A mortgage rate lock is a lender’s commitment to hold a specific interest rate for a set period, typically 30, 45, or 60 days, protecting the borrower from rate increases during that window. Deciding whether to lock or float depends on your risk tolerance, your closing timeline, and near-term market events that could move rates….
Yes. In most cases, homes that have been sitting on the market for 30 days or longer present some of the best negotiating opportunities available to serious buyers. The most common reason a home sits on the market is initial overpricing, not actual property defects. Sellers of homes that have been listed for extended periods…
Home buyers in Arizona should check their credit at least 12 months before planning to purchase a home. This provides enough runway to identify and dispute errors on your credit report, pay down balances to improve your credit utilization ratio, address any late payments or collections, and raise your credit score meaningfully before applying for…
You probably need less than you think to get here. Mesa and Gilbert homebuyers have access to several down payment assistance programs through the state of Arizona and Maricopa County, including statewide programs that offer up to 5% of the loan amount in assistance. These programs can be combined with low-down-payment mortgages like FHA (3.5%…
Welcome to the first edition of what will be a weekly Arizona mortgage market update, published every Friday. Each week going forward, I’ll break down what moved mortgage rates, what happened in housing, and what it means for Arizona buyers, refinancers, and homeowners considering their equity. My goal is to give you a clear, honest…
It usually starts the same way. You’re months away from buying your first home, maybe your second, and your credit’s in shape, your savings are building, and the plan is finally coming together. Then someone you love asks for a favor. A sibling needs help getting a car. Perhaps a parent wants help with a…
