When it comes to Arizona real estate there are many bargains out there and if you are a home buyer this is your time to shine. The benefit of being a AZ home buyer today is that you can afford to be picky, after-all you are in charge. You may be looking at five houses, which one is best for you? Which one has the best schools, the best amenities, the best features? Maybe two of them do, you can make offers with both and see which seller will give in more. Today’s home buyer has the position of bargaining power.

Low mortgage rates, which are at historic lows and do not appear to be rising any time soon, high inventory and a continuing stream of foreclosures continue to keep homes prices at reasonable, if not bargain, levels. Low mortgage rates alone help make the cost of buying a home more reasonable than in recent years. High inventories are making home prices competitive and foreclosures, while they may have slowed, are still coming.

The bottom line is that it is possible to find a great AZ real estate bargain today. There are sellers that are motivated out there and if you are a buyer you have an opportunity to stand your ground and try to get the best deal that you can.  Let Tony Marriott, an AZ Realtor, help you find your perfect Arizona home today.  Contact the Tony Marriott Team at 888-577-6585 or by email to search Arizona homes for sale.

Click here to read a recent article from Realty Times regarding the real estate market and the deals that exist.

It is possible to save money at closing. Whether you are buying a new AZ home or refinancing one you already own, closing costs can often make the process more expensive than expected. When refinancing closing costs can actually get in the way of making a change a poor financial decision. What many borrowers may not realize is that cutting some of the fees out at closing can happen.

When researching a new loan check with your current lender first. Chances are, if you are in good standing, they do not want to lose your business and will work with you to keep it. Working with your current lender may avoid a new appraisal, application fees and other charges that come along with the loan process.

Find out what a lender’s fees are well ahead of closing so that you know what to expect. By seeing the fees in writing you may also have an opportunity to do a bit of bargaining. The better your credit rating, the more a lender will want to work with you and secure your business.

Finally, look into wrapping your closing costs, or at least a portion of them into your loan. If it make financial sense it can save you money up front. With mortgage rates currently hanging out below 5% wrapping a couple of thousand dollars into a mortgage does not make too big of an increase on the monthly payment. Shop around and speak with a number of lenders before making your decision.

An Arizona Realtor team that can help you through the closing process is the Tony Marriott Team.  They specialize in Arizona relocation, AZ short sales, notice of trustee sales, Phoenix luxury homes, and Scottsdale real estate.  Tony Marriott can be contacted at 602-445-6299 or by email for more Arizona real estate information.

Click here to read an article from CNN Money regarding cutting costs at closing.

While it is true that the home buyer tax credits spurred Arizona real estate sales during the past 12 months or so, it is also true that that is exactly what the tax credits were designed to do. There is an old saying, “all good things must come to an end”, the tax credits could not last forever but just because they are gone does not mean that recovery is not occurring.

What does the real estate market have going for it now? Two very important things: low mortgage rates and low home prices. While a tax credit may be helpful up front, low mortgage rates can save much more than a tax credit over the length of a loan, diminishing the overall cost of a home by thousands of dollars.

Arizona real estate is recovering at a steady pace. While impatience may create a doubt about the reality of recovery it is important to remember that it is a boom that created the bust in the first place, and a slow approach is more likely to be a secure step in the right direction.

Tony Marriott, an Arizona Realtor, would be more than happy to answer any Arizona real estate questions for show you AZ real estate for sale.  Tony Marriott can be contacted at 602-445-6299 or by email.

Click here to read a recent article from Realty Times regarding the current state of real estate.

The last couple of years have been tumultuous, the economy taking its toll, and the majority of Americans are looking forward to moving on and putting the recession behind them.  This year is off to a better start, yet we have suffered a few dips in the past couple of months that have been reminiscent of the depths that we are all looking to forget.  It is important to remember that the dips are just that, small divots in the road of recovery, according to those in the seat of knowledge.

Federal Reserve Chairman Ben Bernanke has been quoted as saying, “The economy … appears to be on track to continue to expand through this year and next,” music to many ears.  Bernanke has also said that the European debt crisis will have only a “modest” effect on the US economy.

People and businesses have increased spending and the Federal Reserve System has committed to keep interest rates low.  The economy is improving.  While recovery remains modest and many are anxious to recover at full speed, it is important to remember that slow and steady wins the race.

Tony Marriott, a Arizona Realtor, can help you find the perfect Arizona real estate that meets your needs.  Tony Marriott can be contacted at 602-445-6299 or by email to answer all of your Arizona real estate questions.

When a potential home buyer is considering purchasing Arizona real estate, home affordability will be one of the first items that will be addressed. There has been a great deal of talk about housing affordability over the past couple of years, and for the most part, affordability is at an all time high throughout the United States.

Affordability is a simple calculation involving income and expenses. When the expense of owning a home equals 30% or less of a household’s monthly income then it is considered affordable. Affordability levels have been high for over a year now, indicating that it is a great time to buy an AZ home, after-all it is wiser to buy real estate when it makes financial sense.

Buying a home that exceeds a household’s budget is a tough mistake to make. Let’s face it, money matters and anyone would rather buy an affordable home than one that isn’t. Contact Tony Marriott, the local Phoenix Realtor, at 602-445-6299 or by email to learn more about the affordability of Arizona real estate in the area that you want to buy a home.

