Thinking about buying a home in the Phoenix metro area? You will want to make sure you don’t do anything to screw up your dream of owning a new home. These are the four things you should stay away from if you’re thinking about buying a place in Phoenix.


1. Don’t forget to save for the purchase of your home. Make sure you have money saved up before you go out and buy a property because it’s easy to fall in love with one place but then have nowhere near enough finances to cover the price of it. When buying a house in Phoenix, you need to save for not only the downpayment (your downpayment can be 3.5% – 20%) on the home, but you also need to cover closings costs (another 1 – 1.5%). The amount expected by lenders regarding down payments depends on what type of loan you’ll qualify for. Additionally, closing costs come in all shapes and sizes. When buying a home, you need to pay for things like an appraisal and an inspection. In addition, there are fees associated with having a lender secure your loan and having a title company facilitate the transaction. If you don’t save up for those things, you might be dead in the water in terms of being able to purchase real estate in Phoenix.

2. Don’t forget to talk to a lender and get prequalified for a mortgage. Getting prequalified for a loan is something that should be done as soon as possible. The reality is that those fun mortgage calculators that spit out “prequalification” numbers aren’t actually going to give you a mortgage. Only a lender can tell you what you can prequalify for based on your debt and your income.

3. This is one of the biggest mistakes we see people make, and it can ruin the chance of buying a home altogether. Don’t go and buy any huge purchases on credit. It’s very tempting to go out and buy that living room set you really like or that brand new car that’s going to be perfect for the new garage. Unfortunately, taking loans out for these types of things can affect your debt to income ratio and possibly disqualify you from getting a mortgage. It’s best to stay away from credit cards or new loans until after the purchase of your new Phoenix home.

4. Don’t forget to talk to a Realtor. Buying a new home is one of the biggest purchases in your life, and the process can seem simple, but it can be very complex. So it’s never too early to speak to a Realtor (even if you are still 12-18 months out from actually buying something). A Realtor can walk you through the entire process and advise on what might work best for your situation and what to expect as you navigate the purchase.

We hope these four tips and tricks give you some insight into what can be detrimental to your dream of purchasing a new home. If there is anything we can help answer for you, please don’t hesitate to reach out to our team, COR Consultants.

 

New Listing - 29 minutes online
$270,000
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,344
SQFT
3628 W Lawrence Lane
Phoenix, AZ 85051
Wishing Well Village Subdivision
New Listing - an hour online
$554,900
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,750
SQFT
116 E El Camino Drive
Phoenix, AZ 85020
North Central Village Lots 10-21 Subdivision
New Listing - 2 hours online
$192,900
Condo For Sale
Active
2
BEDS
2
TOTAL BATHS
929
SQFT
740 W Elm Street #139
Phoenix, AZ 85013
Solaris Condominiums Subdivision
New Listing - 2 hours online
$399,000
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,514
SQFT
4622 W Cottontail Road
Phoenix, AZ 85086
Anthem West Unit 1 Subdivision
New Listing - 2 hours online
$275,000
Single Family Home For Sale
Active
2
BEDS
2
TOTAL BATHS
931
SQFT
11118 W Devonshire Avenue
Phoenix, AZ 85037
Trailwood Subdivision
New Listing - 2 hours online
$285,000
Single Family Home For Sale
Active
2
BEDS
2
TOTAL BATHS
1,038
SQFT
1160 E Cochise Drive
Phoenix, AZ 85020
Villa Sierra Madre Subdivision
New Listing - 2 hours online
$189,900
Townhouse For Sale
Active
2
BEDS
2
TOTAL BATHS
817
SQFT
19601 N 7th Street #1002
Phoenix, AZ 85024
Mountain Shadow Lake Condominium 2 Subdivision
New Listing - 2 hours online
$305,000
Single Family Home For Sale
Active
3
BEDS
1
TOTAL BATH
1,107
SQFT
16611 N 17th Place
Phoenix, AZ 85022
Northern Hills Amd Subdivision
Open House Sat, Jul 31, 5 PM UTC
Please verify times due to COVID-19
$698,800
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
2,122
SQFT
3921 W Monte Cristo Avenue
Phoenix, AZ 85053
Sunburst Farms 18 Subdivision
Open House Sat, Jul 31, 6 PM UTC
Please verify times due to COVID-19
$185,000
Condo For Sale
Active
2
BEDS
2
TOTAL BATHS
934
SQFT
16402 N 31st Street #139
Phoenix, AZ 85032
Villa Capri Condominium Amd 2 Subdivision
Open House Sun, Aug 1, 5 PM UTC
Please verify times due to COVID-19
$1,268,500
Single Family Home For Sale
Active
5
BEDS
4
TOTAL BATHS
4,361
SQFT
14606 S 20th Street
Phoenix, AZ 85048
Cabrillio Canyon 4 Subdivision
New Listing - 3 hours online
$119,500
Condo For Sale
Active
1
TOTAL BATH
442
SQFT
4750 N Central Avenue #8S
Phoenix, AZ 85012
Landmark Towers Condominium Subdivision
New Listing - 3 hours online
$399,000
Single Family Home For Sale
Active
4
BEDS
3
TOTAL BATHS
2,304
SQFT
2419 W Maldonado Road
Phoenix, AZ 85041
Copper Creek Subdivision
New Listing - 3 hours online
$319,000
Single Family Home For Sale
Active
3
BEDS
3
TOTAL BATHS
1,374
SQFT
4419 N 112th Avenue
Phoenix, AZ 85037
Trailwood Unit 2 Subdivision
New Listing - 3 hours online
$429,000
Single Family Home For Sale
Active
3
BEDS
3
TOTAL BATHS
1,351
SQFT
1203 W Monroe Street
Phoenix, AZ 85007
Monroe Street Bungalows Subdivision
New Listing - 3 hours online
$340,000
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,644
SQFT
6834 N 31st Avenue
Phoenix, AZ 85017
Los Serranos Subdivision
New Listing - 4 hours online
$895,000
Single Family Home For Sale
Active
4
BEDS
3
TOTAL BATHS
2,920
SQFT
1046 E Dolores Road
Phoenix, AZ 85086
 
New Listing - 5 hours online
$1,350,000
Condo For Sale
Active
2
BEDS
3
TOTAL BATHS
2,376
SQFT
8 Biltmore Estate #126
Phoenix, AZ 85016
Fairway Lodge At The Biltmore Condominium Amd Subdivision
New Listing - 5 hours online
$280,000
Condo For Sale
Active
1
BED
1
TOTAL BATH
735
SQFT
4343 N 21st Street #135
Phoenix, AZ 85016
Biltmore Palms Condominium Subdivision
New Listing - 5 hours online
$150,000
Single Family Home For Sale
Active
2
BEDS
1
TOTAL BATH
675
SQFT
2427 W Yavapai Street
Phoenix, AZ 85009
Murworth Place Subdivision
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AZ Digest