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Mortgage Broker Tempe AZ | (480) 618-5358 | Mortgages by Misty

As a top-rated mortgage broker in Tempe AZ, Mortgages by Misty can help you choose the loan product that is right for you. Click or call (480) 618-5358 today for more information about our mortgage options.

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Investment Property Loan Examples, Options & Requirements

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Investment Property Loan in Tempe AZ

If you’re contemplating purchasing an investment property, it’s important to understand the different types of investment property loans and the requirements involved. With the right loan in place, you can finance your investment and take advantage of the many benefits that come with owning an investment property.

What Are Investment Property Examples?

There are many types of investment property, but some of the most common examples include single-family homes, duplexes, townhouses, and small apartment buildings. These properties are usually purchased to generate income through rental income or appreciation of the property’s value.

Investment properties can be a great way to build wealth, but they also come with a certain amount of risk. It’s quite important to do your research on the examples and understand the market before investing in any property and taking out a loan.

What Are Investment Property Loan Options?

There are a few different types of investment property loans, each with its own set of eligibility requirements and terms. Here are some loan options you can choose to take out:

  • Conventional Loans. A conventional loan is a common loan type that is typically available through banks and credit unions. The eligibility requirements and terms of these loans can vary widely.
  • FHA Loans. An FHA loan is a loan that the Federal Housing Administration insures. These loans are available through participating lenders and are typically used by first-time homebuyers or those with low credit scores.
  • VA Joint Loans. A VA joint loan is a loan that is guaranteed by the Department of Veterans Affairs. These loans are available through participating lenders and can be used by eligible veterans to purchase a home.
  • Hard Money Loans. A hard money loan is an option secured by real estate. These loans are typically available through private lenders and are usually utilized by investors to purchase properties.

What Are Investment Property Requirements?

It’s also good to know the most general requirements that must be met in order to qualify for any investment property mortgage. Here are some examples of what’s needed:

  • Higher Down Payment. Investment property mortgages typically require a higher down payment than owner-occupied mortgages. The reason for this is that investment properties are considered to be a higher risk by lenders.
  • Higher Credit Score. In order to offset the aforementioned risk, lenders typically require a higher credit score from borrowers looking to finance an investment property. They may also require proof of income and assets.
  • Mortgage Reserves. Additionally, it is important to have mortgage reserves set aside. The presence of mortgage reserves will show the lender that you are prepared for any potential unforeseen expenses.
  • Rental Income Proof. Be sure to have proof of rental income ready to go. This will show the lender that your investment property is actually generating income and therefore is a sound investment.

Are You Ready to Purchase an Investment Property?

An investment property loan is a mortgage obtained to buy a property for investment purposes. There are several different types of investment property loans, each with its own set of requirements. Borrowers should carefully compare the options before choosing a loan.

Looking for investment property loans in Arizona? Mortgages by Misty can help you choose the right loan product to get your future Tempe home, getting attractive benefits and access to the Phoenix metropolitan area. Contact Misty today at (480) 618-5358.

Breaking Down the Common First-Time Homebuyer Mistakes to Avoid

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By being aware of these potential pitfalls, you can avoid them and make the home-buying process smoother and less stressful. Some of the most common mistakes first-time homebuyers make include.

Identifying Common Mistakes First-Time Homebuyers Make

  1. Taking Out New Credit Cards, Loans, or Making Large Purchases After Your Preapproval as it Compromises Your Closing and Final Loan Approval. When you’re preapproved for a mortgage, it’s important to keep your finances in order to ensure a smooth and easy closing. This means that you should avoid taking out any new loans or making large purchases. If you take out new credit cards or loans, or make large purchases, your lender may reconsider your preapproval. This could lead to a delay in the closing of your home, or even a denial of your loan.
  2. Failing to Shop Around for the Best Mortgage Rate. One of the biggest mistakes first-time homebuyers make is not shopping around for the best mortgage rate. By getting several quotes from different lenders, you can ensure you’re getting the best rate possible.
  3. Not Getting Preapproved for a Mortgage. Another common mistake is not getting preapproved for a mortgage. By getting pre-approved, you’ll know how much you can afford and will avoid the disappointment of finding out your dream home is out of your price range.
  4. Not Considering All of Your Options. It’s also important to consider all of your options before buying a home. This includes looking at different neighborhoods, considering renting vs. buying, and weighing the pros and cons of new construction vs. older homes.
  5. Not Having Enough Money saved for a Down Payment. One of the biggest challenges for first-time homebuyers is saving up for a down payment. It’s important to save as much money as possible so you can avoid taking out a loan for your down payment.
  6. Not Getting a Home Inspection. Another mistake first-time homebuyers often make is not getting a home inspection. By getting a home inspection, you can identify any potential problems with the home and negotiate a lower price.
  7. Purchasing a Home that Uses Up All Your Budget. When you’re buying your first home, it’s important to be realistic about what you can afford. Don’t bite off more than you can chew by purchasing a home that uses up all your budget. It’s important to remember that you’ll also need money for things like repairs, maintenance, and property taxes. So, be sure to leave yourself some breathing room in your budget so you’ll have enough money to cover all of your expenses.

