Choosing a Real Estate Agent Archives - Page 7 of 17 - Scottsdale Real Estate Team / Arizona Luxury Homes

30-Year Fixed Mortgage Rates Hold Steady By Joe Szabo, Scottsdale Real Estate Team

August 25, 2014 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team

Mortgage rates for 30-year fixed mortgages remained fairly stable this week, with the current rate borrowers were quoted on Zillow Mortgages at 4.06 percent, down from 4.08 percent at this same time last week. The 30-year fixed mortgage rate hovered around 4.08 percent for the majority of the week, falling to 3.97 percent on Friday before returning to the current rate. “Mortgage rates dropped mid-week to their lowest level in two months on weak U.S. economic data and geopolitical concerns over the escalating tensions between Ukraine and Russia,” said Erin Lantz, vice president of mortgages at Zillow. “This week, we expect rates to inch back up unless international turmoil continues to lead the news.” Additionally, the 15-year fixed mortgage rate this morning was 3.12 percent, and for 5/1 ARMs, the rate was 2.79 percent. Purchase Mortgage Application Activity Zillow predicts tomorrow’s seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity to increase by 2 percent from the week prior. To learn more about this Zillow analysis, click here. What are the interest rates right now? Check Zillow Mortgages for mortgage rate trends and up-to-the-minute mortgage rates for your state.

*The weekly mortgage rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.

Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

Can Paying Off Your Mortgage Early Damage Your Net Worth? By Joe Szabo, Scottsdale Real Estate Team

August 18, 2014 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Just about every homeowner has experienced the same sensation at one time or another: The excitement of a home purchase is deflated at the closing table when the closing agent slides over the Truth in Lending Statement that shows just how much money the loan will cost over the term of the loan. It is a sinking feeling to see that a $250,000 loan will likely cost in excess of $500,000. To avoid this, many people strive to pay off their loans early. Indeed, one extra mortgage payment a year can make a huge dent in reducing the length and total cost of your loan. Assuming you can, the question still remains: Should you? Saving money seems like a no-brainer, but the answer that is right for you may be more complex.

Don’t throw away money on prepayment penalties

Before you can even crunch the numbers to decide if it is right for you, make sure you know what — if any — prepayment penalty you will be accountable for. Depending on the area of the country and the lending institution, you may or may not be liable for paying a penalty on an early payoff. Penalties are wasted money. They are funds that could be doing more productive work. At least if you are making mortgage payments, you get the benefit of tax deductions. You might be able to find a better use of your funds.

Have savings for retirement or cash cushion

Are you maxing out your retirement investing? If not, it is likely your financial planner will tell you to do this first. Besides the numerous benefits of maxing out retirement account payments, your money may be better suited toward alternative endeavors rather than reducing your mortgage debt payments. By continuing to carry your mortgage debt, you will be able to devote more of your funds to the here and now. You can increase your present-day savings by squirreling away for a cash cushion so that in the case of an unfortunate event in the future (such as illness or job loss), you will not feel the hit as much. If you spent all your extra money reducing your mortgage principal, you may be forced into a situation where you have to refinance to get that money back.

Consider your other debt payments and prioritize

If you carry consumer debt from month to month, especially credit card debt, you should first consider using all extra money to reduce those debt payments that have interest rates higher than your mortgage rate. If you start paying back low interest rate loans (mortgages) before high interest rate loans (credit cards), you are leaving money on the table each month. Until your high-rate loans are paid off, it does not even make sense for you to think about an early payoff. Why pay off a principal of a 4.5 percent loan and continue paying interest on a 14.5 percent loan?

Using your mortgage to outlast inflation

Your monthly payment may seem high to you today, but it is likely that in 30 years the same amount will seem like a joke. As inflation rises, keeping your mortgage may actually be a hedge against inflation if you have a fixed-rate loan. Your payments will never increase and over time will actually become “cheaper” comparatively.

