April 2023 Real Estate Guide

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Simple tips to improve your status with mortgage lenders Owning a home is a dream shared by millions of people. Investing in property that can be owned within 15 to 30 years of closing on the home makes more financial sense to many than continuing to rent and having little to show for it over time. The first step to take when planning to enter the real estate market is to ensure that your finances are in order. Various factors will influence individuals’ ability to secure a mortgage, and these are some ways to make yourself more attractive to prospective lenders. • Check your credit report. Lenders will check your credit report before deciding if you are a risk or a safe bet for a mortgage. So it makes sense to check your credit report prior to speaking with a lender. The Federal Trade Commission says everyone can get one free credit report a year from each of the three credit reporting bureaus. If you split it up, you can get a credit report every four months so you are aware of anything that may adversely affect your ability to get a mortgage loan. A credit (FICO) score that’s too low may disqualify you from a mortgage. Each lender sets its own thresholds when they price and approve loans, but the higher your credit score, the better. • Improve credit standing. One way to improve your status in the eyes of lenders is to pay down credit card balances to reduce your credit utilization ratio. A high utilization occurs when there is a high balance in relation to the credit limit, says Business Insider. Also, it may be wise to avoid any credit inquiries through new credit card applications for several months before applying for a loan, as these inquiries can affect your score. • Be realistic about what you can afford. Do your homework and determine your target interest rate and monthly payment as well as what down payment you can afford. It will help you research potential lenders and provide an idea of what may be offered to you. • Pay bills on time. Paying bills promptly not only helps you avoid late fees, but also positively affects your credit. The financial resource The Mortgage Reports urges diligence when paying rent, as late rent payments can bar you from getting a mortgage. Lenders look at rent history as the biggest indicator of whether you’ll make mortgage payments on time. These are some of the ways to make a prospective home buyer look better in the eyes of mortgage lenders. Individuals can speak with financial professionals about what else they can do to improve the possibility of securing mortgages at the best rates possible. Holly Sanders YOUR FIRST STOP ON THE ROAD TO HOMEOWNERSHIP RURAL HOUSING EXPERT As a Licensed Geneva Financial Loan Officer in Pine, Strawberry, and Payson, Holly can assist you with your home loan needs including: ∙ USDA ∙ FHA ∙ VA ∙ Conventional ∙ Refinancing ∙ Manufactured Homes CONTACT ME TODAY 480-227-9167 Email: loansbyholly@genevafi.com Fax: 480-603-4129 NMLS #202817 1696 N. Broad Street Globe, AZ APPLY TODAY LoansByHolly.com This is not a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements for refinances, and final credit approval. Not all applicants will qualify. Approvals are subject to underwriting guidelines, interest rates, and program guidelines. Approvals are subject to change without notice based on applicant’s eligibility and market conditions. Geneva Financial LLC is not acting on behalf of or at the direction of HUD/FHA or the Federal Government. Geneva Financial LLC is approved to participate in FHA programs but the products and services performed by Geneva Financial LLC are not coming directly from HUD or FHA. Geneva Financial LLC NMLS #42056 is an Equal Opportunity Lender and Equal Housing Lender. 180 S. Arizona Ave., Ste. 310 Chandler, AZ 85225. 1-888-889-0009. AZ BK #0910215 Page 2 Say you saw it in the Real Estate Pictorial Guide! Online at www.globerealestateguide.com
Affordable ways to make homes more appealing to modern buyers Let me be your guide through the often overwhelming process of buying or selling your home. For answers to all your real estate questions, I am just a call or text away. Diane Holder, Realtor ® 928-812-1039 As your agent, I can show you ANY home on the market, even if it isn’t listed with me! 1177 E. Ash Street • Globe, AZ 85501 Whether Buying or Selling... I have the Fresh Perspective you Want and the Experience you Need! Call Me For All Your Real Estate Needs! Monica Flores 928-200-2126 Home trends come and go. Today’s must-have items tend to become tomorrow’s outdated features in the blink of an eye. Homeowners who plan to stay in their current homes for years to come needn’t prioritize modern trends over personal preferences. However, homeowners looking to sell their homes can consider these favored features to increase their properties’ appeal to modern buyers. • Separate laundry room: According to the National Association of Home Builders’ 2021 What Home Buyers Really Want report, a separate room dedicated to laundry was the most desired feature among prospective home buyers. Though it might not inspire the awe of an outdoor living room or floor-to-ceiling windows overlooking a wooded backyard, a laundry room fills a direct and universal need. Perhaps that’s why 87 percent of buyers want a room dedicated to laundry in a home. • Exterior lighting: Drive through a modern suburban neighborhood at night and it won’t take long before you realize the popularity of exterior lighting. And that’s no coincidence, as homeowners everywhere appear to embrace exterior lighting. The NAHB report indicates that exterior lighting is the most sought-after outdoor feature. The good news for prospective sellers is that exterior lighting is an inexpensive and instant way to transform a property at night. Some solar-powered lighting along walkways and outside the front door can make a home feel more safe, while some uplighting of large trees in the backyard can produce a sight to behold once the sun goes down. • Energy-efficient upgrades: Inflation has driven up the cost of just about everything over the last year-plus, and energy is no exception. So it should come as no surprise that 83 percent of prospective home buyers are looking for energy-efficient windows and appliances in a home. These features save money and benefit the planet, making them a win-win among buyers. • Patio: Patio spaces have long been popular, but that popularity reached new heights during the pandemic. When forced to stay at home for long periods of time, millions of people longed for ways to spend more time outdoors without breaking lockdown rules. Patios provide outdoor living spaces, and 82 percent of buyers indicated they wanted a patio with their next property. • Side-by-side sink: A double or side-by-side sink is among the more affordable features buyers are looking for. At less than $1,000 on average, a side-by-sink is an affordable way to make a home more appealing to modern buyers. Modern buyers want a lot out of their homes, and sellers can do their best to meet those desires while getting the most money for their properties. Say you saw it in the Real Estate Pictorial Guide! Online at www.globerealestateguide.com Page 3
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April 2023 Real Estate Guide

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