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6 Lessons Learned While Looking for a Mortgage Broker in Arizona and Utah

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6 Lessons Learned While Looking for a Mortgage Broker in Arizona and Utah

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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7 Lessons Learned While Looking for a Mortgage Broker in Arizona

Buying a home in Arizona, chances are that you are looking for the best mortgage lenders in AZ. Finding a mortgage broker in Utah is often tasking, especially for the first time home buyer. Look at important tips for finding Utah home mortgage lenders.

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7 Lessons Learned While Looking for a Mortgage Broker in Arizona

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Buying a home in Arizona, chances are that you are looking for the best mortgage lenders in AZ. Finding a mortgage broker in Utah is often tasking, especially for the first time home buyer. Look at important tips for finding Utah home mortgage lenders.

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Why I opted for Arizona Home Buying program?

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Why I opted for Arizona Home Buying program?

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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As a child and throughout my teenage years, I wanted to leave my home badly. To see the world, be free and create my own identity. Having grown up now I realize the importance of having a place to call home for me and my loved ones. But it's not easy, especially as a first-time buyer. There are a lot of legalities and paperwork that I didn't even know. My most pressing concern was that it required a lot of money that I didn't have. Even if you already own a property, I can't imagine it being any less daunting. So you need to take the help from where ever you can get it.

How Arizona Home Buying Program Helped me:

For me, help in the form of Arizona home buying programs which helped me get easy AZ home loans recommended by the Arizona Department of Housing (ADOH). Such house loans are dependable as they are federally approved and can be availed depending on which county you live in. You can have multiple home buying programs for you to choose from. In addition to that, there are national home loans as well which allows you to take a loan from one state and use it buy a house in any of the States within the US territories. For example, with Scottsdale home loans people can buy homes in say Hawaii.

If you do not live in Arizona, you still have the option of getting federally approved home loans in other States as well as such as Utah housing loan.

Down Payment Requirements

The down payment requirement will depend upon the sort of mortgage program. USDA and VA loans have no down payment requirement. FHA loans only require a 3.5% payment which can be fulfilled by Down Payment Assistance Programs by the States such as home loans Utah. Conventional loans typically require either a 3% or 5% payment. The minimum deposit for a non-prime loan is typically a minimum of 10% and go higher.

Maximum Loan and Eligibility

The amount that you simply are going to be allowed to borrow will depend totally on your income, the debt you have, also because of the particular sort of loan you're curious about. There are maximum loan limits for every sort of mortgage program which is set at the county level. The eligibility for Mesa home loans may vary from that of home loans Chandler.

Options for People with Bad Credit

Loans are available to borrowers with lower credit scores as well as other credit challenges. The minimum credit score required to qualify for an FHA loan is 500 for Phoenix or St. George home loan. For non-prime loans, a borrower with a credit score even below 500 can get lenders. Non-prime loans also don't have any waiting periods after a bankruptcy.

What if I owe a tax debt?

Government-backed loans, like FHA, VA, and USDA loans, are lenient in this regard as one is able to buy a home even with a tax debt as long as a payment plan with the IRS has been prepared, and the payments are made timely. The federal debt owed must be in good standing in order to convince the authorities to grant government-based mortgage. If the tax debts show the status of a lien, it may be a hurdle to getting the loan until the issue is resolved.

Home Loan Along With Student Loan

As long as you're not delinquent on the repayment of your student loans, and meet the other criteria for the approval of the loans, such as the total limit, cost of the house, Debt-to-Income ratio, etc., there should be no problems in getting the loan approval for the home loan as well as the Home Buying Programs

Can I buy a home without my spouse?

While most people prefer a joint loan with their spouses, it is not uncommon for an individual to buy the house without their spouse. There are numerous reasons for someone to exclude their spouse from the loan application, like a lower credit score of the spouse, unemployment or lack of job history or income, or excessive personal debt that might prevent an approval. An individual application lets you bypass these restrictions and get the home loan without much hassle.

How Can I Gauge My Qualification for the Loan Before Applying?

It is easy to figure out which mortgage programs you might qualify for. There are several applications, calculators, and websites available on the internet that calculate or eligibility as well as the chances of approval for various types of loans and assistance programs. You simply need to give a few simple details such as your income, and their software would run the calculations. These websites may also provide you with the option of having a local lender contact you directly.

All these enable everyone to easily apply for loans. Once qualified, the loan is processed within a short time and you are able to buy your very first (or not) house!!

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Why I opted for Arizona Home Buying program? - Home Loan - Sun American Mortgage | Arizona, Utah, California

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As a child and throughout my teenage years, I wanted to leave my home badly. To see the world, be free and create my own identity. Having grown up now I realize the importance of having a place to call home for me and my loved ones.

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How to buy a home with Zero Down Payment in Arizona

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How to buy a home with Zero Down Payment in Arizona

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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Much has been said about the importance of home. The serenity, peace, security, and everything that comes with it. Once you reach a certain point in life you start to understand and experience the longing to have your own home. Even if it is a small place in the whole wide world, it is for you and your loved ones. Buying a home at any stage of life is a huge achievement and an equally daunting experience for everyone. It becomes more intimidating for first-time buyers as they know very little about the whole process.

It Doesn't Cost as Much as You Think

The first misconception that you may have is that you will require a huge amount of money at hand to buy a home. While that is partly true in that you would need money, you don't have to pay it in a lump sum at the time of buying the house. There are several state-run programs like the Arizona home buying programs which help people to purchase their homes with ease and at lower costs. Some of the programs even allow you to purchase your home without paying any down payment or closing charges at all. The only catch is it bumps up the interest rate a little.

Why You Need Down Payment Assistance

If you have already started looking for homes in Arizona you know that the prices are sky high and the houses are getting sold within weeks of being up for sale. It may seem that waiting for the prices to come down may be a smarter move. But it will turn out to be a long wait as it is a high demand market.

Here are the downpayment programs for buying a home in Arizona so that you do not have to wait to find the perfect home for you.

Arizona Home Plus Program

The Arizona Home Plus loan program is the most popular as it is available for people all across Arizona. Funds have been available for everyone that has qualified for such assistance. Arizona Home Plus program has helped numerous people to buy their own home.

It is a three-year program that is forgiven monthly over the course of 36 months. This literally means that you have to pay no interest or payment for the assistance that you receive. The only condition is that you have to stay in that home for the duration of those three years and you cannot refinance the property within that time. This generally does not put a hardship on the buyers. After the three years are over, they can refinance the house as per the reverse mortgage AZ terms.

The money that you receive from the program is used along with the other programs sponsored by the Government to pay the down payment on the house. Additionally, depending on the program that you choose, you can get higher assistance then the down payment. In that case, you can use the excess amount in paying the closing costs of purchase. This Downpayment Assistance amount is capped at 5% of the mortgaged loan.

The requirements of the program are:

The home must be located within the state of Arizona;

The maximum price at which you can buy the home is $396,680.

The total income of your household should not exceed $99,170.

Your Debt-to-Income (DTI) ratio should be lesser than or equal to 45%.

You must complete the Home Buyer Education class.

The credit score should be at least 640.

You must stay at the home purchased for a period of three years following the purchase.

This program can be used with multiple types of loans, such as conventional loans, FHA, VA, or USDA loan.

Buying a House in Arizona with Zero Down Payment

Home Plus VA & USDA Loan Programs

The two government loan programs that offer 100% financing are by the Agriculture Department and Veteran Affairs Department.

USDA Loans - It is issued by the U.S. Department of Agriculture (USDA) through its Rural Development Guaranteed Housing Loan Program. USDA loan is a National program aimed to provide home buyers the opportunity to buy rural or suburban homes without any down payment. These loans are intended to help borrowers with low-to-moderate income and thus have income restrictions for qualifying for loans. It generally requires a credit score of 640 and higher. Any score below that would require a strict underwriting to get approved. In this program, one gets 2% down payment assistance.

VA Loans - It is issued by the U.S. Department of Veteran Affairs for veterans, members in service and the surviving spouses of members. These have lenient rules and no official credit score requirements, however, a score of 640 or more is preferred. Under this scheme, one can get down payment assistance of 3%.

Because of this down payment assistance, the buyer would have to pay zero down payment. The additional assistance from the programs can be used to pay for the closing costs of buying the house.

So, just because you might have enough saved for a down payment...or even no down payment at all, don't give up on the vision of getting a house. It is still very much possible!

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How to buy a home with Zero Down Payment in Arizona - Home Loan - Sun American Mortgage | Arizona, Utah, California

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Much has been said about the importance of home. The serenity, peace, security, and everything that comes with it. Once you reach a certain point in life you start to understand and experience the longing to have your own home. Even if it is a small place in the whole wide world, it is for you and your loved ones.