Gaining emotional freedom

Perhaps the best argument for paying down your mortgage debt is the psychological release you will get in owning your home debt-free. There is a liberating sense of freedom in paying off a loan, especially when that means you now own a piece of property outright. It gives you flexibility, confidence and a method to avoid risk of loss since your dollars have been spent on achieving equity. But this may not be the fastest way at growing your net worth because those dollars are no longer working for you. The funds are tied up in your property and not out there in the world gaining interest. Just like most decisions in life, there are positives and negatives when deciding whether to pay down your mortgage early. On the one hand, you may have a debt-free asset. On the other, it may not make financial sense. The best advice is to first seek guidance from a financial planner. And then be honest with yourself about your goals. Only you can make the best decision for you. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

How to Mix Patterns in a Space By Joe Szabo, Scottsdale Real Estate Team

August 15, 2014 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Creating a successful mix of patterns results in a balanced and beautiful room, but it takes a nimble hand. Too many patterns and the room is overdone; too little and the room is bland. It is more than just mixing and matching colors. The trick is to find just the right combination of scale and design to create the perfect effect. Patterns are an integral part of the overall look of the room. Patterns on fabrics are the most obvious usage, but there are also inherent patterns in furniture shapes, wall coverings and statement area rugs, too.

Style

Patterns come in many different styles. Naturalistic patterns are realistic renderings of natural forms, such as flowers — and as of late, birds. Stylized patterns simplify natural designs to capture their essence; the fleur-de-lis, for example, is a stylized iris. Geometric designs include stripes, checks and plaids. More modern versions celebrate trellis-like patterns in large formats. Abstract patterns are loose artistic interpretations of realistic or geometric designs and gate-like designs.

Scale

The scale of a pattern is determined by the size of its motifs or designs. Small-scale patterns can read as a texture rather than as a pattern and can be a place for the eye to rest when used in rooms that include larger patterns. Medium-scale patterns are versatile and seldom overpower other elements. With large-scale patterns, which work well in generously-proportioned rooms, make sure you have a large enough area to display several pattern repeats so the design does not look truncated.

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Giants’ Tim Lincecum Lists Giant Arizona Mansion By Joe Szabo, Scottsdale Real Estate Team

August 12, 2014 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team San Francisco Giants starting pitcher Tim Lincecum turned 30 this summer, and he’s putting his bachelor-friendly mansion on the market for nearly $4 million. The long-haired hero of the 2010 World Series bought the estate for $3.4 million in 2012 — and it is a sports fanatic’s dream home. The contemporary at 4793 E Charles Dr in Paradise Valley, AZ has an indoor basketball court with a retractable batting cage and courtside, restaurant-style booths. That’s all next door to the theater room with a bar and reclining seats. Outdoors, there’s a pool with two waterfalls, a whirlpool spa and sundeck, plus a built-in grilling station. It’s not all fun and games. The house also has a chef’s kitchen with granite and glass countertops, a huge master suite, limestone flooring and sweeping mountain views. In all, there are more than 11,000 square feet, 4 bedrooms and 5.5 bathrooms. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

Before & After: Cluttered Office Goes Chic By Joe Szabo, Scottsdale Real Estate Team

August 7, 2014 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team It’s hard to get any work done sitting in a space that is dark and cluttered. Such was the problem for Megan Duesterhaus of “The Homes I Have Made.” A few years ago, she admittedly made what she called a “major furniture blunder,” when she bought an oversized desk with matching hutch and chair. The entire unit was clunky, dark and hard to keep organized. Additionally, the large piece of furniture blocked the one window in the room, making the small space appear even smaller.

Before

After

Go smaller in a small space

The large hutch dominated the small room. Removing the top of the hutch from the desk was a great way to open the space. Drawers provide spots for clutter and a file holder on the desk is essential for organizing paperwork. The desk is now wider, and provides more surface area to work. This is a reminder that not all sets will work in a space — sometimes it’s best to take a part away and use it in another space.

A smaller shelf provides the display space the top of the hutch provided.

Add little details

A little pizzazz — in this case, turquoise and gold — are the stars of the room. Swapping out the basic knobs of the desk for gold and crystal ones gives the desk a bit of elegance. Another inexpensive touch is to add patterned paper — in this case wrapping paper — to a Plexiglas desk top. Other small gold and aqua accessories tie the room together.

