Buying and Selling Real Estate in Southern Arizona AZ

How To Interview A Realtor

Sat, 4 Feb 2012 23:05:04 +0000

Written by
www.FindMyRealEstate.com http://www.FindMyRealEstate.com">www.FindMyRealEstate.com >

staff

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Keep your shopping Privacy!

The gimmick of "get 4 offers" or "we have 100 lenders compete for your business?"

Its just that, a gimmick. Avoid the credit inquiries, phone calls, and

http://www.findmymortgage.com/infoLookup.asp?target=264 " target=_self>Lenders compete Mortgage home loan rate shuffle

.
Pick your program and see the lender's best deals with privacy!

You are going to be surprised by what we say here but its for your own good and maybe our honesty will make it the factor in hiring us for helping you buy or sell your next home.

First, the market is so hot right now there is a shortage of inventory and just listing it in the MLS is enough to sell a house, its getting top dollar and knowing how to play the poker game of negotiation in Real Estate is what you are really paying for
.

For buyers its finding the Agent that knows the area and what is ABOUT to happen not just sign up clients and let them bounce around to easily available.

Next realize that YOU, the home owner or buyer, is the major contributor to our economy. You put money in many peoples pockets when you get involed in a real estate transaction
.

When it comes to hiring a realtor they make 6% commission if you are selling a home because usually they get the represent the buyer too (which is a bad idea-see here) or 3% if just buying (Ok the seller pays it but who YOU choose to represent you gets 3%). If you have a $450,000 home that translates to $27,000.

If they are lucky they can make the grand slam. They represent a seller who brings in a buyer WHILE trying to find the seller a new home. That could be a whopping 9%.

Do the math on a $600,000 home and thats $54,000 for one seller? Thats what most people make in a year!

http://www.findmyrealestate.com/Skin_Files/real-estate-agent-2.jpe " border=0>

So as you start this process realize YOUR concerns are the most important thing
you should be thinking about.
Don't worry about offending a realtor, getting them upset and dont let them make you feel you are too demanding.

Realize also that just by listing the property in the MLS(Multiple Listing Service)will be the main source for selling your home so don't let the realtor give you any attittude that they have some magical way that no one has thought of.

If you are a buyer you should http://www.findmyrealestate.com/infoLookup.asp?target=183 " target=_self>read this other report

and realize YOU are the center of this whole industry and without you no one gets paid.

So no bad feelings for doing your homework and interviewing everyone; realtor, inspector, contractor....anyone!

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First here is a report on what are http://www.findmyrealestate.com/infoLookup.asp?target=94 " target=_self>realtors do to earn their pay
, read it.

Now lets get to how to interview a realtor!

#1.
Download this http://www.findmyrealestate.com/infoLookup.asp?target=184 " target=_self>realtor comparison chart
.

#2. Ask them for all of THEIR properties they have already listed and the phone numbers of the people they represent
. When you call 5 of them ask them if this particular realtor listed the property (sometimes realtors try to confuse you and take claim to their realty company's listings as their own)

#3.
Then go to our site or a site like realtor.com and look to see if EVERY property has multiple photos AND a virtual tour
. Do you know a virtual tour costs the agent a one time fee of only $29?

#4. Next is ask for the flyers on 5 of the properties that the realtor recently represent(ed) and evaluate them
. Are they attention getters (http://www.findmyrealestate.com/infoLookup.asp?target=84 " target=_self>read this report
)? Do they really SELL the home? show payments? offer incentives? When you look at them do they look like a promotion(making you think and want to buy) or merely a fancy business card?
- Don't miss this concept......as my grandfather used to say "this will shake the snakes out of the grass." The reason this is important? because most realtors are clones, they do what everyone does and yet they will tell you "I work for you," or "I go out of my way for you." If that was the case then why don't they make fliers that SELL your home? Include payment terms, use the back to offer more selling points (you already paid for that space- use it).
If they use the standard flier then they are the standard realtor no matter what they say. Its what they do not what they say you should count on.
#5. Does the agent have a premade form or website page that you can get access to multiple choices for people you will need to help you with the process?
(home inspectors,remodelers,mortgage and personal finance analysts,credit report analysts,movers,contractors, landscapers,etc.) ***many might say they cant because of liability but that is a warning sign and beware, besides in the agent agreement it says they are not lliable for outside companies.