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Sun American Mortgage COVID19 Announcement

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Sun American Mortgage COVID19 Announcement

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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This might be a red light right now but on the other side will be a green light, and we will make it to the other side even stronger and better than before. Together, we will beat this! Read below for our action plan regarding COVID19:

Business continuity is about preparedness, redundancy, flexibility and responsiveness. As we all adjust to this pandemic's effects and how it has, or may, impact our businesses and more importantly our families and loved ones, our team is closely monitoring the news and updates by the hour. We have met with every employee, and have reviewed our continuity and contingency policies to ensure all appropriate and possible steps have been taken to prevent any disruption to our services and support.
So, how is Sun American prepared and what actions are we taking?
Key aspects of our continuity & readiness to highlight:

All Sun American employees are fully equipped to operate remotely and securely. Further, as our entire company's operations team is centered in Mesa, Arizona, we ensure that our award winning high quality services will still remain strong, and is built into the fiber of our organization. Our physical office locations have preparedness plans, and business operations are able to be conducted without disruption, should we close any office location.

We already adhere and leverage the most secure technology, environments & communication portals to protect our own technology, as well as the confidential information of our borrowers, partners and their clients.

In addition to a secure, remote workplace, we have and continue to communicate the most recent CDC guidelines and guidance to our team and best practices on how to remain healthy during this time.

We have reached out to all of our technology, telecommunication, and service providers for information on their continuity plans and readiness, and have identified a backup/alternate provider for all core/critical systems.

We are expecting the best, but preparing for the worst. We value the health and wellness of our employees, partners and clients. We continue to operate as is and do not anticipate any interruption in our business and the service to our clients. If you have any questions at all, please let us know. We are more than happy to discuss and ensure you that we have the policies and procedures in place to avoid interruption to business as usual.

Stay safe, stay healthy, eat your vegetables, don't get in a fist fight over toilet paper, and give us a call if you need us.

-The Sun American Team

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Sun American Mortgage COVID19 Announcement - Home Loan - Sun American Mortgage | Arizona, Utah, California

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We will all get through this. This might be a red light right now but on the other side will be a green light, and we will make it to that other side even stronger and better than before. Read below for our action plan regarding COVID19: Business continuity is about preparedness, redundancy, flexibility and ...

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Home Buyers! Are You Leaving Real Good Deals on Table?

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Home Buyers! Are You Leaving Real Good Deals on Table?

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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Home Buyers! Are You Leaving Real Good Deals on Table?

Buying a home can be an exciting and emotional process. To ensure a smooth process, you will want to ensure that you understand the ins and outs of home buying. Here are some of the tips to ensure you do not miss any deals on real estate.

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Home Buyers! Are You Leaving Real Good Deals on Table?

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Buying a home can be an exciting and emotional process. To ensure a smooth process, you will want to ensure that you understand the ins and outs of home buying. Here are some of the tips to ensure you do not miss any deals on real estate.

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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Fix your Reverse Mortgage Doubts Now!

Traditional mortgage lets the borrower to access funds for purchasing a home while reverse mortgage works in the exact opposite way. In this post, I enlighten you on different things that you may not be aware of, regarding reverse mortgage.

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Traditional mortgage lets the borrower to access funds for purchasing a home while reverse mortgage works in the exact opposite way. In this post, I enlighten you on different things that you may not be aware of, regarding reverse mortgage.

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Renting vs. Buying a Home: Pros and Cons You Should Know

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Renting vs. Buying a Home: Pros and Cons You Should Know

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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To rent or to buy is an intimidating question, and unfortunately, there is no universal answer to it.

Well, the reality is that owning a home is considered the American Dream. However, if you have bad credit or no credit, owning a home remains a fantasy, and you are left to rent.

Evaluating the advantages and responsibilities that come with either option is the best approach helping you answer the question.

For instance, if you choose to buy a property, it means you may require servicing AZ home loans for a number of years and eventually end up accumulating some wealth. The upper hand is that you are a property owner, and can resell the property after some years and recover the amount paid plus a substantial income.

On the other hand, if you choose to rent, you will not need to apply for Mesa home loans, meaning you will have fewer financial responsibilities in the form of loans to repay. However, you do not own property, and cannot recover the rent paid when you terminate the tenancy.

To help you figure out whether to rent or to buy a home, we evaluate the advantages and disadvantages that come with either of the two options.
Buying a property: What are the Pros and Cons?
If you have been considering applying for Scottsdale home loans to purchase your dream home, chances are that you are wondering what it means for you in the long run. Here are some of the advantages and disadvantages associated with buying a home.

The Pros of Buying a Home

A home is considered the greatest asset in one's lifetime. Therefore, whether borrowing chandler home loans to buy or build a home, consider that you are not only putting a roof over those you love, you are also accumulating wealth. You can sell the property after you have repaid the mortgage, and earn a decent profit from the transaction.

Enjoy the Freedom of Renovating and Decorating the Property

Owning a home comes with the freedom of adding extra rooms as you wish, and renovating the property to match your current lifestyle.

2. Enjoy Tax Benefits

If you borrow Utah housing loans today, you are entitled to mortgage interest deductions when filing tax returns. This is unlike paying rent, which you do not earn any tax returns on.

The Cons of Buying a Property

Comes with more financial responsibilities as you have to pay the property maintenance costs, service the mortgage and keep up with monthly utility bills

A home is not a liquid asset and requires time to cash on if you plan to resell

Property value depends on prevailing financial times. Therefore, the property may lose value resulting in losses at the time of selling

Buying requires a huge upfront fee compared to renting where you just clear the monthly rent and a security deposit.

Renting a Property, what does it, Mean and What are the Pros or Cons associated with Rental Properties?

The cost of purchasing a property keeps increasing, with some Utah housing loan companies requiring a large down payment. This means that borrowers have to forego luxuries to save for the seemingly high down payment.

The alternative is to pay monthly rent, which takes a smaller percentage of the monthly income compared to servicing a mortgage and paying utility bills plus the cost of property maintenance.

Here is a quick overview of the advantages that come with renting a property

Tenants Enjoy More Flexibility and Freedom

Firstly, a renter can choose to move from one city to another, and it is an easier experience. This is compared to someone who already owns and lives in his or her home. Therefore, people who love working in different cities may pursue different opportunities or pure adventure should opt for rentals rather than buying a home.

The second reason why renting comes with flexibility and freedom is the fact that you are not tied around the difficult mortgage terms and conditions. Mesa home loan companies will put restrictions on the use of the property so long as you have not paid the mortgage in full. In that regard, renting is considered a better option for buying if you are looking to enjoy some freedom and flexibility.

2. No Property Maintenance Responsibilities

Renters are not obliged to pay property maintenance costs. It is the responsibility of the landlord ensuring properly paved pathways and repainting of house walls to maintain the property net value.
Disadvantages of renting a property:

Your landlord could wake up one morning and serve you with a rent increment notice.

Renting only gives you a home and not an asset

There are no tax benefits

Strict restrictions including no modifications or decoration, no pet's policy and so much more.

Are you wondering whether to rent or to buy? Refer to the pros and cons of renting vs. buying as indicated above to help you make the best decision. Better yet, give us a call at the nearest location to you and we can help you!

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Renting vs. Buying a Home: Pros and Cons You Should Know

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To rent or to buy is an intimidating question, and unfortunately, there is no universal answer to it. Well, the reality is that owning a home is considered the American Dream. However, if you have bad credit or no credit, owning a home remains a fantasy, and you are left to rent.

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Alternative Ways to Build Up Your Credit Score

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Alternative Ways to Build Up Your Credit Score

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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Fix your Reverse Mortgage Doubts Now!

Traditional mortgage lets the borrower to access funds for purchasing a home while reverse mortgage works in the exact opposite way. In this post, I enlighten you on different things that you may not be aware of, regarding reverse mortgage.

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Traditional mortgage lets the borrower to access funds for purchasing a home while reverse mortgage works in the exact opposite way. In this post, I enlighten you on different things that you may not be aware of, regarding reverse mortgage.

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How to Fix Your Bad Credit in 6 Easy Steps

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How to Fix Your Bad Credit in 6 Easy Steps

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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If a bad credit score is keeping you from applying for a conventional loan, do not lose hope! You may qualify for a reverse mortgage in AZ, so long as you have enough equity. Seniors can apply for the reverse mortgage Arizona program and use the money to finance their retirement. This includes traveling, paying medical bills, clear outstanding home mortgages, and anything they wish to spend the money on.

However, rather than wait to apply for a reverse mortgage in Arizona, you can work on credit score improvement to help qualify for a mortgage. In this post, I will take you through six tips to help you fix your bad credit.

Step 1: Start by inquiring your current credit report

What is your current credit score? You can visit the credit bureau to check your credit score. Alternatively, you can check the credit score online for free.

What is a credit report and what is the information that is shown on the credit report?

The credit report is a compilation of the information showing how a person handles their credit and pays their bills. Ideally, the credit report shows information relating to:

How much debt you have accumulated

The information on how you pay your bills

Current address and place of work

Information on past bankruptcy and lawsuit judgments

Records on foreclosure and past recoveries

Therefore, checking the credit report will let you understand why you have a poor credit rating.

Step 2: Dispute any Erroneous Entries

Do not be surprised to discover that some information on your credit report is erroneous. For instance, a past debt you have fully repaid could be entered erroneously resulting in a bad credit score. Maybe it is another person's debt captured as yours.

Scrutinize the credit report to find any errors and raise alarms to have the errors rectified.