Understanding the Role of the Real Estate Agent By Joe Szabo, Scottsdale Real Estate Team

August 4, 2014 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team The road to homeownership can be bumpy, and it’s often filled with unexpected turns and detours. That’s why it makes sense to have a real estate pro help guide the way. According to the National Association of Realtors 2013 Profile of Home Buyers and Sellers, 88 percent of buyers purchase their homes through real estate agents or brokers. That reliance on real estate professionals has steadily increased from 69 percent in 2001. While real estate websites and mobile apps can help you identify houses you may be interested in, an experienced agent does much more. Real estate agents: 1. Guide. Before you tour your first home, your agent will take time to learn more about your wants, needs, preferences, budget and motivation. A good real estate agent will help you narrow your search and identify your priorities. 2. Educate. You should expect your agent to provide data on the local home market and comparable sales. The home-buying process can be complicated. A good agent will explain the steps involved – in a manner that makes them understandable – and provide counsel along the way. 3. Network. An agent who is familiar with your target neighborhoods will often know about homes that are for sale – even before they’re officially listed. Experienced agents tend to know other agents in the area and have good working relationships with them; this can lead to smooth transactions. Your agent may also be able to refer you to trusted professionals including lenders, home inspectors and contractors. 4. Advocate. When you work with a buyer’s agent, their fiduciary responsibility is to you. That means you have an expert who is looking out for your best financial interests, an expert who’s contractually bound to do everything in their power to protect you. If you find yourself in a situation where the same agent represents both the buyer and seller, things can get trickier, advises Scottsdale, Arizona-based real estate agent Dru Bloomfield. “A lot of people think they’ll get a lower price by going straight to the listing agent, but that’s always not true,” she says. “If I was representing both the buyer and seller, I’d be hard-pressed to take a low-ball offer to the seller. But, as a buyer’s agent I’d do it, because I have no emotional ties or fiduciary responsibility to the seller. Buyers should work with an agent who can fully represent them.” 5. Negotiate. Your agent will handle the details of the negotiation process, including the preparation of all necessary offer and counteroffer forms. Once your inspection is done, the agent can also help you negotiate for repairs. Even the most reasonable consumers can become distraught when battling over repair requests; an agent can do “the ask” without becoming overly emotional. 6. Manage minutia. The paperwork that goes along with a real estate transaction can be exhaustive. If you forget to initial a clause or check a box, all those documents will need to be resubmitted. A good real estate agent understands the associated deadlines and details and can help you navigate these complex documents. 7. Look out. Any number of pitfalls can kill a deal as it inches toward closing; perhaps the title of the house isn’t clear, the lender hasn’t met the financing deadline or the seller has failed to disclose a plumbing problem. An experienced real estate agent knows to watch for trouble before it’s too late, and can skillfully deal with challenges as they arise. Professional real estate agents do so much more than drive clients around to look at homes. Find an agent you trust and with whom you feel comfortable working; you’re sure to benefit from their experience, knowledge of the local market and negotiation skills. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

What Is ‘Luxury’ in Today’s Real Estate Market? By Joe Szabo, Scottsdale Real Estate Team

August 1, 2014 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team In the world of luxury real estate, great curb appeal is just one of many buyer requirements. Builders of today’s luxury homes are tasked with making works of art that also cater to future homeowners’ lifestyles. “We want you to take comfort in knowing the extraordinary level of care we give to every detail — no matter how small or tedious — to make sure your home is flawless upon completion,” said Al Ross, founder and president of Al Ross Luxury Homes. “We are not just selling a luxury home; we are creating an unprecedented level of service and homeowner experience.” Born and raised in Iran, Ross came to America at age 13 in search of a better life. He now builds custom spec homes in Houston’s high-end River Oaks neighborhood with one-year concierge services and other signature appointments. His latest listing is a $4.899 million Spanish Revival home (pictured above) at 2240 Inwood Dr. In addition to its curb appeal, the home exhibits a few key qualities of high-end real estate.

Luxury is lifestyle

There’s more to a luxury home than good looks and fancy finishes; these homes are also built with future homeowners’ comfort in mind. “The breathtaking master closet and dressing area is custom designed for couples,” a brochure for Al Ross’ Houston listing states. “Abundant shelving, magnificent oval packing island with Silestone surface, storage, electrical and USB outlets and subtle LED under-lighting mark the spacious luxury of a perfect wardrobe.” Strategies taken by luxury real estate professionals, like creating customized spaces with a bit of fantasy in mind, reveal how homeowners are looking for a story to share with every visitor who walks in the door. Nick Segal, president and founding partner of Los Angeles brokerage Partners Trust, is developing a Best View score to help tell the story of his high-end listings. Each home will be given a “grade” based on six criteria: explosiveness, texture, exclusivity, proximity, iconography and privacy. The goal is be able to put weight behind the phrase: “Best view in Los Angeles.” “Luxury is lifestyle,” Segal said. “What do my friends feel like when they come into my home? Do I have art walls? A comfortable environment?” Segal calls the spaces “micro-environments” — picture-perfect settings throughout today’s luxury homes. “An oversized couch with an accompanying chair and adorned side tables — it’s a perfect little picture. Unless you’re having a party, no one is actually sitting there, but it’s visual eye candy,” he said. “It’s a pause at each turn. Fresh-cut flowers, bringing light in — every vantage point seduces.”

