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Bullish or Bearish? Find Out If You Should Buy a Home

October 20, 2022 by Misty Garrison

Is it time to buy a home or sell a property? The choice often depends on whether it’s a buyer’s market or not.

A buyer’s market is one where there are more real estate properties for sale than there are buyers. This happens for several reasons, but it’s caused when the economy weakens. This means that more people want to sell their homes than people who want to buy them.

Find Out If You Should Buy a Home in Arizona

If you’re considering buying a property, a buyer’s market can be a good time to do it. This is because there are more choices, and you may be able to negotiate a lower price. However, you should always research before inquiring.

Some signs of a buyer’s market include:

More Inventory: More properties are sold, resulting in increased house supply.

Lower Costs: Listings may go through several price cuts after the property has been on the market for a long time. This may also occur since the increase in house supply necessitates competitive prices.

Incentivization: Sellers might provide potential buyers with enticing incentives to secure the property’s sale, like flexible closing costs or credit to cover renovations.

Longer Selling Periods: Houses take longer to sell in a buyer’s market since there are more options, resulting in a growth in the market average.

Relisting of Properties: With more extended sale periods, sellers may relist the same home indefinitely after it’s been on the market.

Buyer Tips

If you’re looking to acquire a house in AZ during a buyer’s market, keep these in mind:

Be Patient: A buyer’s market is a good time to buy a property because more properties are available, and there is less competition from other buyers. There’s no need to rush.

Be Vigilant: Before making an offer on a property, it’s beneficial to see as many

properties as possible to understand better what is available on the market. This will help you find your ideal home and give you more leverage when negotiating prices.

Be Analytical: Analyzing comparable properties is important when negotiating the price of a property. By viewing similar properties in the area, you can get an idea of a fair price for the property you are interested in. Either a real estate agent or realtor can help look for and analyze comparable properties on the Multiple Listing Service (MLS).

Housing can be tricky to navigate. That’s why if you’re interested in a certain property, it’s important to research to see if the asking price aligns with similar properties in the area. Due diligence gives you a good idea of whether or not the property is overpriced.

A buyer’s market can be more difficult if you’re considering selling a property, especially in today’s tough financial times. The reason? Fewer buyers, so you may have to accept a lower price for your property. However, if you’re willing to wait, a buyer’s market can eventually turn into a seller’s market when there are more buyers than properties.

Your Next Move

If you’re willing to wait and go at it on your own, the above tips will help you buy or sell a property even when things look grim. But if you want professional help to buy a home in AZ, reach out to Mortgages by Misty today! I provide future homeowners with flexible financing to access beautiful communities, sunny weather, and a growing job market in the Phoenix metropolitan area. Call me at (480) 842-1168 today!

Investment Property Loan Examples, Options & Requirements

September 28, 2022 by Misty Garrison

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) 842-1168.

Breaking Down the Common First-Time Homebuyer Mistakes to Avoid

September 15, 2022 by Misty Garrison

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

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.
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.
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.
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.
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.
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.
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!

Derrick Roe

04:10 30 Jun 25

We worked with Misty on a second for our home. She was amazing! It was the easiest process I have ever done for a loan. She was organized, overly communicative, extremely professional. I will absolutely be referring her on the future!

Kylie Sosa

18:27 15 May 25

I can not say enough amazing things about Misty! She made our home buying process so easy and got us the absolute best rate out there! Thank you so much again Misty!!!

Debra Stevenson

19:54 24 Jan 25

I was amazed at the great service that I received from Misty. She was professional, instructional, and patient as she realized that I had no knowledge of the process. She consistently made herself available to answer every question - with grace and encouragement. The bottom line is she really knows her stuff. I highly recommend that you reach out to her.

nelly morales

21:24 10 Jun 24

Misty is amazing. Working with her was so fun and easy. I never thought I would actually enjoy the mortgage process but Misty made it happen. I would highly recommend her as a knowledgeable professional and all around wonderful human. Will definitely use her services again on my next mortgage.

Ashley Martell

05:19 08 Jun 24

Wow, I can't thank Misty enough for the incredible support and guidance throughout the entire loan process. Her expertise and dedication truly made a difference for me. She was always there to answer my questions, explain everything clearly, and went above and beyond to ensure a smooth experience. Thanks for Misty help, I was able to secure a great loan that met my needs perfectly. I highly recommend their services to anyone in need of a mortgage. Thank you so much for everything!

Bougie Pasha

05:09 08 Jun 24

Kazuha Kurosu

22:48 07 Jun 24

Misty is fun, caring and patient! Working with Misty Crockett was a lifesaver in getting our home in LA from beginning to end. Misty went above and beyond while she lives in Arizona to make sure that we understood what we were getting into answered our questions every time of the day and sent us reminders even when we didn’t remember. She also worked seamlessly with our realtor and our escrow officer to make the complicated process feel much smoother. She was able to get us the lowest interest rate among all the lenders we consulted with, and we couldn’t have been happier. Detailed figures and estimates to understand home prices that fit our budget were very helpful. We recommend Mortgages by Misty to anybody who is getting to score a low interest rate for their home purchasing whether they are a first time home or not.