The Importance of Learning from Other First-Time Homebuyers’ Mistakes and Doing Your Research Before Unlocking the Home of Your Dreams

Buying your first home is a huge milestone in anyone’s life. It’s a time of excitement, anticipation, and sometimes a little bit of fear. Making mistakes when buying your first home can be costly, both in terms of money and time. That’s why it’s important to do your research and learn from the mistakes of other first-time homebuyers.

Are You Interested in Buying a Home in Arizona?

Mortgages by Misty offers first-time home buyer loans in Arizona, so if you need financial assistance in purchasing your home, contact us today to see how we can help make your homeowner’s dreams a reality!

Why and Where To Invest in Arizona Real Estate

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Buy a Home in Tempe AZ

If you’re thinking of investing in real estate, Arizona is a great option. The housing market in Arizona is expected to stay hot throughout the year and even increase in value. But of course, if you need a little more convincing than that to give the green light to invest in Arizona real estate, you’re in the right place!

Why Should I Invest in Arizona Real Estate?

  1. The Market Is Strong. The Arizona real estate market has been strong for the past few years, and it’s showing no signs of slowing down. Home prices in the state have been rising steadily, and there’s a lot of demand for both new and existing homes. This makes investing in Arizona real estate a smart move, as you’re likely to see a good return on your investment.
  2. The Climate Is Great. Arizona is known for its beautiful weather, and that’s one of the main reasons people choose to live there. The climate is perfect for those who enjoy spending time outdoors, and there are plenty of activities to enjoy year-round. This makes Arizona an attractive place to live, which in turn makes it a good place to invest in real estate.
  3. There Are a Lot of Opportunities. Arizona is a rapidly growing state, and there’s a lot of opportunity for those who invest in real estate. The population is growing, and new businesses are constantly popping up. This provides a lot of potential for investors, as there will be a continued demand for both residential and commercial properties. If you’re thinking of investing in real estate, Arizona is definitely worth considering. The market is strong, the climate is great, and there’s a lot of opportunity for growth!

Where in Arizona Should I Invest in Real Estate?

  1. Phoenix. Phoenix is the largest city in Arizona, and it’s also one of the fastest-growing cities in the United States. The population of Phoenix is expected to reach 4.5 million by 2030. The Phoenix real estate market is strong, and it’s expected to continue to grow in the coming years. The median home price in Phoenix is $265,000, and the average rent for a two-bedroom apartment is $1,500.
  2. Tucson. Tucson is the second-largest city in Arizona, and it’s located just south of Phoenix. The population of Tucson is expected to reach 1 million by 2030. The Tucson real estate market is also strong, and it’s expected to continue to grow in the coming years. The median home price in Tucson is $215,000, and the average rent for a two-bedroom apartment is $1,300.
  3. Mesa. Mesa is a city in Arizona that’s located east of Phoenix. The population of Mesa is expected to reach 500,000 by 2030. The Mesa real estate market is strong, and it’s expected to continue to grow in the coming years. The median home price in Mesa is $250,000, and the average rent for a two-bedroom apartment is $1,400.
  4. Chandler. Chandler is a city in Arizona that’s located south of Phoenix. The population of Chandler is expected to reach 250,000 by 2030. The Chandler real estate market is strong, and it’s expected to continue to grow in the coming years. The median home price in Chandler is $275,000, and the average rent for a one-bedroom apartment in Chandler is $1,200, making it a great option for those who are looking for an affordable place to live.

We’re Here For You at Mortgages by Misty

Really, you cannot go wrong investing in real estate property in Arizona. Apart from just the attractive numbers, Arizona offers a ton of other things that make it such a great place to invest. Everything from great schools, an active cultural scene, and stunning views make it a wholly great place to put your money. So, what are you waiting for? Check out the real estate in Arizona today!

Mortgages by Misty offers various loan products to help you move into Arizona quickly and easily. If you are interested in buying a home in Arizona, reach us out today at (480) 618-5358!