You should investigate the current interest rates and maximum loan amount that you would be able to afford in order to establish the price range of houses to consider. Lenders calculate your debt-to-income ratio, which is a comparison of your expenses to your gross (pre-tax) income. Monthly mortgage payments should total no more than a certain percentage of your gross income, while the mortgage payment, combined with other long-term debts (such as car payments) should not exceed a certain percentage of your gross income. The lender will also take into consideration your credit history and cash available for a down payment when determining your maximum loan amount.
Once you have started your Arizona home search and determined the price range of homes to look at, next you should consider your needs. Think about where you would like to live and how much space you would like to have. We suggest driving through neighborhoods you are considering to get an idea of what you want. When deciding on possible locations, think about distance to your job, schools, family, etc. It's best to make a list of your priorities, such as location, size, and amenities. Determine the minimum requirements that the house must have for you to consider it as well as a wish list of perks you would like it to have.
For more details on this process we can sit down with you and discuss the home buying process as well as help you get in touch with a lender to go over the loan specifics. Contact the Arizona Key Team at 480.202.6846 or through our website to start the process.