At this stage, the credit score may be a few points up, after the errors have been eliminated.

Step 3: Pay Outstanding Debts and Get a Clearance Certificate

Upon disputing any erroneous entries, chances are that you still have some outstanding debts you need to clear up. Follow-up with the concerned parties to have the debts paid in full.

This could mean cutting down on daily expenses to afford the money that can be used to repay the debts. Alternatively, you can dispose of some assets so that you can repay the amount owed to other persons.

Paying off your debts may seem like a short-term plan to improve your current credit score but it can also help greatly in the long run.

Step 4: Keep paying all your bills on time

Paying bills when due is another important step when it comes to credit repair. Remember that paying debts before the due date could earn you extra points which goes into improving your credit score.

Step 5: Cut up your Credit Cards

Another tip to help you fix bad credit is cutting up your credit cards. Remove the temptation of increasing your credit card balance before repaying the existing debts. This helps you get out of the debt cycle.

As tempting as it may be to increase your credit card balance to survive hard economic times, it takes a toll on your overall credit score. Therefore, we recommend that you only use your credit card after you have repaid the debt in full.

Step 6: Focus on Increasing the Balance on your Savings Account

Although the checking and savings account balances are not reflected on your credit report, your savings can help you in case of an emergency, keeping you from borrowing another loan as an emergency mitigation measure.

Therefore, a savings account becomes an important aspect when looking for ways to improve the credit score.

Can you get Reverse Mortgage in Arizona with a Poor Credit Score?

You may still qualify to get a reverse mortgage with a bad credit score. Your reverse mortgage AZ lender will request a credit report. This is because the credit report shows your record based on past bills and debts.

A bad credit score is not necessarily a basis to deny you access to Reverse Mortgage Arizona programs. If the credit score is not satisfactory, it is a call to the lenders to examine your finances further. The reverse mortgage lender will evaluate any late repayments or overdue accounts to find out whether there are any issues causing this to occur.

The credit score report is an important document that details how satisfactory a mortgage borrower performed in the past.

If you have any questions about improving your credit score or have questions about getting a reverse mortgage, call us today!

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How to Fix Your Bad Credit in 6 Easy Steps

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If a bad credit score is keeping you from applying for a conventional loan, do not lose hope! You may qualify for a reverse mortgage in AZ, so long as you have enough equity. Seniors can apply for the reverse mortgage Arizona program and use the money to finance their retirement.

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Best Tips on How to Break the Monthly Rent Cycle

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Best Tips on How to Break the Monthly Rent Cycle

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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Owning a home is an amazing experience, and an opportunity to build equity. For some people, it is almost impossible saving enough home deposit and hence they end up opting to rent a home.

Do you feel it is time to break the monthly rent cycle? In this article, we present some suggestions proven to help people like you graduate from home rentals in Arizona to the full experience of homeownership in Arizona.

Sit back, keep reading and apply the tips we suggest here. You will be surprised how easy it is, transitioning from the monthly rent cycle to becoming a homeowner in Arizona.

I know this sounds obvious. However, falling behind on rent could affect your credit score! Many lenders today will consider credit score before lending mortgages to purchase a home.

On the other side, landlords will report late rent payments, which affects your eligibility to borrow a home buying mortgage. To avoid a poor credit rating, observe the rent due dates.

Apart from ensuring timely rent payments, all other debts and financial obligations should be honored when due. The utility bills and repayment of past loans and other debts owed to people should be honored when due.

This ensures you are not listed as a defaulter and keeps your creditworthiness in good records.

Therefore, with a good credit score, you can get a mortgage to kick start your journey to homeownership. Here are a handful of tips to help you with credit score issues:

Know what can affect your credit score

Ensure timely payment of bills including rent

The credit card balances should be kept low

Do not close the old credit cards

Manage your other debts and repay when due

Limit applications for new credit

Watch your credit report on a regular basis

The credit score is an important factor when it comes to fast-tracking your journey to homeownership. Make sure you pay all the debts on time and avoid taking new debts.

2. Save Smart To Raise the Down Payments

Many people are dreaming of owning a home. However, if they opened up, they will tell you that saving for the down payment remains a huge challenge. In fact, the monthly rent cycle takes a huge percent of income, leaving very little to finance the monthly expenses and afford a saving. When they approach a bank for a mortgage, the amount left in the savings account is insufficient to fund the 20% down payment.

Are you struggling to save up for a down payment? There are different tips that could help you successfully save for a down payment. Here are some suggestions that worked for others:

Cut down on expenses: this could mean downsizing to reduce the monthly rent

Open a goal-saving account

Automated savings such that the amount is deducted from the salary account

Save cash windfalls which include your per-diem, tax refunds, and cash gifts

Spend on a budget

Use online savings app

Involve your spouse

Growing your savings account requires your hundred percent input. You ought to ensure a disciplined saving culture to grow that account and afford the 20% down payment.

3. Which of the Arizona Mortgage Programs is best for you?

At this point, you have a good credit score, and you are working towards raising a substantial amount to afford the 20% down payment.

However, you have yet to identify the best home buying programs to fund your lifetime goal. What are the different home buying programs available in Arizona?

Here is a list of the different mortgage programs to help you fund your dream of owning a home in AZ.

This is a down payment assistance program under the Federal Housing Administration. The FHA mortgage is intended to help people overcome the down payment barrier, which is the reason why the majority of citizens opt for home rentals in Arizona.

For veterans and surviving spouses, the VA home loan is a good option when it comes to financing your dream home. The VA mortgages are meant to assist people to meet the housing needs

This is a government loan program designed to assist those willing to purchase a property in rural areas. Therefore, if you are looking to purchase a property around the outskirts of AZ, the USDA is an ideal home buying program.

Finally, we have the conventional home mortgage, which is also referred to as the normal home loan, requiring borrowers to pay a 20% home mortgage.

Either of the above home buying programs comes with a handful of advantages and disadvantages. Scrutinize each option accordingly to find out which of them best suits your requirements.

4. Work with a Reputable and Licensed Arizona Mortgage Lender

Not all mortgage lenders in Arizona will provide the best service and affordable mortgage rates. In that regard, ensure you evaluate the mortgage lenders carefully so that you are working with a reputable mortgage company. Collect quotes from different mortgage lenders and evaluate who charges affordable rates.

With the tips I have outlined above, you are off to a good start to begin your journey to homeownership.

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Best Tips on How to Break the Monthly Rent Cycle

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Owning a home is an amazing experience, and an opportunity to build equity. For some people, it is almost impossible saving enough home deposit and hence they end up opting to rent a home. Do you feel it is time to break the monthly rent cycle?

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The CARES Act Relief Bill and How it Can Help You as a Homeowner

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The CARES Act Relief Bill and How it Can Help You as a Homeowner

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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Fix your Reverse Mortgage Doubts Now!

Traditional mortgage lets the borrower to access funds for purchasing a home while reverse mortgage works in the exact opposite way. In this post, I enlighten you on different things that you may not be aware of, regarding reverse mortgage.

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The CARES Act Relief Bill and How it Can Help You as a Homeowner - Home Loan - Sun American Mortgage | Arizona, Utah, California

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What is the C.A.R.E.S. Act Relief Bill and How Can it Help You as a Homeowner? The CARES (Coronavirus Aid, Relief, and Economic Security) Act is a new federal law and relief program for homeowners that may be experiencing severe financial hardship due to the coronavirus pandemic.

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Renting vs. Owning a Home in Tempe, Arizona: What’s the Difference?

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Renting vs. Owning a Home in Tempe, Arizona: What’s the Difference?

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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Renting Vs. buying a home in Arizona has always been subject to debate. Are you struggling to choose between renting and buying a house in Arizona?

Choosing to buy or to rent requires proper evaluation of the advantages and the disadvantages associated with either of the two. Moreover, there are similarities in terms of things to consider whether renting or choosing to buy a house.

In this post, we look at some important aspects to take into account when choosing to rent or buying a house in Arizona.

The first item to come into your mind when considering your housing future relates to affordability. How much are you comfortable spending?

To determine the available budget, consider your total income. Deduct the monthly spending on food, commuting to work, children's education, and the emergency fund.

Remember that the debt to income ratio determines whether you qualify to borrow under the Arizona home buying programs.

What remains after you have deducted the daily expenses and the monthly repayments of existing debts is what you can now spend on housing.

When it comes to buying a house in Arizona, the once-off total cost is usually higher compared to the cost when renting a house. For instance, if renting a house, you pay that month's rent and some security fee depending on the agreements with the landlord.

To purchase a house, different costs are involved. Here is a list of some of the costs to expect when buying a home in Arizona.

The Down payment: Arizona home buying programs provide different options when it comes to paying down payments on a mortgage.

Closing costs: the closing costs relating to a lender and the third-party fees that are paid when closing the real estate deals.

Ongoing homeowner's expenses: This includes mortgage repayments, property taxes, the homeowner's insurance, mortgage insurance, resident's association costs, utilities and the rest.

Renting a home will involve monthly rent only. However, some tenancy agreements require that the tenant incur the cost of property maintenance. Before signing a tenancy agreement, read clearly, to make sure you understand the underlying costs.