Luxury is ‘smaller’

Stemming from building codes and smaller lot sizes, Segal says we’re seeing a move toward “de-mansionization” in the luxury market. While homes may cover less ground, however, they aren’t necessarily smaller. “Vertical is the answer when you don’t have suitable lots to sprawl,” Segal said. “People are building out more to the edge of the envelope.” Instead of less house, today’s high-end homes have more floors and less yard. One way builders like Ross are saving space is by creating an open-concept living, dining and family room. A large center island in the Spanish Revival home above anchors the space and allows for more casual, year-round entertaining than separate, formal rooms.

Luxury is local

But what sells in one market isn’t necessarily considered luxury in another. “In Los Angeles, it’s all about the indoor-outdoor flow,” Segal said. “In the Northeast, I imagine they want covered, enclosed spaces that bring the outdoors in but shield you from the humidity or bugs that will eat you alive. There are different mindsets related to climate.” The spec house in Houston has a media room and elevator, two features that are still a big deal in Houston. But in L.A., they don’t have as much appeal. “The practical application of those elevators is so slow,” Segal said. “I’d rather take the stairs.” Power generators serve an important purpose in hurricane and earthquake country, but in other markets, they can be seen as superfluous. Moreover, garages for multiple cars are still in high demand in vehicle-dependent cities like Houston, but this isn’t the case everywhere.

4 Ways to Gain the Competitive Edge When Home Shopping By Joe Szabo, Scottsdale Real Estate Team

July 29, 2014 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team If you’ve been out there house hunting, you’re likely aware of the many challenges and obstacles that come with the territory. A major factor driving this fiercely competitive market is the lack of for-sale inventory, especially in the lower end. Want to have the upper hand? Here are some ways to gain that competitive advantage.

Find properties before everyone else does

Time is key in a competitive market with very little for-sale inventory. To expand your search and get the edge on the competition find properties before they hit the market. Try using Zillow’s new Coming Soon feature, which allows you to search for properties that will be listed for sale within 30 days but are not yet on the market. This is especially useful in competitive markets where inventory moves quickly and bidding wars are all too common.

Make an all-cash offer

While the cash-buyer trend is happening nationwide, it’s most predominant at the lower end of the market and specifically in markets such as Tampa, Detroit and Miami. In those metros, more than 80 percent of all sales in the lowest price bracket during the first quarter were cash deals, according to a recent analysis by Zillow. Have the money in hand? Not waiting for a loan approval or to collect that down payment from relatives? From the sellers’ perspective, an all-cash offer is going to be hassle-free, and at the end of the day, that’s what they want, regardless of whether they’re in a rush to close.

Be well-qualified

If you’re a serious buyer, you’ll only be taken seriously if you’re well-qualified one — i.e., you’re gainfully employed, able to make a substantial down payment (20 percent or more) and, of course, have good credit (think: mid-700s). This is really important in general, but particularly if you’re up against the aforementioned cash buyer. It’s your best defense.

Write a personal letter

Are you perhaps interested in buying the home you once grew up in? Does it evoke fond memories of happier times? Have you found your perfect abode? Why is it so perfect for you and your family? Let the seller know, particularly if there are multiple offers on the property. A personal, handwritten letter expressing your love for the home and the beautiful surroundings could be just the thing you need to tip the scale in your favor. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

How to Determine What You Want in a Home By Joe Szabo, Scottsdale Real Estate Team

July 22, 2014 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team From the moment a first-time home buyer begins searching until the final closing papers are signed could be as short as three months or as long as three years.

Along the way, the journey is filled with twists, turns and probably some bumps in the road. So how do you navigate the journey? Once you get “in the game,” you should start setting the top criteria for your home early on. Establishing your most important factors upfront will help you stay on track as you move through the home buying process. It also will help you know when to compromise and when to stick to your original list. As the home buying process evolves, your criteria may change as well. Nobody ever gets everything on their list. In fact, many buyers, around the closing table, have a chuckle as they compare their original list of criteria to what they eventually got. Here are the three phases of the home buying journey where your criteria will be established.