#6. Do they have a team of assistants that help the realtor and you?
Open house specialists, escrow coordinators,alternate realtor in case they are not around?

#7. Ask them their game plan
as to how they are going to promote YOUR home in ways that other agents don't.
(http://www.findmyrealestate.com/infoLookup.asp?target=185 " target=_self>The minimum of what a realtor should do is in this report
)

For those hiring a Buyer's Agent this is very important!
many want you to sign for 90 days and if ANY transaction happens then they get a piece. DONT FALL FOR THAT!!

Give buyers Agents a 30 day contract at first and if they are working hard for you then extend it another month
, make it to where if you find the property you have the right to use whoever you want. Dont let them push you around on this. They will make you feel like they are going to walk............let em. The next day they will be back.

THEY NEED YOU, remember that!
(http://www.findmyrealestate.com/infoLookup.asp?target=186 " target=_self>here is a report to show you what an agreement looks like and how to work your own deal thats best for you)

Buyers Agents should be paid for what they do FOR you not just because they sign you up
. It can make the realtors lazy and make you do all the footwork and they are around to write a contract where you did all the digging. Remember they will earn $15,000 to help you for about 45-60 days of work
.

Sellers Agents have a minimum of what they should do to (http://www.findmyrealestate.com/infoLookup.asp?target=185 " target=_self>this report will help
). Realize the market is so hot right now there is a shortage of inventory and just listing it in the MLS is enough to sell a house, its getting top dollar and knowing how to play the poker game of negotiation is what you are really paying for.

Utility Companies

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Green Valley Arizona Utility Company Information

Water
Community Water Company: 1501 S La Canada, Green Valley, AZ 85614
Telephone: 520-625-8409

Green Valley Water Company: 3290 S Camino del Sol, Green Valley, AX 85614
Telephone: 520-625-9112

FICO Water Company: 1525 E Helmet Peak Road, Sahuarita, AZ 85629
Telephone: 520-625-2345

Tucson Water & Sewer Company: 201 N. Stone, Tucson, AZ 85701
Telephone: 520-791-3242

Gas
Southwest Gas Company:  3401 E Gas Road, Tucson, AZ 85714
Telephone: 520-889-1888 or 800-766-9722

Electric
Tucson Electric & Power Company: 220 W. 6th Street, Tucson, AZ 85701
Telephone: 520-623-7711 or 800-328-8853

Trico Electric Company: 5100 W. Ina Road, Tucson, AZ 85701
Telephone: 520-744-2944

Telephone
Qwest Communications
Telephone: 800-244-1111

TV Cable
Cox Cable: 101 S La Canada, Green Valley, AZ 85614
Telephone: 520-884-0133

Trash
Waste Management: 520-744-2600
Green Valley Sanitation:520-625-7768

Performing Arts

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Performing Arts in Tucson, Arizona

Nearby Tucson offers a wide variety of choices for your cultural appetite. Please call the following numbers to get their current performance schedules:

Arizona Opera
3501 N Mountain Avenue, Tucson
Arizona’s only resident professional opera company. The organization presents five productions a year from October – April.
Telephone: (520) 293-4336

Arizona Theatre Company
40 E 14th Street, Tucson
This is the state’s only fully professional resident theater company. Performances are held Tuesday – Sunday during the September – May season at the Temple of Music and Art, 330 Scott Avenue, Tucson
Telephone: (520) 622-2823