Click here to read an article from Realty Times regarding affordability.

There are a variety of ways to finance an Arizona home, some being more traditional while others are lumped in the creative category. One form of creative financing is called a wraparound loan. A wraparound loan, also called an all-inclusive mortgage, enables an AZ home buyer an alternative when the buyer is unable to secure a more traditional mortgage.

A wraparound loan is, in effect, a second loan on a home, being placed below an original mortgage it will include the unpaid balance of the original mortgage as well as whatever additional money is necessary for the buyer to purchase an Arizona home.

A wraparound loan benefits both the seller and the buyer, enabling the buyer to acquire a new home without qualifying for a loan and allowing the seller to choose a higher interest rate. This is a viable option for a home buyer who is unable to get a home loan on their own.

The tightening of the financial Arizona real estate market coupled with stricter lending policies has created the basic need for alternative methods of lending. A wraparound loan is not always feasible but can offer home buyers a unique financing opportunity in the right situation.

For other options or answers to your Arizona real estate questions, please contact Tony Marriott, an Arizona Realtor, at 602-445-6299 or by email.

Trying to acquire an interest only loan is about to get tougher.  Fannie Mae is changing the rules to make qualifying for interest only loans a more stringent process.  The biggest difference will be the percentage that a nationwide or Arizona home buyer will have to put down on their real estate transaction.  Under the new rules a borrower will have to put down 30% of the home’s value to qualify for a Fannie Mae-backed interest-only mortgage.

Fannie Mae does not issue mortgages but buys them from lenders who do.  If Fannie Mae doesn’t like what it sees, it will not purchase the mortgages.  The goal behind the qualification changes is to make sure that borrowers can afford to pay their mortgages.  The bursting of the housing bubble has created the need for security, to avoid any repeat performance in the future.

Click here to read an article from CNN Money regarding interest only loans.

Tony Marriott, an Arizona Realtor, can help you learn more about applying or qualifying for interest only loans.  Tony Marriott is also an Arizona real estate expert and can be contacted at 602-445-6299 or by email.

Buying an Arizona home is a very big financial decision and being prepared is of the utmost importance. Before looking for a new home a potential buyer should pre-qualify for a loan as well as examine his finances to be certain exactly what he can afford. Then finding the ideal house for the ideal price is the next step before acquiring a mortgage.  However before signing those papers, there are a few different types of mortgages to understand the differences between them when choosing the one that best suits your needs.

ARM An ARM is an adjustable rate mortgage, ideal for those who are only planning to be in their house for two to three years. An ARM typically starts at a very low interest rate and keeps it low for the period of time it is set for, typically 2, 3 or 5 years. The danger of this type of loan is that it is an interest only mortgage for the specified time period and then it increases dramatically when the period is up.

FIXED RATE A fixed rate mortgage locks in at a specified interest rate and is usually set for a period of 15 or 30 years. A 15 year loan would have higher payments than a 30 year loan, subsequently you would end up paying less interest over that period, but the lower payment of a 30 year loan could make more sense for your monthly expenses.

Regardless of the type of loan you decide to go with, researching your best option is very important.  Tony Marriott, a Arizona Realtor, can help answer any questions about your mortgage options or can show you Phoenix AZ or Scottsdale AZ real estate for sale.  The Tony Marriott Team can be contacted at 888-577-6585 or by email.

Click here to visit Yahoo Finance and an interesting article on financing real estate.

 With just under two seeks left to use the tax credit there are a few points about the credit to remember.  The home buyer tax credit originated as a first time home buyer tax credit but it is no longer just for first time Arizona home buyers.  If you have lived in your home for 5 of the past 7 years and are looking to buy a new home the tax credit can help make your purchase more affordable.

Another important point is that if you are a current AZ home owner who qualifies for the tax credit you don’t have to be moving up.  Your new home does not need to be a bigger, more expensive home, you can make a lateral move or a move down to a smaller home. The new home must also be your primary residence.

If you want to use the home buyer tax credit toward purchasing a new home in 2010 you need to have the home under contract by April 30.  The Arizona home does not need to close before June 30, but the contract date is nearing.  The tax credit offers home buyers a great opportunity to save some money, so contact Tony Marriott, an experienced Arizona Realtor, today and get out there and start looking at Phoenix area real estate today.  Tony Marriott can be reached at 888-577-6585 or by email.

Click here to read all about the home buyer tax credit.

The first step in buying a new home involves money. Determining how much you can spend is incredibly important. Examining your income and expenses and paying careful attention to your particular situation will reveal how much you can afford for a mortgage. It is extremely important to buy an Arizona home you can afford not one you would like to afford.

Once you have determined what you can afford it is a good idea to get qualified for a loan. There are banks, mortgage brokers and private lenders. Examine who will give you the best rate and the best loan. Acquiring a mortgage is a large step and doing your research is important.

There is a lot of talk about how hard it is to get a loan today. While it is true that money was being handed out very easily in the past, it is not impossible to get a loan. If you have income, can put a down payment down on a home and have good credit there is no reason that you won’t qualify for a loan.

To speak with a qualified Arizona real estate agent, please contact Tony Marriott.  He can give you more information on Arizona property for sale and how to qualify for a loan.  The Tony Marriott Team can be reached at 888-577-6585 or by email.