Phoenix Bank Owned Foreclosure Homes--Phoenix Real Estate Vlog » Phoenix Foreclosures

Phoenix Bank Owned, Fannie Mae properties roll out HomePath Buyer Incentives

Joe Martin — Sat, 25 Jun 2011 20:51:45 +0000

Fannie Mae Rolls Out HomePath Buyer Incentives

Fantastic HomePath buyer incentives for eligible Fannie Mae home buyers has just rolled out for the summer. The quick summary: if all conditions are met, owner occupant buyers can receive closing cost assistance of up to 3.5% of the final sales price from Fannie Mae with the latest HomePath buyer incentives.

HomePath Buyer Incentives Help HomePath Property Buyers Pay for Closing Costs

The HomePath buyer incentives will provide HomePath property buyers the ability to spend some of that hard-earned cash on decorating, fixing their place up or just bank it for future needs instead of on their closing costs. You can search for Fannie Mae homes at www.HomePath.com or you can search the MLS here for available HomePath properties. I’ve included a recent article from RIS Media about the HomePath buyer incentives below…

Fannie Mae Expands HomePath Buyer Incentives

RISMEDIA, Thursday, June 16, 2011— Fannie Mae (FNMA/OTC) announced the expansion of incentives to encourage sales of HomePath REO properties to owner occupants. Now through October 31, qualified buyers and selling agents can receive financial incentives on sales of HomePath properties, which can be found at www.homepath.com. The incentives are part of Fannie Mae’s commitment to neighborhood stabilization, and are available on sales to buyers who will reside in the home as their primary residence.

“Supporting homeownership and stabilizing neighborhoods are critical to helping the housing market recover,” saya Ed Neill, Senior Vice President for Credit Loss Management at Fannie Mae. “Our previous incentives have been effective in securing owner occupants for these properties. By encouraging homebuyers who will make these properties their long-term home, these expanded incentives will help to stabilize communities.”

The expanded incentives offer qualified homebuyers up to 3.5 percent of the final sales price to put towards closing costs. The incentive must be requested in the initial offer. Eligible initial offers must be submitted after June 14, 2011 and must close by October 31, 2011. Investor sales are not eligible for the incentive.

HomePath properties offer buyers a wide selection of options, including single-family homes, condominiums, and town houses. HomePath properties may also be eligible for HomePath Mortgage and HomePath Renovation Mortgage financing, which offers homebuyers an opportunity to purchase with as little as 3 percent down.

In addition to the HomePath buyer incentives, a $1,200 bonus is available for selling agents in eligible transactions. The HomePath buyer incentives bonus is available if the initial offer is submitted on or after June 14, 2011 and the sale is closed by Oct. 31, 2011.

The stars are in alignment – HomePath buyer incentives are available AND rates and prices are down – a perfect opportunity to pick up an outstanding value and the perfect home. So get out there and find yourself a great HomePath property.

Homepath Buyer Incentives Terms and Conditions

Buyers and/or selling agents (the agent representing the buyer) must request the HomePath buyer incentive upon submission of initial offer.
Initial HomePath Buyer Incentive offer must be submitted on or after June 14, 2011 and close by October 31, 2011. Initial offers made prior to June 14 are not eligible for the June 14 – October 31 incentive.
Sale must close on or before October 31, 2011. No exceptions will be made to this deadline. (Note: Initial offers submitted after September 15, 2011 may not close by the incentive deadline of October 31, 2011.)
Buyers must be purchasing a HomePath property to use as their primary residence to receive closing cost assistance. Second homes and investment properties are excluded from the incentive.
Sales closed via the retail channel are eligible, including those utilizing public funds. Pool and auction sales are ineligible.
Buyers must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
Buyers with total closing costs under 3.5% are not eligible to receive the difference as a credit.
Properties where Fannie Mae acquired the property in connection with financing under a reverse mortgage are not eligible. Ask the listing agent for details.
Buyers should consult their lenders for guidance on financing. Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. In those instances, the remaining 0.5% will no longer be available to the buyer.
Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of the incentive shall be resolved by Fannie Mae in its sole discretion.

NOTE: this incentive will be identified on the purchase contract, and must close by October 31, 2011 to receive the incentive from Fannie Mae.

If you’re in the market for a great home, I’d encourage you to utilize one of our HomeStyle Team buyer agents who are well versed in the HomePath Buyer incentives and specialize in HomePath properties.