The Gaslight Theatre
7010 E Broadway, Tucson
Enjoy musical comedy melodramas that will entertain the entire family. Advanced reservations are required and suggested 4-6 weeks in advance. Dinner is available at the theater.
Telephone: (520) 886-9428

Invisible Theatre
1400 N 1st Avenue, Tucson
The theater features original and off-Broadway productions including fine contemporary comedy, drama and musicals. The season runs September – June.
Telephone: (520) 882-9721

Borderlands Theatre                                882-8607
Southern Light Opera Company              323-7888

Symphony:
Tucson Symphony Orchestra                   882-8555
Tucson Symphony Chamber Orchestra     882-8585
Southern Arizona Symphony Orchestra    323-7166

Arizona Rental

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This page is under development.

Please check back after noon on 12/31/03. Thank you.

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Arizona Coldwell Banker

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Coldwell Banker Success Southwest Profile:

The Coldwell Banker Success Family of companies is the #1 independently owned and operated affiliate of the Coldwell Banker ® Real Estate Corporation worldwide. With 38 Arizona office locations and more than 2,400 real estate professionals, the 53 year-old organization sells an average of one Arizona home every 25 minutes, every day of the year.

With more than $3.5 billion in annual sales, Coldwell Banker Success was recently awarded the prestigious Chairman’s Circle distinction for the 10th consecutive year. The Chairman’s Circle award is granted only to the top 5 percent of the more than 1,800 Coldwell Banker companies in North America. Coldwell Banker Success is one of the top 20 brokers in the United States.

Our Success Southwest division in Tucson and Green Valley is locally owned and operated, yet still enjoys the advantage of being a part of the #1 Coldwell Banker team in America.

Since 1906, The Coldwell Banker® organization has been the premier provider of full-service real estate. In 2002, Franchise Times magazine’s prestigious Top 200 issue ranked the organization number one in real estate and number 10 overall. The Coldwell Banker System has more than 3,500 residential and commercial real estate offices with over 106,000 Sales Associates globally.

Our unwavering commitment to service and excellence provides our clients with the Success Experience, anticipating needs and exceeding expectations every time. It’s no wonder that our one-stop shopping concept and personal integrity have made us leaders for over 53 years. According to customer survey reports, 9 out of 10 clients would recommend Coldwell Banker Success to their family and friends. Thanks to the Success Experience, we’re looking forward to the next 50 years and beyond!

Sahuarita Arizona

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Sahuarita Arizona

Sahuarita , incorporated in 1994, is a non age-restricted community just a few miles north of Green Valley, and roughly 10 miles south of Tucson by an easy drive on I-19. It's name roughly translates to "little saguaro" for the famous cactus found in the Santa Cruz Valley. It population is approximately 5000, but is growing rapidly. It has approved zoning for over 10,000  homes to be constructed on several thousand acres over the next few years.

R ancho Sahuarita, is a master-planned community surrounded by mountain ranges and pecan groves designed with today's lifestyle in mind. Its has a 15-acre lake, paved walking and biking trails, picnic areas and neighborhood parks. Its ammenities include a 15,000 sq. ft. swim and fitness complex which has:  free-weights, an aerobic and dance studio, teen room, sports club with billiards, and outdoor tennis, basketball and volleyball courts. Rancho Sahuarita's water park features: an 8-lane, 25-meter lap pool; water slides and spa - the perfect answer to those hot days!

A full time Community Activities Director hosts a wide range of interesting activities and fun filled neighborhood events providing entertainment for people of all ages.

Tubac Arizona

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Tubac Arizona Information

The quaint village of Tubac calls itself "a place where art and history meet ". Just 15 miles south of Green Valley, its streets are filled with galleries, artists' studios , shops and boutiques and charming restaurants . Tubac has numerous choices for Hotel, Bed & Breakfast and Guest Ranch Accomodations in and around the area .