2. The Long term financial Position

Owning a home means a better financial position in the future compared to renting a property. Consider that owning a home means you have completed making repayments depending on the Arizona home buying programs. At the end of mortgage repayments, you own the property and can sell it recovering the total amount you have paid out over that period.

On the other end, renting a property means you are repaying another person's mortgage. Years after repaying the monthly rent, you cannot recover that amount; neither will you gain ownership of the property.

If you want to achieve asset accumulation in the end, it is advisable that you consider buying a home in Arizona. On the other end, if wealth accumulation does not matter, you will opt to rent an apartment in Arizona.

3. The freedom to customize your living space

Owning a home in Arizona gives the property owner the freedom to customize the living space. In that regard, if you wish to add extra living space, you have the freedom to redesign the existing room.

For a rental unit, the tenant is limited when it comes to making any changes to the property. If there are any changes in the design or decorations on the property, there has to be an express authority from the property owner.

Are you hoping to have that freedom when it comes to customizing your living space? Check out the available Arizona home buying programs to apply for a mortgage today.

4. Tax Benefits

Another strong argument in favor of owning a home in Arizona is the associated tax benefits. Tax laws allow those itemizing their taxes to write off the mortgage interest payments. This has resulted in people choosing to apply to the Arizona home buying programs as it opens up the ability to deduct the mortgage interest when making tax returns.

5. Mobility Flexibility

If you are planning to relocate to a different city in the future, renting a home is a better option compared to buying a home in Arizona. Whereas you can resell an owned property, the process of reselling the property takes time, causing inconveniences at the time of relocating.

Therefore, whether to rent a property or buying a house in Arizona is more of a personal choice. Buying a property is an asset accumulation plan, hence better for those looking to accumulate wealth. Are you planning to purchase a home in Arizona? If so, check out the different Arizona home buying programs and apply for a mortgage with us today!

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Renting vs. Owning a Home in Tempe, Arizona: What's the Difference?

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Renting Vs. buying a home in Arizona has always been subject to debate. Are you struggling to choose between renting and buying a house in Arizona? Choosing to buy or to rent requires proper evaluation of the advantages and the disadvantages associated with either of the two.

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These 6 PROVEN Tips Will Help You Save on a Home Loan in Mesa (#3 is our Favorite Tip!)

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These 6 PROVEN Tips Will Help You Save on a Home Loan in Mesa (#3 is our Favorite Tip!)

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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These 6 PROVEN techniques will help you save on a Home Loan in Mesa (#3 is our favorite technique!)

Are you planning to buy property in Arizona? If yes, then Mesa home loans may be your best choice, and I am about to tell you why. It's easier to save on your mortgage or mesa home loan due to the readily available mortgage brokers and home loan options.

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6 Proven techniques to save on a Home Loan in Mesa | Sun American Mortgage

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Are you planning to buy property in Arizona? If yes, then Mesa home loans may be your best choice, and I am about to tell you why. It's easier to save on your mortgage or mesa home loan due to the readily available mortgage brokers and home loan options.

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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USDA Home Mortgages AZ | Utah USDA Home Loans | Fast & Easy

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Get ready to experience the easiest USDA loan process yet. Your loan experts in Arizona, Utah, California, New Mexico. 5 Star Rating!

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AZ Jumbo Loans | Jumbo Mortgage Loans Utah | Sun American

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Explore the possibilities of a jumbo loan by completing our form. We'll show you what's possible! Contact our mortgage specialist today!

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Arizona FHA Loans | Affordable Mortgage Loans Utah | Sun American

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FHA loans can help you get a house with only 3.5% down! Explore the possibilities of an FHA loan by completing our form & we'll show you what's possible!

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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Arizona Conventional Loans Program | Utah Conventional Loan Lenders

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Get ready to experience the easiest conventional loan mortgage process yet. Your home loan experts in Arizona, Utah, California & New Mexico. 5 Star Rating!

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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Best Mortgage Lenders in AZ & Utah | Refinancing Experts | Testimonials

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Read reviews from home buyers about our mortgage services, home loans & home refinancing options., fast turnaround & competitive home loan rates.

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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Welcome to the best online refinance mortgage calculator. With this house payment calculator, you'll be able to easily know how much house you can afford. One of the most important things when seeking a new home, is to really know what your mortgage payment will be, as well as how much home you can afford.

Sun American Mortgage Company is dedicated to helping you navigate your way through this mortgage loan process. We are dedicated to seeing all of our clients succeed. With our in-house processing, underwriting and funding, you'll feel like we are family!

Need a full pre-qualification?

Click the button below and one of our expert loan officers will contact you and go over your personal scenario. Our pre-qualification process is so easy, and in a matter of minuets, you'll know for sure what you qualify for and what your actual mortgage payment will be. CLICK HERE!

Mortgage Payment Overview

For most people, a home mortgage is probably the biggest loan they have and represents one of life's largest commitments. Mortgage lending has been a staple of the housing market and a pillar supporting The American Dream. Yet, it can be an overwhelming and confusing process for many homebuyers.

This guide was created to help you through the basics of mortgages, and home financing. The idea is to give you the foundation to understand how the process works, what factors matter, common pitfalls, and useful resources.

P.I.T.I.: Principal, Interest, Taxes, and Insurance

Let's start with the common components of a mortgage payment. In most cases, your payment will include some combination of the items described below, but variations do occur.

You may see P.I.T.I. commonly referenced as you begin to learn about mortgage payments. P.I.T.I stands for principal, interest, taxes, and insurance.

So what goes into your mortgage payment?

Mortgage Payment = Principal (amortized) + Interest (amortized) + Real Estate Taxes (pro-rated) + Private Mortgage Insurance (pro-rated)

Principally speaking...

Principal is the actual amount you borrowed from the lender, and the part of the mortgage you probably care about most. Every time you make a payment, your principal balance decreases, and your home equity - the value of the home in excess of the mortgage obligation - increases.

Calculate your starting principal balance

Principal Balance = Purchase Price + Fee's Rolled Into Mortgage - Down Payment

Still interested?

Interest is the other big chunk of your payment. Interest is accrued annually, as in Annual Percentage Rate, regardless of whether you have a fixed rate mortgage or an ARM. To figure out how much of your monthly payment is going toward interest, all you need to do is:

Calculate how much of your payment goes to interest

Interest Portion = Current Principal Balance × ( APR ÷ 12)

You'll notice that, when you are just starting out, the majority of your mortgage payment goes to interest. But every month you pay down a little bit of principal as well. So when you calculate your payment the next month, you'll notice a little bit less went to interest and a little bit more to principal.

Example - monthly mortgage payments
This example is for a fixed-rate, 30 year term, at 5% APR, with $200,000 Principal Balance, and a $1,073.64 monthly payment. (We'll get to figure out your monthly payment a little later)
First Month:

$833.34 = $200,000 × (.05 ÷ 12)

Second Month:
$240.30 went to principal from the first month's payment ($1,073.64 - $833.34 = $240.30) so...
$832.34 = $199,759.70 × (.05 ÷ 12)

And, if you paid down an extra $100 of principal in addition to your first month's payment?

$831.92 = $199,659.70 × (.05 ÷ 12)

Doesn't seem like much of a difference, but do that every month and you'll shave more than 5 years off your repayment term and more than $30,000 in interest payments over the life of the loan!

This is basically how an amortization schedule works. Since the lender is mostly concerned with collecting interest in return for taking a risk on your loan, they balance the payments in a way that favors interest repayment in the initial years. It also helps stabilize the payments over the entire repayment term, ensuring that your monthly payment remains constant throughout.

Other factors can influence the balance of interest to principal in your payment, such as: changes to your interest rate (in the case of an ARM), re-financing, and lump sum payments toward principal.

Often times, mortgage payments include additional fees. Fees associated with the legal obligations of owning a home, like taxes and insurance, are generally wrapped into your monthly payment.

Private mortgage insurance (PMI) is necessary until you have paid down a sufficient amount of principal to own at least 20 percent of the equity in your home (percentage may vary depending on specific circumstances), or if you're considered a credit risk. This protects the lender against default.

To ensure you keep the real estate taxes and PMI current, lenders typically set up an escrow account. The portion of your monthly mortgage payment associated with taxes and insurance will be held in escrow until it's due, sometimes once a year such as with real estate taxes.

For instance, you may pay 1/12th of your total estimated real estate taxes each month as a part of your mortgage. This guarantees that when your payment is due, you have the money available.

Your monthly PMI contribution

PMI Monthly Escrow = (PMI Rate* × Principal Balance) ÷ 12
*Note: PMI is generally calculated as a percentage of your principal balance. Sometimes it's a flat fee. Individual experience may vary.

Your monthly Real Estate Tax escrow contribution

RE Tax Monthly Escrow = (Tax Assessed Value of Your Home* × Local RE Tax Rate) ÷ 12
*The tax-assessed value of your home may be different from the appraised value of your home. Property listings on HomeFinder.com usually include "Public Facts" that feature both the tax amount and tax-assessed value of the property.