Is a Phoenix Home Warranty Worth the Money?

Joe Martin — Fri, 18 Feb 2011 21:49:03 +0000

Phoenix Home Warranty Can Save Homeowners Money

Now as much as ever homeowners are looking for savings where ever they can be found. With that thought in mind we ask, is a Phoenix Home Warranty worth the money?

There is a Phoenix Home Warranty to fit every homeowner or Buyer

With the price of a Phoenix home warranty ranging from $300 – $600 dollars depending on the desired coverage there is a plan for every buyer. If you are considering purchasing an existing home as part of standard real estate transaction your Realtor can negotiate that the Seller pay for your warranty.

The Phoenix home warranty is designed to cover you when specific systems and appliances fail

Landmark Home Warranty specifically reported that 3 out of 4 clients have at least one repair made within their first year of having the warranty and while those repairs range in cost, they can represent a significant savings.

The following table represents what a typical repair can cost without a Phoenix home warranty:

Heating System $130 – $3,500

Water Heater $115 – $1,500

Dishwasher $98 – $1,250

Air Conditioning $130 – $4,000

Oven/Range $110 – $2,700

Kitchen Refrigerator $110 – $3800

Plumbing $95 – $7,500

Electrical System $85 – $2,500

With a Phoenix home warranty homeowners can save themselves the pain of those prices by just paying a $60 service call fee for each of these covered items.

Depending on your comfort level with service contractors, you will also like the added convenience that the contractor who works on your home comes from a preselected pool professionals and your home warranty company will pick up the bill. Your Phoenix home warranty company can also be very savvy when it comes to understanding a typical home systems and appliances, and therefore could save you time and money by troubleshooting simple issues with you over the phone when you call for service.

Maybe of greatest importance to our Phoenix housing market is the limited availability of R-22, also known as Freon. Since the 1980’s the government has been phasing it out due to environmental concerns. The replacement coolant, R-410A or Puron is not compatible with most existing Air-Conditioners, and without a Phoenix home warranty you will eventually be stuck time and costs associated with finding Freon and compatible parts, or upgrading your system to be compatible with Puron.

Below is a video provided by Landmark Home Warranty who would love to help you with your Phoenix home warranty needs.

http://www.youtube.com/watch?v=CquFvX4ToWo

Please post your comments below if you have questions about acquiring a Phoenix home warranty.

Best Phoenix Real Estate Rental Investment Areas

Joe Martin — Sat, 12 Feb 2011 21:30:28 +0000

Get the best bang for your investment buck with Phoenix real estate…

Right now veteran and novice investors alike from all over the World are flocking to Phoenix real estate opportunities and heavily focusing in the East and West Valley cities for obvious reasons. Phoenix real estate has suffered some of the greatest drops in price since the real estate housing bubble burst. Plus, there are not too many places in the US where you can buy a fairly new home for well under 100K and not have to shovel snow six months of the year and where people want to live, investors want to own. Great real estate values, rock bottom pricing, in a very desirable area where hundreds of people relocate to daily creates the perfect storm for real estate investors in Arizona.

Looking for Phoenix real estate investment rentals?

I recently inquired with one of the property managers I know that works with a ton of investors and asked him what areas he recommends as far as the best Phoenix real estate rental opportunities are concerned, he replied;

For West Valley Cities, we have found that, Goodyear, Litchfield Park, Avondale and Surprise pull the higher rents and have the less vacancy time. Be careful with El Mirage.

As for the East Valley Cities, we highly recommend!

The cities that do really well are:

Chandler, Gilbert, Tempe, Mesa, and even Queen Creek

We are renting homes on the East side very fast. Typically the rents are about $100 more for the same size home on the East side vs. West side. To pull those kind of rents, I would recommend 4 bedroom homes.

Chandler and Gilbert have proven to pull the highest rents for us.

Phoenix real estate foreclosures offer investors great values!

Phoenix real estate is one of the best opportunities in the US to invest in 2011. Foreclosure properties are abundant with newly listed single family homes, condos and multi-dwellings hitting the market daily at extremely competitive pricing. Please contact us for more information on investing in Phoenix real estate.

