Your Checklist For Buying A Home In Arizona

Buying a home in the Grand Canyon state can be nerve-wracking. Did you know that homes in Phoenix sell within 38 days of hitting the market? That’s 11 days faster than the state average.

If you’ve got an eye on your dream home, you have to move fast if you want to get ahead of the competition. For fast financing solutions, why not consider a Castle Rock FHA loan?

Before you apply for a mortgage, here’s a checklist of the steps you need to take when buying your Arizona home.

Steps in Buying a House in Arizona

Make sure your finances are in order

Buying a home is one of the biggest expenses you’ll ever make in your life, so you need to make sure that your finances are in order before you take the plunge. Good to excellent credit scores are required to get the best rates and terms on your home loan. Having a DTI of not less than 36% also helps your chances of getting your loan approved.

Lastly, you should have enough reserves saved up in case renovations are needed on your new property.

Save for a down payment

Depending on the type of loan you are getting, a downpayment would be a standard requirement for most loan types. You should prepare at least 3 to 5% and as high as 20% to avoid paying for PMI or private mortgage insurance.

A government-backed VA loan offers a 0% down payment for qualified veterans and active military personnel.

Get pre-approved for a loan

Bidding wars are common in hot markets like Arizona, and having a pre-approval letter in your arsenal can help you gain an advantage over other buyers. Sellers will take you seriously since you have proof that you can close on the deal by having the financing to back up your offer.

Work with an agent to find the best homes available

If you are moving from a different state or location, it would be best if you worked with a local real estate agent who has a listing of all the best properties where you intend to buy.

Finding your dream home will be easier once you’ve found the right agent to work with.

Make an offer

Since homes in Arizona sell faster, putting down a competitive offer with your pre-approval letter can help get you to the top of the list of buyers the seller would consider.

Close the deal

Once your offer is accepted, you are a few steps away from becoming an Arizona homeowner. Don’t forget to complete your home inspection and appraisal before moving in.

Other buyers would waive these contingencies to get ahead, but they are risking a lot, especially if there are expensive repairs that you miss out on due to skipping the home inspection process.

Working with a Castle Rock mortgage lender can give you confidence in navigating the final steps of the home-buying process.

Things to Consider When Buying a Home in Arizona

Airconditioning is a must

It gets pretty hot in the desert, especially when you’re buying in Central and Southern Arizona cities. Ask your seller about the condition of the home's A/C unit and have it tested to ensure that it's working properly.

You wouldn’t want a broken air conditioning unit during a hot summer in the desert.

Having a pool would be nice

Swimming pools are the norm in Arizona, with the state having the most pools per capita. If you are buying a home with a pool, have it inspected for any leaks and damage, which may cost a fortune to repair if you overlook the inspection.

Get fire protection as a precaution

Forest fires have been common in the past few years in Arizona. If you live near the six national forests, you may want to invest in fireproofing your home in case of wildfire.

Castle Rock Mortgage can help you finance your new Arizona home

Buying a home in a competitive market like Arizona can be stressful, especially if you are doing it on your own. If you want to ease the stress with your homebuying experience, working with a trusted lender like Castle Rock Mortgage can make a whole lot of difference.

Our team of mortgage professionals can offer some of the lowest rates and best terms. 

Give us a call or send us a message on our website to get you started on your journey to homeownership.


* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.