Ready to Buy a Home in Arizona? Get Pre-Qualified First!

Ready to Buy a Home in Arizona? Get Pre-Qualified First!

Are you ready to buy a home in Arizona? Get Pre-Qualified first with a trust local lender BEFORE you begin your home search! In Arizona’s competitive real estate market, it is important to be fully prepared to make an offer if you find the home of your dreams. Don’t find the home first, then try to get pre-qualified and lose precious time that may also cost you to lose out on your dream home! In Arizona, in order to write an offer to purchase a property, you must provide a copy of your formal pre-qualification that is signed by both the lender and the buyer(s). This is a key component to the purchase contract and there are no exceptions, unless you are paying cash for the home, in which case you must provide the seller/listing agent with proof of funds.

Here is the language included in the most recent version of the Arizona Purchase Contract dated February 2017. Line 69 indicates that an AAR Pre-Qualification Form is attached hereto and incorporated herein by reference.

So, if you are ready to buy, get Pre-Qualified first! Once you have your formal PQF in hand, then you will be prepared to go out and buy your dream home and we will be honored to help you write an offer that will be accepted. If you have any questions on how to secure your pre-qualification, then please do not hesitate to reach out to us, we are here to help make the home buying process as easy and seamless and possible and have many tips to save you time, money and a lot of heartache.

Here is a copy of the most recent version of the Arizona Pre-Qualification Form dated February 2017. The lender will use this form to indicate the type of financing, if any concessions are needed, and probably the most important component is the amount of money the buyer is qualified to purchase (loan amount and total monthly payment). A trusted local lender will also identify the maximum interest rate and type of rate that a buyer qualifies for. If the lender lists “TBD” in this field, that could be a red flag that needs to be addressed. It is important for a buyer to know exactly what interest rate (maximum) they are being quoted and qualified for. Again, if you have questions, don’t hesitate to reach out for guidance or clarification. Real estate is our passion and we are here to serve you!