Dr. Sabrina Gunn

21:27 07 Jun 24

Misty is simply amazing! She is professional and so down to earth. I trust her with any and all things real estate. You will do yourself a disservice by not working with her!

Michelle Peoples

23:23 11 Apr 24

I recently had the pleasure of working with Misty during my first home buying experience, and I cannot recommend her highly enough. From start to finish, Misty demonstrated an unparalleled level of professionalism, knowledge, and dedication.Misty's expertise was evident from our first meeting. She anticipated my questions before I even had a chance to ask them, guiding me through every step of the process with patience and clarity. Whether things were moving quickly or it was time to exercise patience, Misty was there every step of the way, providing invaluable reassurance and guidance.What truly set Misty and Talia apart was their seamless teamwork. The synergy between them was undeniable, making them a dynamic duo in the real estate world. Their collaboration ensured that every aspect of my home buying journey was handled with precision and efficiency.I am beyond impressed with Misty and Talia's efforts, and I will wholeheartedly recommend them to anyone in need of real estate services. They are, without a doubt, the epitome of excellence in their field. Thank you, Misty and Talia, for making my first home buying experience an unforgettable and rewarding journey.

annetta allen

23:26 30 Nov 22

Misty was very professional and knowledgeable very professional and helped me get approved for my home loan in no time would definitely recommend

Natasha Miller

04:20 26 Nov 22

Misty Is everything She is the key to home buying I never knew I needed Thank you for being honest and helping me to understand the many moving parts. I felt at ease and that I could trust you. In this Sellers market it is truly refreshing to know it can be done. I was prepared for the worst scenario but the process went smoother than I could imagine

Sonya Banks

15:28 23 Nov 22

Misty was very helpful at helping me through the whole process. So grateful to have met her. Thank you for everything!!

Amanda Parks

00:31 23 Nov 22

Misty is amazing! She was able to help us refinance (twice) in order to get lower interest rates; we have now paid off our house! Both times working with Misty she let us know all our options, what worked best for our goals and was so helpful. She is friendly and easy to work with, offers prompt service and very professional.

For the People

21:37 22 Nov 22

Excellent lenderThoroughPatientProfessionalA must go to for sure!

Alejandra

20:01 22 Nov 22

Misty made the process very easy and stress free. I highly recommend her!

shatacia williams

22:09 14 Nov 22

Eboni Morris-Perron

21:59 20 Oct 22

Misty Crockett is the ultimate professional! I purchased my home in 2020 and Misty was there to help me every step of the way. Her knowledge and years of experience about closing loans were invaluable. So invaluable, I recently used Misty services again to help refinance my home in order to complete my personal goals. She truly made the financial aspect of purchasing, and in my case, refinancing a comfortable and goal satisfying experience. Misty Crockett will be a lifetime professional resource for me and my family! She is attentive, punctual and listens to your goals.

Kristal Sharp

19:36 24 Aug 22

I was so impressed with Misty from day one. This purchase transaction was very sentimental for my family and she hand held this application from start to finish. 24 calendar days to be exact! I am in the mortgage industry and have purchased a home before but never have I experienced this type of service or seen things done so quickly and efficient! She is knowledgeable and knows her mortgage stuff so well. She was always available via text, email or phone even when she was traveling or at an appointment. She always made it a point to respond quickly even if she didn’t have an answer yet or resolution. She was truthful along the entire way and ensured my best interest was at the highest priority. I wish I could tell the world to use Misty on every transaction (wait….I am)! USE MISTY ON EVERY MORTGAGE PURCHASE AND REFI! You will not be left disappointed.

Nadia G-Williams

03:36 31 Jul 22

There are some who are capable but more interested in making money. She is capable and interested in helping your best interest. Misty has a wealth of knowledge in the finance field. She is professional and yet personable. More importantly she is honest about figures and options. She will help interpret numbers so you can make the best decision for yourself and/or family considering plans for today and in the future. Although, you will have to do your part, she will walk you through the process, and inform you of the next steps. When I met Misty, I was in the worse mortgage plan for myself. In my situation, if I had sold my home, I would have had to pay someone at the same time. Misty recommended I refinance my home to first get out of the situation. Therefore, regardless of if I sold my home or kept it, I would start building equity. My mortgage payment was due to increase tremendously, and with the refinance, it changed allowing the payment to be affordable. I have had many offers to address my finances and home needs, it is easy to say no knowing that I have Misty in my corner looking out for me.