1. Dreaming

Leveraging the Internet and online listings, buyers in this next generation of real estate have the opportunity to consider all options, get a feel for what they want, see what’s out there and start to understand their must-haves, nice-to-haves and the bonus stuff. As the journey evolves, you should begin to nail down requirements and prioritize your wants and needs. The search often changes, and part of the process is to learn what works and what doesn’t. But starting out with a fairly concrete, realistic “wish” list will inform your search.

2. Getting in the game

Any serious buyer working with a great local agent, and with a bank pre-approval in hand, will take the home search up a notch. At this point, it’s important to determine the two biggest pieces of the puzzle: price and location. Without these criteria, you’d simply be shooting from the hip. Price trumps all criteria. What you can afford generally dictates where you’ll live as well as the type of home you’ll purchase. Location is one of the three magic words in real estate, and it comes a close second in the home search. The thing about location is that it can’t ever be taken away from you. But a home can be altered to adapt to a location. Many buyers, keen on a certain neighborhood or school district, will consider buying a home that needs work or one that’s not ideal for their situation simply to be in the right location.

3. Compromising

After determining price and location, a buyer needs to consider things such as number of bedrooms, bathrooms and the size of the home. While there are times when you’ll choose size over location, generally the location informs the size. After that, considerations such as a finished basement, large lot, pool or open floor plan, while important, may get trumped because of location and price. The important thing is to prioritize what you really must have vs. what you want to have. Also, try to think ahead. Are today’s top priorities likely to remain your top priorities a few years from now? Or would it make more sense to get a 3-bedroom house, for instance, instead of a 2-bedroom home, as you may have children later or might need a home office down the road. It’s not easy to set your criteria for buying a home, given how important the purchase will be. But if you don’t, you’ll be all over the map in your home search, wasting valuable time and effort. And if you’re busy chasing properties that don’t really meet your needs, you may overlook something that does. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

7 Tips to Get the Best Mortgage By Joe Szabo, Scottsdale Real Estate Team

July 10, 2014 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team As the real estate market begins to perk up, many people find themselves in a good position to start looking for a home. Even though interest rates continue to hover at the lower end of the spectrum, shopping for a mortgage is still a tricky process, especially if you’re doing it for the first time. But don’t fret. These seven steps will help you navigate the treacherous waters of mortgage shopping, and they’ll save you time and money in the process.

1. Have your credit report ready

Lenders use your credit score as one of the major factors in determining if you will get approved for a loan, as well as what kind of interest rates you qualify for. That is why it’s important to review your report at least once a year to make sure everything is in order. If there are any errors that affect your credit score, you could be missing out on a few points here and there that will make a huge difference when you walk into a loan office. Interest rates could skyrocket, or you could even be denied a loan if your score is lacking.

If you can, try to get a credit report at least six months prior to applying for a loan. You will have time to review it and get in touch with a credit agency if you find any errors. You also can use this time to start sprucing your score up a bit by avoiding big purchases that put your finances in jeopardy and not opening up any more lines of credit.

2. Work on improving your debt-to-income ratio

Your debt-to-income ratio is the amount of money you make versus how much you owe. Lenders also take this into consideration when you apply for a loan, so it might be a good idea to try to reduce your debt or increase your income. Make bigger payments on credit card debt to boost your ratio, or pay off any outstanding loans you may have. You will be a more desirable candidate, and you might save some money in the long run.

3. Plan for a big down payment

A big down payment saves you lot of money. Save up for the biggest down payment you can afford so you can take advantage of bigger loans, smaller interest rates, and more attractive closing fees. It also helps lenders determine your property’s loan-to-value ratio. Most loan programs usually require a down payment that falls somewhere between 5 percent to 20 percent. In some cases, if you can’t afford a 20 percent down payment, your lender might require you to pay for mortgage insurance because they’re increasing their loss risk by loaning you more money.

30-Year Fixed Mortgage Rates Hold Steady By Joe Szabo, Scottsdale Real Estate Team

Can Paying Off Your Mortgage Early Damage Your Net Worth? By Joe Szabo, Scottsdale Real Estate Team

Don’t throw away money on prepayment penalties

Have savings for retirement or cash cushion