Thursday, January 13, 2022 / by Steve Ticknor
Even with the price of a Lake Havasu home on the rise, it is possible for single people (including those with children) to buy a home today. While many people depend on a dual income for their lifestyle, some people do not have this luxury. If you fall in this category and wish to buy a Havasu property this year, consider these mortgage tips for the single homebuyer.
Mortgage Tips That Help the Single Homebuyer
Include ALL Income
First of all, make sure you include all of your income when applying for a mortgage. That means what you earn from your job as well as any bonuses, commissions, alimony, long-term disability, social security, retirement, pension, and/or trust income. For single homebuyers with children, include any child support you receive as well as tax credits. You provide the sole income for this loan. Therefore, you need to show lenders all of the income you receive to establish your ability to repay the loan.
Aim for a 25% Mortgage Payment-to-Income Ratio
With no Z ...
Thursday, December 16, 2021 / by Steve Ticknor
In the past, homebuyers could visit a lender, answer a few questions, and get a rough idea about what they would qualify for in a home loan. That was enough to start their home search. However, nowadays, buyers need to include a pre-approval letter with their offer. And in a seller's market like Lake Havasu's, you may only have a few days to find a property and put in an offer before someone else snatches it up. Therefore, we at the Sunstone Real Estate Group highly recommend that you make an appointment with your lender before you start looking for your new Havasu home.
Why Loan Pre-Approval is Important to Your Havasu Home Search
Pre-Qualification vs Pre-Approval
It might help you understand why pre-approval is preferred over pre-qualification if you know the difference between the two. Pre-qualification takes just a few minutes. The lender asks you about your income, employment, and if you have any assets among other things. Then, they may perform a "soft credit check" to see . ...
Thursday, October 28, 2021 / by Steve Ticknor
Sellers want to make their homes look their best. In doing so, they may use smoke and mirrors to mask problems from potential buyers. Whether you look at new construction or older homes, first-time buyers as well as seasoned home buyers need to keep an eye out for these warning signs when buying a Havasu home.
Warning Signs for the Home Buyer
Scents can help sell homes (think about the smell of baking cookies or spices boiling on the stove). But, if you see candles, wax warmers, and plug-ins in every room giving off a heavy scent, these could be warning signs that the seller wants to cover up some nasty smells. And those smells will be there for you to deal with once you take ownership of the property.
Bad Tiling Job
Check out the backsplash and tiles in the kitchen and bathroom. Look for crooked, uneven, or wide gaps in between tiles. In new construction, this may indicate poor craftsmanship. In existing homes, it could mean a bad DIY job. And that may mean spendin. ...
Friday, June 25, 2021 / by Steve Ticknor
Open houses used to be a regular part of the Havasu home buying experience. But during the pandemic, this was put on hold for a while. While we now see open houses occur more regularly, some people still feel concerned about entering a stranger's home. And for out-of-town buyers, physically visiting properties becomes difficult. In a highly competitive market like here in Lake Havasu City, you need to be ready to pounce on a property as soon as you think it works for you. If you are interested in buying a Havasu home sight unseen, use these tips to make it a successful experience.
How to Buy a Home Sight Unseen
An experienced local Lake Havasu REALTOR® knows the market better than anyone. This really helps when you wish to buy a home sight unseen. Interview several agents. Ask them for references (and make sure you contact those references directly). Discuss how long they have been working in the Lake Havasu market and inquire about how many buyers they have worke. ...
Thursday, March 25, 2021 / by Steve Ticknor
Congratulations on finding the home of your dreams. The seller even accepted your offer. Way to go! You made it past the first hurdle. Now...you enter escrow. Here is where we talk money. The downpayment is only one expense buyers pay. (If you need it, downpayment assistance is available for some Lake Havasu home buyers, by the way.) Buyers must also pay closing costs. But what are they, how much should you expect to pay, and does the seller have to pay any of them?
What are They?
Closing costs are the fees that buyers and sellers pay to various third parties in order to facilitate the sale of a property. These typically run between 2% and 7% of the purchase price. In Arizona, they run on the lower end. According to Finder.com, ClosingCorp puts them at 1.21% to 1.82% of a home's purchase price. For a $300,000 Lake Havasu home, this means roughly $6000. And that is in addition to your downpayment. Sometimes, even in a seller's market, the seller may offer to help pay so. ...