Arizona Real Estate 411 - 8 Steps to Getting Your Finances in Order

MLS Quick Search

MLS by Map Search

New Property Alert

Property Values

Real Estate Blog

7 Terms to Watch

Real Estate FAQs

Real Estate News

Seller's Checklist

Seller's Resources

Selling Mistakes

Buyer Advisory Guide

Buyer's Checklist

Buyer's Resources

Buying Mistakes

Get Pre-Qualified

Loan Calculator

FREE Newsletter

8 Steps to Getting Your Finances in Order

1. Develop a family budget. Instead of budgeting what you’d like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent.
Reduce your debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt—car loans, student loans, revolving balances on credit cards—down to between 8 percent and 10 percent of your total income.
Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You’ll probably see some great ways to save.
Increase your income. It may be necessary to take on a second, part-time job to get your income at a high-enough level to qualify for the home you want.
Save for a downpayment. Although it’s possible to get a mortgage with only 5 percent down—or even less in some cases—you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent downpayment.
Create a house fund. Don’t just plan on saving whatever’s left toward a downpayment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills.
Keep your job. While you don’t need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate.
Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills. Pay off the entire balance promptly.

Do you have additional questions?
Please complete the following form for a prompt response:

*Required Field
E-mail Address:*
Your Name:*
Phone:
Question/Comment:

By submitting this form with your telephone number you are consenting for an agent of Right Choice Realty, LC to contact you even if your name is on a Federal or State "Do not call List".

Thank you for submitting your information. We will be in contact with you by phone or e-mail.

Download this month's
Calendar of Events

Real Estate Market Update for July 2010
All Areas & Types - ARMLS Residential Resale Measured Monthly: January 2001 - June 2010 The horizontal line at the 100 mark represents the index value for a balanced market. Are you starting to think about moving and curious what your area market looks like? Give us a call or drop us an email and we’ll prepare a custom report just for your [...]
Publ.Date : Fri, 02 Jul 2010 01:35:33 +0000

Members of the Military?
Members of the military and certain other federal employees serving outside the U.S. have until April 30, 2011 to utilize the Home Buyer’s Tax Credit. This could be a usefull tool for those who meet the criteria. The website below breaks down how the tax credit works and is quite handy. Home Buyer Tax Credit
Publ.Date : Wed, 02 Jun 2010 22:25:37 +0000

Real Estate Market Update for June 2010
Could you or someone you know use some financial assistance to be able to purchase a home? Your Way Home AZ is a statewide program to assist homebuyers purchasing foreclosed homes in select areas, help rehabilitate housing developments, and stabilize neighborhoods. Nine community partners - the state of Arizona, Maricopa County, Pima County, and the [...]
Publ.Date : Sun, 30 May 2010 02:45:55 +0000

RSS Parser
Increase Web Traffic