Once you've paid down a certain percentage of your principal, lenders will generally let you begin paying taxes and insurance directly. Real estate taxes can fluctuate, especially in gentrifying areas, so you'll probably want to set aside a portion of the payment monthly anyway.

In some cases, as part of closing, you may have to pay for a year's worth of PMI upfront. The same is true for taxes; you may pay a pro-rated portion of your taxes at closing as well as a monthly portion. Arrangements vary depending on what's customary in your market, as well as your lender agreement.

After you have lived in your home for a few years, check out your equity. Mortgage insurance isn't cancelled automatically, although you are supposed to be notified when it is no longer required. Once you've paid enough toward principal, you can drop the PMI and lower your monthly payment. You'll need to make arrangements with your lender.

Down Payments & Loan to Value (LTV)

These two components play a big role in determining your maximum mortgage loan amount, interest rate, and consequently your monthly payment.

The down payment is the amount you pay toward the principal value of the property. This helps determine your loan-to-value ratio. It also gives the lender confidence that, in the event of foreclosure, the value of the property can cover the remaining principal balance of the mortgage.

In general, you should attempt to provide the biggest down payment you can afford. The bigger the down payment percentage, the lower your interest rate will be and the easier it will be to secure a mortgage.

In some cases, a big down payment can even offer you the opportunity for a non-standard 15-year mortgage, or similar shorter repayment period.

This is not only advantageous from the perspective of an easier-to-secure lower interest rate, but because of the accelerated repayment plan you can literally save tens-of-thousands of dollars on interest over the life of your loan.

How much is your down payment?

Down Payment $ = Principal × Down Payment %

Loan-to-value (LTV) ratios represent the relative size of the mortgage, compared to the value of the home. This is important in determining both your interest rate, and the need for PMI.

Even small changes in interest rate can translate into thousands of dollars over the term of the loan. So, working to get the lowest LTV you can will save you money.

Figure out your loan-to-value percentage

LTV % = (Principal $ - Down Payment $) ÷ Principal $

For example:

A $200,000 mortgage at 5% will have you paying the lender approximately $186,000 in interest after 30 years.

Cut that rate to 4.5% and you will be out only $164,000 after 30 years. That's $22,000 in savings over 30 years on interest alone. Wow!

Debt to Income Ratio: Front End vs. Back End

Debt to income ratio is the primary calculation mortgage brokers and lenders will use to qualify your ability to repay the loan.

This is one of the most important numbers lenders will reference during the mortgage approval process. The lender will add up all your monthly obligations, including: student loans, insurance(s), bills, and credit card payments.

The total of your monthly obligations will then be divided by your gross monthly income. The resulting percentage represents the portion of your income that your debt constitutes. The lower the percentage, the more likely you are to secure a mortgage with good terms.

Most experts recommend that your debt-to-income ratio should be below 40 percent, so you can comfortably afford paying a monthly mortgage.

This is a great baseline when figuring out affordability, but definitely consider that this is based on your gross (pre-tax) income and does not take into account your tax liabilities, among other monthly expenses.

You should consult a licensed tax professional and/or an attorney to review the tax implications of owning a home.

Figure out your debt-to-income ratio

Debt to Income % = Sum of monthly debt obligations ÷ Your gross monthly household income

The above formula is a good start, but lenders and brokers will generally take it a step further and calculate the "front" ratio (housing costs only), then compare that to your "back" ratio (including monthly consumer debt obligations).

This allows lenders to evaluate your information and creditworthiness with and without housing accounted for, as well as understand how much of your total monthly debt obligations are taken up by housing expense.

Your "front-end" debt-to-income ratio

"Front" Debt to Income % = Sum of monthly housing obligations (inc. P.I.T.I., assessment, HoI) ÷ Your gross monthly household income

Your "back-end" debt-to-income ratio

"Back" Debt to Income % = Sum of monthly debt obligations (inc. housing, auto, student loans, credit cards etc.) ÷ Your gross monthly household income

Mortgage experts say a healthy front-to-back ratio is about 33/38. That means that a borrower's housing costs should consume no more than 33 percent of their monthly income.

Adding the borrower's monthly consumer debt to the housing costs should amount to a maximum of 38 percent of monthly income, in order to meet sound mortgage payment requirements (or, in relative terms, 87 percent of your monthly debt is from housing).

Rationally evaluating your debt-to-income ratio can help prevent the purchase of your dream home from turning into an endless nightmare. Don't agree to a "surprisingly generous" loan offer if you think you can't handle it.

If the monthly payments will leave you with little gas, medicine or grocery money, or lacking a safety net in case of job loss - then it's not the right deal for you.

Some things you should consider:

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Refinance Mortgage Calculator | Sun American Mortgage Company

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Welcome to the best online refinance mortgage calculator. With this house payment calculator, you'll be able to easily know how much house you can afford. One of the most important things when seeking a new home, is to really know what your mortgage payment will be, as well as how much home you can afford.

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Mortgage Tips and News | Financial Planning | Mortgage Lenders Blog

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Our Mortgage blog keep you up to date with the latest industry updates. Visit our blog to keep yourself updated on mortgage news and updates.

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We are your trusted mortgage lender in Arizona & Utah. We are here to help you find the home loan that is right for you. Visit Us Today!

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We are one of the most trusted mortgage lenders in Arizona & Utah. Our loan programs offer the best rates and terms for home buyers. Call 800.469.7383 now!

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OUR MOTTO/MISSION: WE CHANGE LIVES, ONE HOME AT A TIME!

We Are Your Go-To Home Loan Mortgage Lender! These days with so many government regulations, getting a home loan can be stressful. That is why we have put together the strongest, most effective Home Loans process in the market. Our mortgage loan process takes you through step-by-step, with consistent communication, so you know what is going on every step of the way. One of the biggest reasons we are able to provide the service that is unmatched, is that most of our employees have worked here for 15 years or more. We have several that have hit the 20 year mark! We know how to make this a great experience for you. Meet our staff. Whether you're trying to secure a Arizona mortgage, Utah mortgage, California mortgage, we can help you. We've been rated one of top local mortgage lender for over 35 years. Here is our step-by-step process that makes your mortgage loan simple: Step 1: Loan Pre-Qualification/Pre-Approval

Our certified Loan Officers are the best in the business among mortgage lenders. They will work with you in the beginning stages of your home loan to help you see what your mortgage payment could be based on your current income, assets and debts. You can use our easy online mortgage payment calculator to find out initially what your payment could be. In this step they will go over a simple loan application and collect any documentation they need to ensure they give you an accurate pre-approval letter. Complete our simple online pre-qualification form today! Key factors that make up a solid pre-qualification letter:

1. Solid 2 years of income

2. Stable job history

3. Low Debt-To-Income Ratios

4. Solid assets in the bank/investments

5. Good Credit Score (Ranging from 680-730+)

6. No bad credit history...i.e. collections, derogatory accounts, BK, Foreclosure

7. Easily be able to verify all the above with good supporting documentation

Step 2: Process Your Mortgage Loan File In this step, your Loan Officer's highly trained assistant, as well as our highly trained mortgage loan processors, will scrub through your file thoroughly to ensure they get everything needed before your loan goes into Underwriting. There are many behind-the-scenes steps that are taken in this stage of your loan file to ensure all aspects of what is required is covered. Here are just some of the steps taken in this stage of your loan.

1. Order the appraisal

2. Order title on property

3. Order insurance on the property

4. Verify income, assets, and all other documentation (There are many steps involved with this that you may not see)

5. Scrub through your credit report and verify any trade that needs to be updated or requires more information.

6. Review all documents that come back in, appraisal, title and insurance.

7. Scrub entire application and make sure everything is all in order.

8. Based on the loan type, either Conventional, FHA, VA or USDA, many other items need to be reviewed and scrubbed.

Start Your Home Loan Today - With our Streamlined Online Application! Step 3: Underwriting of Your Home Mortgage Loan File This is where the rubber hits the pavement! Our Underwriting team is one of the strongest in the business. Most of our staff have been working for Sun American Mortgage for 15 years or more. They are highly trained and are extremely committed to helping all our clients achieve their home ownership goals. The list below doesn't do justice to all that is involved to properly Underwrite your loan. Just know, there are many hard-working hours behind the successful Approval of your home loans. Here are just some of the steps taken in this stage of your loan.

1. Reviewing entire loan file in addition to what was done in Processing

2. Reviewing and double checking income, assets, credit, funds needed to close, etc...

3. Verifying that the loan program meets Conventional, FHA, VA, USDA guidelines.

4. Verifying investor programs for any additional guidelines.

Step 4: Preparing Your Arizona Home Loans For Signing Double check, double check and double check again. The amount of documentation in your loan file at this point is about 4-5 inches thick! It's a lengthy process to ensure all the "i's" are dotted and "T's" are crossed. Step 5: Funding Your Home Loan
For you as a borrower, this is a great day where you can relax and begin to enjoy your new loan/house. For us, the work still continues on your file to ensure everything is all in order per the guidelines/investors. Many hours are spent with our Closing team to ensure all is done correctly and everything is taken care of. We are proud to be among the best home loan mortgage lenderswith some of the lowest mortgage rates and one of the best rated mortgage lender. Here are some quick links around our site: Home Loan Purchase Home Loan Refinance Home Loan For Reverse Mortgage mortgage broker vs direct lender mortgage lender vs bank mortgage broker vs bank vs credit union what is the difference between a mortgage company and a bank what does a mortgage broker do for you

Arizona is set to be one of the top housing markets in the country. There's never been a better time to purchase or refinance your home. You can use our mortgage calculator Arizona and find out exactly what your payment could be. Then you can contact us and start your streamlined application. We'll help you see that we are one of the top mortgage lenders with the best mortgage interest rates.

