Loan Pre-Qualification Is The First Step In Your Home Buying Journey
Are you thinking about buying a home in Arizona? Getting pre-qualified with a local Arizona lender is the first step in your home buying journey (unless you are paying cash – then you will need a proof of funds statement from your bank or investment firm). Don’t fall in love with your dream home before you are truly ready to make an offer. Contact a trusted local lender and begin the pre-qualification process today! It is fairly simple, and you will learn important details such as how much you qualify for and under what terms (type of financing, closing cost and down payment estimate, interest rate, payment). This pre-qualification form will be a key component of any purchase offer and is now a required part of the purchase contract documents in Arizona. The real estate market in Arizona is quite competitive for buyers, being that we are experiencing a “seller’s market,” so being fully prepared will be very important.
In the state of Arizona, you must provide a copy of your formal pre-qualification that is signed by the lender and the buyer(s). This is no longer optional, and is now a requirement, unless you will be paying cash for the home, in which case you will provide the seller and listing agent with a copy of your proof of funds (investment or bank statement showing sufficient funds available).
The specific language included on Line 69 of the Arizona Purchase Contract dated February 2017, dictates that an AAR Pre-Qualification Form is attached hereto and incorporated herein by reference.
So, if you are ready to buy a home in Arizona and are not planning to pay cash, then get Pre-Qualified with a trusted local lender today! If your lender is not familiar with the AAR Pre-Qualification Form, then you might consider that to be a red flag and an indication of how smoothly (or how stressful) your lending experience will be. There will be additional Arizona specific documents required between contract and closing, so it is important to work with a lender who is fully informed on the Arizona real estate market and requirements.
As soon as you have your formal PQF in hand, then you will be ready to begin your home search and I will be honored to help you write an offer that the seller will be happy to accept! Please do not hesitate to reach out if you have any questions or are unsure of how to begin the process of getting pre-qualified to purchase a home in Arizona.
I am an experienced, local real estate specialist serving the entire East Valley of Phoenix, Arizona. It would be my honor to assist you on your real estate journey and help you to navigate the process of buying and selling Arizona Real Estate. From start to finish, I will be there to guide you and answer your questions with no pressure, only support!
Keely Semon, Realtor®
East Valley Real Estate Specialist
United Brokers Group