Click here to receive your FREE exclusive list of Arizona bank owned and distressed homes

11 Steps to Buying a Phoenix Home Series-Closing

Joe Martin — Thu, 03 Feb 2011 19:18:23 +0000

Table of contents for 11 Steps to Buying a Phoenix Home Series

Your almost ready to move into your Phoenix Home

When do I get the keys? A question that is commonly asked by anxious home buyers anticipating getting settled into their sometimes long awaited Phoenix home. The answer=As soon as it records. In most cases Buyers can not take occupancy of their Phoenix home until the transaction closes and records. This is especially the case if you are buying a Phoenix foreclosure home. However, this is a negotiable term and in some instances you may be able to occupy the property earlier than closing.

Review of the Phoenix home transaction from contract to close

Your Realtor should inform you on each phase and what to expect as you move along. The key milestones leading up to this point from the time your Phoenix home contract was accepted (assuming you are financing your purchase with a loan) are outlined below;

Escrow
Loan application
Due diligence
Appraisal
Underwriting
Loan docs
Final walk-thru
Signing
Funding and recording
Occupancy/Keys

Prepare so your Phoenix home transaction is a smooth one!

With a positive attitude, a little education on the Phoenix real estate market and an experienced Realtor by your side, your Phoenix home transaction should go off without a hitch! Upon this conclusion to our 11 Steps to Buying a Phoenix Home Series (and for a shameless plug ) we would like to remind you to contact our team of experienced Buyers Agents today to get started with your Phoenix home search.

Our Phoenix home listings below are updated in real time so please take a moment to browse recent Phoenix foreclosures below;

Showing properties 1 - 5 of 134. See more Phoenix Foreclosure Homes For Sale.
(all data current as of 5/21/2012)

$279,900 : 6107 N 13th Avenue, Phoenix

4 beds, 2.00 baths

Home size: 2,131 sq ft

Lot size: 10,385 sqft
$189,900 : 116 W Fellars Drive, Phoenix

3 beds, 2.00 baths

Home size: 1,659 sq ft

Lot size: 5,602 sqft
$101,900 : 4616 N 89th Drive, Phoenix

3 beds, 1.75 baths

Home size: 1,335 sq ft

Lot size: 7,166 sqft
$271,500 : 19636 N 15th Place, Phoenix

3 beds, 3.00 baths

Home size: 1,981 sq ft

Lot size: 6,029 sqft
$129,900 : 2801 W Muriel Drive, Phoenix

3 beds, 2.00 baths

Home size: 1,451 sq ft

Lot size: 5,260 sqft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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11 Steps to Buying a Phoenix Home Series-Contract Negotiations

Joe Martin — Mon, 24 Jan 2011 22:05:08 +0000

Table of contents for 11 Steps to Buying a Phoenix Home Series

Time to negotiate your Phoenix home offer and make a deal!

You found the perfect Phoenix home and wrote a competitive offer and now the fun begins. One thing to keep in mind is that each Sellers– whether bank owned Phoenix home or otherwise–operate on a case by case basis. The Phoenix housing market currently hosts Sellers that are overall in unique varying situations resulting largely in five types of sales 1.) bank owned foreclosures, 2.) Short sales, 3.) Investor fixer uppers, 4.) Government owned foreclosures and 5.) Traditional sales. Each Seller is unique, however, there are common negotiations strategies that may help you increase the strength of your offer.

Entrust your Realtor when negotiating your Phoenix home contractual terms

Without going into specifics I will touch on the key elements that may strengthen your offer or help during the negotiation process. Each term and how it should be negotiated depends on your individual wants and needs and what is in your best interest. It is important to also keep in mind that sometimes you may want to compromise on one term to get another you deem more necessary to your great good. Each Phoenix Home Seller is different and will negotiate in their best interest. Some negotiable terms carry more weight than others with a particular Seller

Purchase Price
Loan Type
Earnest Money
Inspection Period
Closing Date
Contingencies

Price is not the only term to consider when strengthening negotiations on your Phoenix Home

For example; if you are a cash buyer the closing date can be much sooner, if your asking for Seller concessions you may want to offer a competitive purchase price to offset the contribution, the higher the earnest money amount the better, the inspection period by default is 10 days but you may not need (or want) that much time. It is a misconception that the higher the purchase price the stronger your offer. Many times the ‘highest’ offer on the table for consideration is not the ‘best’ offer. In this distressed real estate market, multiple offers and competition among Phoenix Home Buyers is common and to be expected.