If you're a First Time Home buyer, there are many first-time home buyer grants in Arizona and Utah that will help you get into your first home loan.

Here are some of the home loan down payment assistance programs that we offer:
Arizona Home In 5 Home Plus home loan program Pathway to Purchase Arizona
These programs offer great assistance with first time home buyers with their down payment on a new home purchase. There are some restrictions, so be sure to contact us so we can go over all the details of each program to see what makes sense for you.

Contact us today to learn more about these great down payment assistance programs for Arizona residents. 480-832-4343

Ready to find your next Arizona home?

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#1 Arizona Mortgage Lenders | Best Home Loans, Mesa, Utah | Sun American

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OUR MOTTO/MISSION: WE CHANGE LIVES, ONE HOME AT A TIME! We Are Your Go-To Home Loan Mortgage Lender! These days with so many government regulations, getting a home loan can be stressful. That is why we have put together the strongest, most effective Home Loans process in the market.

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Everything You Need To Know About Mortgage Insurance

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Everything You Need To Know About Mortgage Insurance

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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If you can't meet the standard down payment on a mortgage loan and still want to be a home owner, don't despair! Mortgage insurance was created for this situation so that both borrowers and lenders can benefit.

Just like you have health or car insurance in case of an emergency, mortgage lenders require mortgage insurance for similar reasons. Mortgage insurance helps minimize the risk to the lender who lends to borrowers that can't meet at least the 20% down payment threshold on the loan.

What is Mortgage Insurance?

One of the great things about mortgage insurance is that it makes you a more attractive candidate to mortgage lenders. It's your way of showing the bank they can trust you with this huge loan if you don't have that extra cash in your pocket right away.

What's The Cost?

Mortgage insurance increases the cost of your overall home loan. The cost will be included in your monthly mortgage payments that you make, and can possibly be included in your closing costs as well. Borrowers can request that the insurance be canceled as soon as 20% of the principal balance is paid off.

Conventional Loans: Depending on your down payment, credit score, and other factors, private mortgage insurance is generally cheaper than FHA rates. With private mortgage insurance, little to no initial payment is required at closing. The cost is affected by the loan amount, credit score and LTV (loan to value) percentage. The higher the credit score the lower the payment. Also, the lower the LTV, the lower the payment.

For example. If your loan to value is 95%, your mortgage insurance payment will be more than if you put 10% down and your LTV was 90%.

FHA: If you qualify for a Federal Housing Administration loan, FHA mortgage insurance is required for all FHA loans. No matter your credit score, the insurance will cost the same. FHA mortgage insurance is paid as a part of your closing costs, (upfront cost) and will also be included in your monthly mortgage payment.

USDA: With a US Department of Agriculture (USDA) loan, the mortgage insurance policy is pretty similar to the FHA loan, only a little bit cheaper. Instead of paying the insurance premium up front, like FHA loans, you can include it in your monthly payments. However, this does increase your loan amount and overall costs.

VA: There are many great benefits that come with qualifying for a Department of Veterans' Affairs (VA) loan. With this loan program there is no monthly mortgage insurance premium. However, there will be an upfront "funding fee". How much this fee costs depends on a few factors, such as..

Can I Get Out Of Paying Mortgage Insurance?

Many people don't factor in the extra cost that mortgage insurance brings when they are planning their housing budget. Generally the best way to avoid paying this insurance is to have 20% or more to apply to your down payment up front.

For more tips on how to avoid mortgage insurance or any of the links below!

We are here for you every step of the way and can thoroughly answer any question you may have. If your goal this year is to become a homeowner, don't put it off any longer! Take the first step and get a quick estimate of what you may qualify for today! Use our Online Accelerator application - or Call us at 480-832-4343

References:
https://www.consumerfinance.gov/ask-cfpb/what-is-mortgage-insurance-and-how-does-it-work-en-1953/ https://www.investopedia.com/terms/m/mortgage-insurance.asp?lgl=myfinance-layout-no-ads https://smartasset.com/mortgage/mortgage-insurance

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Everything You Need To Know About Mortgage Insurance | Blog Post

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If you can't meet the standard down payment on a mortgage loan and still want to be a home owner, don't despair! Mortgage insurance was created for this situation so that both borrowers and lenders can benefit. Just like you have health or car insurance in case of an emergency, mortgage lenders require mortgage insurance for similar reasons.

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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Are you looking to become a homeowner in 2018? We've got some pretty exciting news for home buyers!

This week, we are excited to announce the addition of Freddie Mac Home Possible Fixed Rate product.

Home Possible gives Americans much more flexible guidelines and a better opportunity to purchasing their dream home. Keep reading to see the outline of all the benefits that come with this new option!

Product Highlights

Home Possible offers lower down payment options for buyers with a moderate income or in underserved communities. This product also provides higher loan-to-value ratios and lower than standard mortgage insurance requirements!

What are some other benefits to this product?

- Financing up to 97% LTV; up to 100% CLTV on eligible transactions with Affordable Second lien

- 1-unit properties, condominiums, and PUDs (attached and detached)

- Purchase and rate-term refinance transactions

- Maximum loan amount of $453,100

- Reduced MI coverage of 25% for 90.01% to 97% LTV

To get started with this great product, there is a short Homeownership Education course required. Click here to learn more!

We work so hard here at Sun American Mortgage to help you accomplish the American Dream of becoming a homeowner! We will walk you through every step of the home buying and mortgage loan process and thoroughly answer any questions you may have.

No matter your financial situation, we will help find the mortgage loan program that fits you BEST. Take the first step and get a quick and easy Pre-Approval here or call us at 480-832-4343.

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Ready for a LOWER down-payment? Sun American Blog

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Are you looking to become a homeowner in 2018? We've got some pretty exciting news for home buyers! This week, we are excited to announce the addition of Freddie Mac Home Possible Fixed Rate product. Home Possible gives Americans much more flexible guidelines and a better opportunity to purchasing their dream home.

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4 Money Mistakes To Avoid When You’re Closing On a Home

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4 Money Mistakes To Avoid When You’re Closing On a Home

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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As a borrower, there are very specific moves you should avoid making throughout the mortgage loan process.

Luckily, we don't leave you in the dark and we'll tell you upfront what you should and shouldn't be doing while you're trying to close on a home.

Today we will review the top 4 money mistakes borrowers make that could make or break closing on your dream home.

Let's get started!

1. Moving money around

A general rule of thumb while closing on a home is to keep your money in the same place. If moving money around is unavoidable, it's important to keep a good paper trail.

One of our underwriters, Anna says this regarding moving money around..

"Moving money around is okay, we can document transfers from one account to the other pretty easy. The issue is: "Undocumented Assets" this is when we have a large deposit and we are unable to document the source. All large deposits must be documented from an acceptable source per FHA, FNMA, VA, USDA guidelines."

2. Applying for new credit cards

study released in May showed that consumers increase their credit card spending much as two or three times their previous rate just before they close on a home. Spontaneously applying for a credit card during the mortgage loan process could possibly get your loan denied altogether. Sometimes the problem can be fixed, but it ends up being a major headache for everyone.

One of our loan officer's Derek, gives a great example of a borrower he worked with who faced this sort of dilemma during the closing process:

"My client was at Home Depot buying a washer and dryer. He got to the counter and the cashier asked him if he would like to save 10% on his purchase. He did the quick math in his head and calculated that would be $200 bucks off his new fancy schmancy washer and dryer- good deal right?!

He signs up for the credit card at the register and leaves Home Depot. Suddenly, he realizes what he has done and calls me at 9:30pm in a panic since we are a week from closing. We were able to save things but it involved a bunch of phone calls to Home Depot's credit department and about $100 worth of credit supplements. Everything fell into place, but that credit card turned out to be not such a great deal after all."

The application's credit inquiry could plummet your credit score by several points. This may not sound like much now, but those few points could be the difference between you closing on your dream home or not.

Closing a credit card account is another decision you should consult with your lender about first. This could potential cause/affect your credit score for the worse. The key to remember is, your Loan Officer knows and sees these things all the time, they are the expert. So when in doubt, consult with them first.

Click here to learn more about credit score tips and how to clean up your credit report!

3. Making big purchases

In all the excitement of closing on your dream home, you might want to impulsively buy new appliances or other big purchases.

Did you know these major purchases have the ability to keep you from closing on your home altogether and/or hurt your DTI (debt-to-income ratio)?

One of our Loan Officers gave an example of a past client who purchased a brand new car during closing.

