skilled real estate professional, they’ll help navigate you through the process.
Hire a professional
When buying a North Scottsdale home for sale, hiring a professional real estate agent along with mortgage professionals is a necessity. A good broker will make sure the entire process goes smoothly. Brokers recommend when applying for a loan, to make sure your taxes are filed and organized. You’ll want your last month of pay stubs and access to two months of bank accounts. More importantly, you should shop around.
Know your personal finances
Understanding what you can afford is helpful before looking at a North Scottsdale home for sale. It’s definitely important to have a good credit score. Lenders will look at this along with how much debt you owe and monthly income when deciding how much they’re willing to lend you. It’s also good to put at least a 20 percent down so you can avoid private mortgage insurance (PMI).
Educate yourself and shop around
Again, shopping around for a mortgage for a North Scottsdale home for sale is crucial. Find a loan officer who understands your goals and who can be a resource throughout the whole process.