The biggest obstacle for Phoenix Home Buyers is eliminating emotion from negotiations

Many times Buyers feel entitled and state that the Sellers are already getting a deal and that the Sellers should just be happy to sell their home in this market. While Sellers on the other hand already lost so much equity and value the past few years that they feel they have lost enough. Thus the emotions are high and that sometimes can make the negotiation process more stressful. Working with an experienced Realtor will give you peace of mind while thet guide you on the best way strengthen your offer and negotiate in order to secure the accepted contract with your Phoenix home offer.

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11 Steps to Buying a Phoenix Home Series-Writing Your Offer

Joe Martin — Mon, 24 Jan 2011 21:15:13 +0000

Table of contents for 11 Steps to Buying a Phoenix Home Series

Negotiating your Phoenix home offer can be a very exciting time

In today’s Phoenix real estate housing market it is important that when you find that perfect home that you really love you do not hesitate to write an offer. Prior to writing an offer on a Phoenix home you should understand the nuts and bolts of the purchase contract. Your Realtor should be available to help guide you through the real estate purchase contract but they will not interpret it for you. You are expected to read the real estate purchase contract throughly and ask any questions you may have for clarification.

The main terms to consider when writing an offer on a Phoenix home are;

Purchase price
Earnest money
Contingency terms
Inspection period

A copy of the Arizona Residential Real Estate Purchase Contract can be reviewed below.

The purchase price is obviously something your Realtor will consult with you about and will also be no higher than your pre-approved loan limit at your desired down payment amount.

The default inspection period in the Arizona Residential Real Estate Purchase Contract is 10 Calendar days. If you do not change or waive this in your offer you will be asking for a 10 day inspection period.

Contingencies are clauses in a contract that give either the buyer or seller a way to get out of the contract if certain conditions are not met. There are endless types of contingencies and they are negotiable but the three most common that are default when writing your offer on your Phoenix home are;

loan–regarding Buyers ability to qualify for financing
appraisal–regarding purchase price vs. appraised value
inspection–regarding completion/satisfactory home inspection

Your Realtor will help you through the entire offer writing process on your Phoenix home

The right Realtor for you is one that is knowledgeable, accountable and helps you understand the the home buying process. It is important to find a Realtor that you trust and feel comfortable with that will represent you and your best interests. Our team of real estate agents in the Phoenix-Metro area are ready to assist you with all of your Phoenix home buying needs.

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11 Steps to Buying a Phoenix Home Series-Home Search

Joe Martin — Fri, 21 Jan 2011 21:05:57 +0000

Table of contents for 11 Steps to Buying a Phoenix Home Series

The Phoenix home buying search process is an exciting experience!

It’s a very exciting time to be shopping for your first home of even your second or third if that is the case. The main thing to remember is there is a method behind the madness so to speak and a systematic approach to the home buying process is the best way to stay focused, save time and reduce stress. If you have read the previous posts to this 11 Steps to Buying a Phoenix Home Series that are listed at the top of this page you already know that addressing credit issues, selecting a mortgage specialist, getting pre-qualified and selecting a Realtor precede the home search phase of the Phoenix home buying process.

Be realistic with your Phoenix home buying wish list

It is important to determine from the start how much Phoenix home you can afford and where you can afford it. Since you already analyzed your monthly budget you know what a comfortable mortgage payment would be and when you are pre-qualified, depending on the fluctuation of rates, you should know approx. how much you can spend on a Phoenix home and stay within your monthly budget. This is the top of your price range. Locations and neighborhoods are going to have different price ranges to buy into a specific area. Also, certain amenities you may desire such as a basement, no HOA, upgraded lot sizes, horse privileges, golf course communities, proximity to schools or work, etc will help determine which areas of the Valley you can consider and still stay within your price range. If your desired amenities do not meet your acceptable price range you will have to modify your wish list accordingly. Your Realtor should be able to tell you exactly what areas of the Valley fall within your budget and meet your other Phoenix home wish list requirements and also which amenities you may have to compromise in order to be within a certain area. Once you find the right balance you can narrow your search to specific neighborhoods, communities and/or geographical boundaries.

Foreclosures are great first time Phoenix home buying options and offer a great value

The current real estate market is distressed and as a result there are foreclosure homes throughout the entire Phoenix-Metro area and neighboring Valley cities. Many times these home are move-in ready (despite what some new home builder advertisements like to depict), and foreclosure homes also may qualify for free home warranties, closing cost incentives and down payment assistance programs. Overall a Phoenix home purchase that is a foreclosure (bank owned) property overs first-time home buyers and second home buyers or investors a great value.