"I had a client who's car broke down and he went to the dealership to get it repaired. While waiting for the repair, the salesman that was trolling the lobby area says, "What if we traded in your broken car and helped you buy a new one? We've got some great deals today!"

The client, with nothing else to do while they wait, goes out to the lot to look around. The salesman ends up getting them set up in a new car with financing that is about $300 per month more than what they were paying with their old car.

This decision killed our DTI and now the client could only qualify for about 2/3rds of what they wanted to buy. We had to cancel our pre-qualification because their debt to income ratio was out of whack. They are currently renting until the car is paid off or they are able to sell it to get rid of that vehicle loan. Sad."

These purchases have to be documented, and it's better for everyone to just wait until the closing process is all said and done.

4. Switching Jobs

When you are trying to close on a home, the last thing you want to do is switch jobs or companies. However, there are a couple exceptions that can be made.

For example, if you've recently changed jobs before starting the mortgage loan process, but its in the same line of work- you will be fine.

Everything is being qualified on the borrowers current income with that current employer. So, if you change jobs that process starts over and everything needs to be re-verified, such as:

- Verification of employment

- Income amount

- Type of work (is it the same or different)

- Are they still W-2 or have they switched to 1099, commission or self-employed

- We won't have pay-stubs and need at least one prior to close in most instances; so start date comes into play

How much of a problem this is really depends on where you are in the process. Changing 2 months before closing is easier to handle than 2 weeks before.

If there's one piece of advice you takeaway from this article, it's this... during the mortgage loan process, if there's any sort of financial change you want to make - it's a MUST to consult with your loan officer/agents first.

Even if it's a decision you feel wouldn't be a big deal, it's better to be safe than sorry!

What are your concerns regarding the mortgage loan process? Are there any questions we can answer for you? Please comment below, browse our website, or give us a call 480-832-4343. Our team works so hard to be thorough and make this process as easy as possible!

Click here to use our Online Accelerator and get a quick estimate today!
References:
https://www.primaryresidentialmortgage.com/about-us/our-blog/5-mistakes-to-avoid-during-the-mortgage-process.php

https://www.realtor.com/advice/finance/ways-home-buyers-mess-up-mortgage/

https://www.inman.com/next/the-dos-and-donts-of-the-home-loan-closing-process/

https://www.amerifirst.com/amerifirst-blog/5-activities-to-avoid-between-mortgage-pre-approval-and-closing-on-your-new-home

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4 Money Mistakes To Avoid When You're Closing On a Home | Blog

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As a borrower, there are very specific moves you should avoid making throughout the mortgage loan process. Luckily, we don't leave you in the dark and we'll tell you upfront what you should and shouldn't be doing while you're trying to close on a home.

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Exciting Easter Events To Hop Over To This Weekend

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Exciting Easter Events To Hop Over To This Weekend

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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We put together some upcoming family-friendly events happening here in the Valley.

Start reading below to get some ideas and maybe start some new Easter traditions with friends and family!

Easter Egg Hunts & Events

While Easter Egg Hunts are fun and cheap to do at home, head out to one of these events below to get an even better experience!

Checkout this list below of Egg Hunts, Easter Bunny photoshoot events, and more.

Mother Nature's Farm Spring Social:
When: 9 a.m. to 3 p.m. Friday and Saturday

Where: Mother Nature's Farm, 1663 E. Baseline Road, Gilbert

Cost: $7 per child and $3 per adult

Information: (480) 892-5874 or mothernaturesfarm.com
Tempe Community Easter Egg Hunt
Over 6,000 plastic eggs packed with small prizes and a roaming Easter bunny attract loads of kids age 10 and younger to this fourth annual event. Children must be accompanied by a parent and should bring their own bags or baskets to collect eggs. Every child leaves with a prize!

When: 9 a.m. Saturday

Where: Kiwanis Park, 6111 S. All-America Way

Cost: Free

Information: (602) 625-4487 or tempe.gov
Golfland easter egg hunt
Affordable & fun hunt for eggs for $2 per tot inside this castle-themed amusement park, or add on to the basic egg hunt with packages that include extras like game cards, meal deals, etc. Water slides will also be open just in time for this 80 degree weather this weekend!

When: Egg-hunting sessions for a variety of age groups go on 10:15 a.m. Friday through 2 p.m. Sunday. Select your session of choice online or by phone.

Where: Golfland Sunsplash, 155 W. Hampton Ave., Mesa

Cost: $2 for egg hunt; $5 for egg hunt and $5 game card; $8.99 for egg hunt, mini golf, one slice of pizza and a drink; $13.99 for egg hunt, water slide admission, one slice of pizza and a drink. Buy tickets online or by phone before you show up.

Information: (480) 834-8319 or golfland.com/mesa.
Easter Bunny Photo Experience
Mesa Chocolate Bunny 5K Race: http://www.raisingarizonakids.com/event/mesa-chocolate-bunny-5kkids-run/

Easter Pageant at Mesa Temple

The Mesa Arizona Easter Pageant, Jesus the Christ, presents the life, ministry, and mission of Jesus Christ through music, dance, and drama. This presentation is for all religions, ages, and cultures.

It is recommended to arrive at least two to three hours early. While you are waiting, you are invited to step inside the visitor's center to view the majestic "Christus" statue and enjoy free guided tours, short film presentations, and wonderful displays and exhibits. The visitors' center will be open before and after the Pageant.

Location: Mesa Arizona Temple Visitors Center

Address: 525 E Main St Mesa, AZ 85203-8740

Times: From: 08:00 PM to 09:30 PM

Admission: Free

Phone:(480) 964-7164

Easter Crafts & DIY Projects

Community Carnival at Superstition Springs

Butler Amusements Carnival is back with another fun-filled carnival of rides, cotton candy, games, food and more!
March 23, 2018 - April 1, 2018
Where: Superstition Springs Center,6555 E Southern Ave (Parking Lot between Macy's & JCPenney) Mesa, AZ 85206

Times: Varies daily

Admission: Pay One Price unlimited ride passes are $25. The pass is good for any one person only on same day of purchase.
Individual Ride Tickets: One ticket for $1; 27 tickets for $25; 80 tickets for $70; 120 tickets for $100

Phone:(480) 409-7900

Spark! AFTER DARK

Every third Saturday from October to June MAC's campus will be taken over by a new artist with a unique, crazy-fun theme-complete with live art, live music, great eats, tasty adult drinks and much more.

Whether you're interested in Outdoors, Business, Family-Friendly events or want to take up a new hobby - there are so many affordable and fun activities coming up here in the Valley!

Thanks for reading, until next time!

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Exciting Easter Events To Hop Over To This Weekend - Home Loan - Sun American Mortgage | Arizona, Utah, California

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We put together some upcoming family-friendly events happening here in the Valley. Start reading below to get some ideas and maybe start some new Easter traditions with friends and family! Easter Egg Hunts & Events While Easter Egg Hunts are fun and cheap to do at home, head out to one of these [...]

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Are You Thinking Of Buying a Home? Things Just Got A Lot Better!!

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Are You Thinking Of Buying a Home? Things Just Got A Lot Better!!

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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Are you house hunting and ready to purchase a home in 2018? We've got great news!

For the second year in a row, and the second time since 2006, the FHFA is increasing the conforming loan limits for Fannie and Freddie in 2018. The FHFA just announced that they will be increasing the conforming loan limits from $424,100 to $453,100 for 2018.

These conforming loan limits for Freddie and Fannie are determined by the Housing and Economic Recovery Act of 2008. This established the loan limit at $417,000 and required that, after a period of price declines, the baseline loan limit cannot rise again until home prices return to pre-decline levels. This last year, FHFA finally increased the loan limit to $424,100.

The FHFA's third quarter 2017 House Price Index report, which includes estimates for the increase in the average U.S. home value over the last four quarters, showed that house prices increased 6.8%, on average, between the third quarters of 2016 and 2017. Since home prices are on the rise, FHFA announced today that the maximum conforming loan limit in 2018 will increase by the same percentage - from $424,100 to $453,100. FHFA noted that with this increase in home prices, its necessary to have a second straight yearly increase in the conforming loan limit.

In what the FHFA calls "high cost areas", the loan limits will also increase. In certain areas, the cost of living is more expensive and requires a loan limit above the general. The new ceiling loan limit for one-unit properties in the majority of high-cost areas will be $679,650 (which is 150% of $453,100) for one-unit properties in the contiguous U.S. To learn more about this increase

If you want to see the conforming loan limits for your county,

This is a huge increase and great news for new home buyers ready to purchase in 2018! If you've been on the fence about buying a home, this is a great opportunity you don't want to pass up!

Click here to use our to get a quick estimate or call one of our expert team members today to learn more about our mortgage process! 480-832-4343

References:
https://www.housingwire.com/articles/41904-fhfa-increases-conforming-loan-limits-for-2nd-straight-year https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Maximum-Conforming-Loan-Limits-for-2018.aspx

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Are You Thinking Of Buying a Home? Things Just Got A Lot Better! Blog

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Are you house hunting and ready to purchase a home in 2018? We've got great news! For the second year in a row, and the second time since 2006, the FHFA is increasing the conforming loan limits for Fannie and Freddie in 2018.