Cheryl Newbanks

14:55 22 Jul 22

If you found Misty Garrison consider yourself very lucky! We are self-employed and had a difficult time getting financed and Misty got the job done in 30 days. I have bought eight houses in my life and I've never had a mortgage broker that works so hard to get the job done. She even answered my phone call the day after she got married, that's how dedicated she is to her business! The thing I love about her the most is that she's completely honest. You might not always like what she has to say, but she does get the job done and if you do exactly what she tells you to do you will end up with a house. We did a bank statement loan and they're typically a higher interest rate, but our rate was only one point higher than the national average. I'm extremely happy with Misty Garrison's performance and I would never buy a house with anybody but Misty Garrison from here on in. Thank you so much Misty for getting us our house we really appreciate you!

Rosalyn Moore

18:42 04 Jul 22

Misty is Excellent at her job she takes great care of you we have used her for a refi two times definitely will Recommend her to everybody

Melinda Hughes

16:04 04 Jul 22

Misty, is an amazing Mortgage Loan Originator and a pleasure to work with. She's confident, kind and extremely experienced. She 100% walked me through the entire process, she kept me updated on every aspect of my loan, explaining each detail in a way that was very easy to understand. I could not have chosen a better person to take care of my lending needs. Misty is highly professional and yet very personable. I can truly say that Misty had my best interest at heart when structuring a loan for me. She made the experience enjoyable. Because of Misty expertise, I was able to get into my new home.

Shyla Bassey

19:01 27 Jun 22

I have referred many clients and have personally worked with Misty. She goes above and beyond to identify the best options for her clients. She is knowledgeable and makes the process simple for her clients. I look forward to continuing to help more clients and referring them to Misty for guidance.

Jovanna Campbell

02:51 22 Jun 22

Working with Misty is like working with family. It was relaxed, easy, comfortable and quick. I couldn’t have asked for a better experience.

1st Source Movers Llc

00:44 21 Jun 22

Misty, Thank you once again! I know the type of loan I applied for was a little different. I know it wasn’t easy. I appreciate you having confidence knowing their was a lender out there that would take on my loan. Being self employed I had to jump though a whole lot of loops. You did it! You maid it happen . I really appreciate you and your team. Keep up the great work! I hope to work with you again soon. Thanks!!!

Brittnee Ray

05:07 27 Feb 22

After working with other companies/programs and nothing working out, we were getting desperate. We reached out to Misty, who we had heard such great things about.She worked her hardest to give us the best rate and deal she could and at the end of the day, she did just that.Within a week, we had a found a home!It was so exciting.We didn’t think we’d ever become homeowners but Misty made it happen and we’re so grateful!I make sure to always have her business cards on hand and we recommend her to any and everyone that’s in the market.Our family is looking forward to working with Misty again when we refinance!

N’ice Creme Butters, LLC

18:01 25 Feb 22

My name is Aisha, owner of NCB, LLC. From the moment I decide I wanted to become a homeowner Misty was there for me every step of the way. I was referred to her by my Realtor while also given the option to look elsewhere. I’m so glad I stuck with Misty. This was no rush job, she guided me through everything from what I needed to do to get my credit in order, to guiding me to keeping my credit in order. This was an 18 month + project for me, but Misty assured me patience would pay off and it certainly did. She got me an awesome Rate, 0$ additional closing cost ( DP Only) and ANY question or concern I had ( and I ask lots of questions) she addressed them, even if they were repetitive! Do not purchase any real estate without her, I sure won’t!

Stephen & Oyeen Brown

16:54 10 Jan 22

Highly recommend!

Ravyn Bowman

20:55 08 Jun 20

My husband and I were initially apprehensive about refinancing our home because we did not know if we were going to see savings and the market was all over the place. After discussing our options with Misty, she explained the process and reassured us that she would get the best rate possible for us. This woman DELIVERED!! Not only did we significantly reduce our interest rate, our payment went down, we did not have to come out of pocket, AND we got money back when the loan funded. I will recommend Misty hands down without question every time. Thank you Misty, you're a beast!!

Jarron Anthony

21:43 05 Jun 20

Misty was a great help in our first time home buying process. She helped us in more ways than one when it came to closing on our new home. She is very personable, professional, and takes care of business. We hope to utilize her great service again in the future!

Talia Soto

05:10 18 Mar 20

Misty Garrison is a five star home mortgage loan officer. I was looking for a good mortgage lender and a friend referred me to her. Misty recently refinanced my mortgage loan and made the process so easy. She got me the best rate possible, thoroughly answered all of my questions, and remained patient with me when there were things I didn’t understand. Misty is very knowledgeable and highly recommended.

Syerita Loman

03:32 18 Mar 20

Misty Garrison’s overall concern, professionalism, and expertise goes well above expectation. She makes the home buying process very seamless and easy to understand for first time and seasoned homebuyers. I look forward to continued business with you in the future.Syerita Loman, REALTOREXIT Realty Expanded VisionGilbert, AZ

17:52 16 Mar 20

Misty was excellent! She offered many options for my refinance and explained everything in detail. She was available any time I had a question and was patient in explaining everything to me.The process was quick and smooth and she was able to work around my family’s hectic schedule. I highly recommend Misty to anyone who has questions about mortgages or refinancing. She is an excellent guide!