Click here to search foreclosures in all Phoenix-Metro Valley cities to find your Phoenix home.

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11 Steps to Buying a Phoenix Home Series-Financing

Joe Martin — Fri, 14 Jan 2011 18:31:45 +0000

Table of contents for 11 Steps to Buying a Phoenix Home Series

Secure a Phoenix home loan before you start your home search

If you have been following the future posts in this 11 Steps to Buying a Phoenix Home Series we touched briefly on how to establish or clean up your credit if needed. Now for the purposes of this series moving forward we will assume you have a least a 620 credit score, a steady documented income for the previous 12 months and your DTI is 41% or less as indicated in our previous post regarding debt-to-income ratios…the next step is to get pre-qualified with a Phoenix home loan.

Ask for referrals to qualified Phoenix home loan specialists

Word of mouth is the best way to find a great loan specialist for your Phoenix home loan and your Realtor is a great place to start. Your Realtor should have excellent referrals for you as they tend to use the same preferred lenders over and over again that make them look good and give their clients the best service available. Just like any business if you do a good job, word gets out about your services and others refer you business. I do not recommend just haphazardly going online and completing online questionnaires or applications. 9 times out of 10 your information is sold and you can get bombarded with loan professionals. Find a few that come highly recommended by asking your family, friends, neighbors and Realtor and start there. A lender should be able to take a phone application and/or secure online application and have answers for you the same day. Unless of course you go to a brick and mortar bank where a pre-qualification can take up to five business days.

Understand the terms and fees associated with your Phoenix home loan

After you complete the application process via online, over the phone or in person you will be provided with a pre-qualification letter that will state the amount of financing you qualify for. In Arizona specifically your Phoenix home loan qualification letter may be issued on as an LSR or Loan Status Report. An LSR will be required to write any offer and typically required prior to view homes. If this is your first time buying a home and applying for a Phoenix home loan you will have several questions. Your lender should be able to tell you your rate (which can still change until you lock it), your estimated mortgage payment including taxes and insurance, your estimated closing costs to bring to the closing table (which you can negotiate the Sellers contribute to), and your required down payment for your particular Phoenix home loan program. First time home buyers will typically use an FHA loan with 3.5% of the purchase price required as a down payment.

Example: 100,000 purchase price x 3.5% = $3500 down payment

There are also Phoenix home loan programs such as a USDA loan which allows first time home buyers to purchase at $0 down provided the property is located in a qualifying area. Phoenix-Metro areas that qualify mainly are Queen Creek, San Tan Valley as well as parts of Apache Junction.

The next step once you receive your Phoenix home loan qualification letter is to select a Realtor to represent you if you have not already done so which we will discuss in the next post in this 11 Steps to Buying a Phoenix Home Series.

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11 Steps to Buying a Phoenix Home Series-Budget and DTI

Joe Martin — Tue, 11 Jan 2011 20:56:16 +0000

Table of contents for 11 Steps to Buying a Phoenix Home Series

The Phoenix home buying planning process means time to budget

It is time to finally track your spending and put pen to paper an itemized list of where you spend money each month and how much. The goal here is to see how much Phoenix home you can afford within your budget. The good thing is right now in Phoenix-Metro area you can own for less per month that what you can rent in many areas so your living expenses might actually go down once you buy!

Accurate figures are important to the Phoenix home buying planning process

Start with making a list of all your expenses such as utilities and living expenses such as electricity and groceries, then all monthly expenses such as credit card bills, car insurance and yes add your entertainment, clothes, etc. as well. If you spend $40/week on movies and you want to continue to spend $40/week on movies than include it, otherwise remove or lower it to something you feel is reasonable and then follow that. You may be surprised to find out how much money you spend on certain things that with a few minor changes here and there you can drastically reduce your overall monthly expenditures. After you total everything and subtract it from your income you will have a figure. From that figure take a certain percentage off the top to add to your savings accounts and/or retirement plan, etc and the final figure leftover (assuming you already accounted for miscellaneous disposable income in your list) is what you can afford as a mortgage payment with/without any lifestyle changes while growing your savings.