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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There are a lot of people involved in the home buying process that work hard to help you close on your dream home. Some of the roles are clearer while others you may not know too much about.

You may be wondering why you need a title company, what their role is in the closing process, and why they are so important.

The title company plays one of the crucial roles in the closing of your home and in helping you avoid any future legal issues.

What other roles do they play in the mortgage closing process? Keep reading to learn more!

What is a Title Company?

So what exactly is a title company?

A title company's job is to ensure that every component of the real estate transaction runs smoothly, legally, and problem-free. After thorough research and their expertise, they make sure that the title to a piece of property is transferred correctly from the seller to the buyer.

Why Is A Title Company An Important Part of the Mortgage Closing Process?

Title issues are pretty rare, but if they do arise it can possibly cost you your home. Working with a title company that has a stellar reputation throughout your mortgage closing process helps you ultimately avoid expensive potential problems.

Title Insurance

Once they ensure that the title to a piece of real estate is legitimate, the title company will issue title insurance for that property. Title insurance protects the lender/and or borrower against any claims against the property or legal disputes. There are 2 main types of title insurance: owner's title insurance and lender's title insurance. Here's a little more info on title insurance from

Escrow Officer

Your title company can also serve as your escrow officer. Making sure that closing costs, down payments, and any other funds will be paid correctly and properly dispersed.

Closing Agent

The title company also acts as a mediator and impartial party during the closing meeting. They provide help with the mortgage closing process and ensure that all important documentation is signed and distributed correctly.

What Does a Title Company Charge?

According to the, "a lender's policy on a $100,000 loan can range from $175 in one state to $900 in another." The cost of title insurance depends on the size of the loan and where you live. No matter the circumstance, this charge is a one-time fee that is paid at closing.

How Do You Pick a Title Company?

Putting in the time to shop around and pick out a high quality title company is absolutely worth it. A home is one of the biggest investments most people will make in a lifetime. Your lender will likely have their top picks ready for you.

Who We Recommend...

Here at Sun American we highly recommend and refer clients to North American Title Company!

They have a team of skilled escrow, title and sales executives, seasoned attorneys and the resources and stability of a Fortune 500 parent company.

They've got what it takes to get things done and are better equipped than ever. With well over 1,000 associates and a vast network of branches from coast-to-coast, North American Title Company is among the largest real estate settlement service providers in the United States! Consisting of both agent and underwriter operations, they are always there to help you close whatever your real estate transaction may be. Whether you are a consumer purchasing, selling or refinancing a home, a REALTOR®, a builder, a commercial investor or a lender, they can service your needs. North American Title Company does it with skilled underwriters, seasoned attorneys and the resources and stability of a Fortune 500 parent company.

If you want to learn more about this great company call 602-280-7500 or visit https://www.nat.com/home.aspx

Thanks for reading and we hope you enjoyed this article! If you're ready to purchase a home or have any questions about the mortgage loan process, please call us at 480-832-4343 or visit us at

References:

https://www.pennymacusa.com/blog/the-3-roles-of-title-companies

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What are Title Companies and What Do They Do? Sun American Blog

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There are a lot of people involved in the home buying process that work hard to help you close on your dream home. Some of the roles are clearer while others you may not know too much about. You may be wondering why you need a title company, what their role is in the closing process, and why they are so important.

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Warning! Are You Making These Mistakes That Could Be Killing Your Credit?

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Warning! Are You Making These Mistakes That Could Be Killing Your Credit?

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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Warning! Are You Making These Mistakes That Could Be Killing Your Credit? - Home Loan - Sun American Mortgage | Arizona, Utah, California

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Congratulations! You filled out your loan application... with a lender and you are under contract on your dream home! You are handing the keys over to the mortgage company and keeping your fingers crossed that your loan will go through. Maybe, you aren't worried in the slightest because you know that you have a stellar [...]

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5 Hacks for First-Time Home Buyers Looking For a Fixer-Upper

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5 Hacks for First-Time Home Buyers Looking For a Fixer-Upper

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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Will Interest Rates Go UP or DOWN? Federal Reserve Bank of San Francisco President John Williams said the U.S. central bank could decide to begin

Should You Remodel Your Home? We know that you've always intended to expand your living room to make it extra open. And how you've been

Ready to Remodel your Home? We know that you've always intended to expand your family room making it extra open. And just how you've been

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5 Hacks for First-Time Home Buyers Looking For a Fixer-Upper - Home Loan - Sun American Mortgage | Arizona, Utah, California

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Buying a fixer-upper can be a fulfilling, rewarding experience - or a total nightmare! If you're not careful, that charming little bargain might have hidden damage that significantly increases the price and increases the amount of work needed. If you're planning on living in the house, this can be intrusive and frustrating.

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Seven Tips for Finding the Best Mortgage Lenders for First-Time Buyers

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Seven Tips for Finding the Best Mortgage Lenders for First-Time Buyers

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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Seven Tips for Finding the Best Mortgage Lenders for First-Time Buyers

If you're planning to purchase your first home, congratulations! There are several home financing options available today. One of these options is taking out a home loan mortgage. But...how do you find a reputable mortgage lender?

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Seven Tips for Finding the Best Mortgage Lenders for First-Time Buyers - Home Loan - Sun American Mortgage | Arizona, Utah, California

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You just landed your first job and you really want to achieve your life dreams... If you're planning to purchase your first home, congratulations! There are several home financing options available today. One of these options is taking out a home loan mortgage. But...how do you find a reputable mortgage lender?

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Scary (Avoidable) Mistakes People Make in the Mortgage Loan Process!

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Scary (Avoidable) Mistakes People Make in the Mortgage Loan Process!

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Home Loan - Sun American Mortgage | Arizona, Utah, California

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What's than applying and qualifying for a mortgage, and then having to start the process ALL OVER?!

Starting from scratch all because of one mistake that could've easily been avoided...

Today we will list the most common (and avoidable) mortgage mistakes, how to steer clear of them, and why they mess up the mortgage loan process!

Switching Up Jobs

This is one of the most common mortgage mistakes lenders have to deal with. Changing careers or even deciding to retire in the middle of it all, can really hurt your chances of closing on your mortgage. To put it simply, a lender can't make a case for a borrowers future income based on their current income if jobs are in transition. Underwriters look at employment and income, length of time you've been employed, stability and more!

If you're expecting to change jobs during the application process, just let your lender know ahead of time so paperwork is easier for both of you. As long as you can show moving forward that your future income will be able to make those monthly mortgage payment, there's no need to worry about starting all over again.

Credit Changes

Does it FREAK you out when something negative pops up on your credit report? Are you extra careful how you spend your credit cards and meet payment deadlines? Good! During the mortgage loan process, keeping major tabs on your debt to income ratio, credit score, and how on time you are paying your bills, is going to be crucial. Even after you've been approved and are in the mortgage loan process, don't forget how important it really is to stay on top of your credit score.

Here are a few other things that can lead to trouble with your impending mortgage...

-Getting a new credit card. Whether that's through your favorite department store, avoid the temptation to register for one. This results in a MAJOR headache later for you and your mortgage lender.

-Getting an auto loan. This can potentially throw your debt to income ratio out of whack, change how much you qualify for, and totally cancel out the previous pre-qualification that's been done.

For more credit tips to BOOST up your credit score, checkout some of these clips from financial and credit expert Jeff Boulton

Big Purchases

Just as a general rule, save any big purchases for AFTER the closing of your mortgage. Another way to your mortgage approval is to spike up your debt to income ratio.

Maybe you're super excited about your new home and want to put all the new home decor charges on a credit card. BAD IDEA. Spending big bucks on new home decorations, a motorcycle, a spontaneous trip, or anything else on your credit cards is a definite NO while you're in the process of closing on a home. Life gets busy and random expenses will naturally pop up, so this is one of the most common mortgage mistakes that can get easily be forgotten.

What are some other red flags for mortgage lenders to see from borrowers? Here's some more "DON'TS" to help you better prepare for the mortgage loan process..

-Getting involved in a timeshare. Really anything that requires you to "finance" - or that will be showing up on a credit report isn't worth the trouble down the road.

-Paying off charges or collections without consulting with your loan officer first

-Changing bank accounts or making changes to your credit profile.

Following these simple guidelines will keep this final chapter of the home buying process as hassle-free as possible! As a mortgage company, our favorite part of the job is delivering the great news that you've closed on your dream home. Keeping these tips in mind throughout the process will make your life much easier and speed that process up as well!

Call us to talk to one of our knowledgeable team members today 480-832-4343 or use our NEW application to get a quick estimate of what you can qualify for!

References:
https://www.mortgagelendersofamerica.com/preapproval-tips https://www.moneytips.com/7-mistakes-to-avoid-after-mortgage-pre-approval

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Scary (Avoidable) Mistakes People Make in the Mortgage Loan Process!

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What's than applying and qualifying for a mortgage, and then having to start the process ALL OVER?! Starting from scratch all because of one mistake that could've easily been avoided... Today we will list the most common (and avoidable) mortgage mistakes, how to steer clear of them, and why they mess up the mortgage loan process!