Lenders consider Debt-to-income (DTI) ratios during the Phoenix home buying pre-qualification process

The above budget is mainly for your purposes so you can determine during the Phoenix home buying process your comfort level with the money in and money out every month and also help identify spending habits that can be modified to help strengthen your overall financials. Lenders will take your debt such as current mortgage/rent, credit cards, car payments and compare it to your income (aka DTI ratio). The qualifying ratio will vary by loan program and fico score but for our example we will use FHA which is 41%.

Lets consider a quick scenario in determining DTI for a Phoenix home buying loan applicant;

Your Monthly payment on mortgage/rent = 1200
Minimum Monthly Credit Card Payments = 300
Monthly Car Loan Payments = 450
Other Loan payment = 300

Thus, your total monthly debt payment = $2250

Now, let’s consider your Gross Annual Salary = $75000
So, gross monthly salary = $6250
Other monthly income = $1000
Thus, your gross monthly income = $7250

So, mortgage debt to income ratio = (monthly debt payment)/(gross monthly income)
= ($2250/$7250) = .310 or 31% which is well within the standard DTI ratio.

Hopefully now you have a good idea of how much you can comfortable afford every month, what changes to you budget need to be made if any and if your debt-to-income (DTI) ratio is in-line with qualifying. If not you may have to pay off some debt to get your ratio where it needs to be as part of the Phoenix home buying process.

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11 Steps to Buying a Phoenix Home Series-No Credit

Joe Martin — Thu, 06 Jan 2011 18:29:19 +0000

Table of contents for 11 Steps to Buying a Phoenix Home Series

Buying a Phoenix home requires good credit history

No credit is not good credit. No credit will stop you from buying a Phoenix home. Some people assume they have good credit just because they have not used it or damaged it yet. This is not the case. The good news is there are easy ways to establish credit. I spoke with a client that asked, “Why do I need credit cards in order to buy a home?,” as she had no debt and did not want to get a credit card. The answer is you don’t. You can always save up and pay cash for a Phoenix home which many people sometimes do, however, if you are going to require a loan to finance your purchase you may have to consider the scenario from the lenders POV. If you were going to loan money to someone you will probably want to see that they have a history or managing debt responsibly prior to doing so in order to analyze the risk, i.e. the likelihood they will pay you back.

Establish credit as early as possible prior to when you plan on buying a Phoenix home

Establishing credit takes time. Having no credit does not illustrate you a.) know how to manage it or that b.) you will not abuse it. You may have credit card offers come in the mail or when you go to your bank. It is ideal that you open three credit lines but no more with either your bank, department store, mail offer, etc. Most will come with a low or zero APR for the first year or so and of course you want the best rate and perks. Instead of paying cash for things like groceries, gas, medicine, etc. just set your cash aside and use your card. Then when the bill comes pay it off with the cash you stashed. If you are going to carry a small balance vs. paying it off completely each month carry no more than 10% of the credit line for an optimal credit rating although paying it off each month in full is ideal. If you only carry a small balance and only buy things you would normally have to buy regardless, then you should be fine with managing your credit. In three to six months you should be on your way to having great credit to buy a Phoenix home.

Remember these 5 things when building your credit for buying a Phoenix home or any other purpose

Make your payments on time every time or it will lower your credit score
Always keep your credit card balance at 30% or less of your total credit line in the event you don’t pay it off in full each month
Once you have a history request a credit line increase from at least one of your cards to be at 5K or more
Don’t have more than 3 credit lines at any one time
Don’t buy things you don’t need on credit, just buy the things you would buy anyway

Also it is important to note that it is a good idea to keep your cards for the duration. Don’t cancel one and hop to another just because they offer you a short term introductory rate. Try to negotiate the rates with the cards you have. Overall the length that you hold each credit line open will impact your score, i.e. the longer the better. This will in turn possibly get you better home loan rate when buying a Phoenix home and possibly a quicker approval process.

Many cards offer a cash back option. This means for every dollar you spend with the card (even when you pay the balance off in full each month) you will receive typically 1% or 2% cash back. So lets say you spend $2,000/month on groceries, food, gas, medicine, clothing, etc. you would have earned $40 cash back which is $40 more than you would have made if you bought the exact same items but just paid cash for them.

This post is not intended to be in any way a form or financial and/or credit counseling and it is advised you see a professional finance/credit specialist for further insight or questions regarding your credit prior to buying a Phoenix home. We have plenty of wonderful referrals!

I hope so far you are finding this 11 Steps to Buying a Phoenix Home Series helpful and I welcome any comments you may have below as we move through the series.

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