Tubac claims the distinction of being the first European settlement in the state, as well as having the first school and the first state park. The Spanish presidio, was established in 1752. This fort, running along the northern border of what was then known as New Spain (now Mexico), helped protect settlers from warring Indians.   Tubac is the beginning of the famed "Anza Trail" - the colonization expedition, led by Juan Bautista de Anza, which led to the foundation of San Francisco in 1776.

Tubac was first part of Spain, then Mexico and became part of the United States under the 1853 Gladsden Purchase.

Currently, the Tubac Presidio State Historic Park has a museum, visitor center, old school house, and an underground room where visitors can view the foundation of the original fort.

With all of it's fascinating history and diversity it is definitely worth a trip to Tubac!

Tubac's History

Prehistoric: It is believed that the Tubac area has been inhabited over 11,000 years. First to come were the Elephant Hunters, who hunted in the dense Arizona forests and along numerous lakes and streams for the huge elephant-like mammoth. The Hohokam lived in the area between 300-1500 A.D., followed by the Pima and native O'odham, who greeted the Spanish.

Spanish Colonial : Jesuit missionary Father Francisco Eusebio Kino entered the Santa Cruz Valley in 1691. Perhaps Tubac's most famous person was soldier and explorer Capt. Juan Bautista de Anza II. During his tenure at Tubac (1760-1776), Anza built the chapel of Santa Gertrudis, the foundations of which lie beneath today's St. Ann's Church. Anza's second expedition to the Pacific coast departed from Tubac October 23, 1775. It included approximately 300 soldiers and colonists, and culminated with the founding of San Francisco, converting the natives, building missions, ranches and farms. By 1732 Tubac was a visita of Mission Guevavi and a mission farm and ranch by 1738.

The Pima Revolt of 1751, resulting from a half-century of Spanish domination, caused widespread destruction. In 1752, Spanish troops defeated an army of 2,000 Piman warriors and established the Presidio of San Ignacio de Tubac. Garrisoned with fifty troops and officers, it was commanded by Capt. Juan Thomas de Belderrain.

Apaches Indians, recent migrants, preyed upon Tubac and the surrounding area. The Jesuits were expelled from Spanish possessions in 1767 and replaced by the Franciscans. By 1771, the now-friendly Pimans, were moved from Guevavi to Mission Tumacacori for easier protection.

When the Tubac Presidio was moved to Tucson in 1776, the Tubac area was left unprotected. Spain reactivated the presidio in 1787, renamed it El Real Presidio de San Rafael, and ironically recruited a company of Pima Indians who served with distinction.

Mexican Colonial: Independence from Spain in 1821, brought Tubac under Mexican rule. The U.S.-Mexican War (1846-1848) had little effect on Tubac until the Treaty of Guadalupe Hidalgo. Land north of the Gila River was ceded to the U.S., forming the New Mexico Territory. This did not include Tubac, but Mexican troops were recalled anyway. Forty-niners pasting Tubac enroute to California, enticed away even more residents.

Arizona Territorial: A ghost town when the U.S. took possession after the Gadsden Purchase of 1853, Tubac returned to life in 1856. Charles Poston and others established the Sonora Exploring and Mining Company in the old presidio ruins. Soon the population topped 1,000; new businesses, regular Butterfield Stage service, and The Weekly Arizonian newspaper attracted the elite to Tubac.

By 1860 the mining boom had faded, Civil War recalled Federal Troops and Apache raiding intensified. August 1, 1861, Confederate Troops seized Arizona only to lose it to the Union a few months later. Lincoln declared Arizona a Territory, February 20, 1863.

T. Lillie Mercer, Sabino Otero and others established the Tubac town site in 1882, built the Tubac School in 1885, and they organized the Tubac Scouts in 1866 to fight the Apaches. Geronimo surrender in September, bringing peace to Tubac at long last!

Statehood: On February 14, 1912, Arizona was admitted to the Union. Homesteaders, granted land during the Arizona Territorial period, lost it in the Baca Float #3 land dispute. Evicted from their land by 1917, Tubacans were forced to relocate to today's "Historic District."   St. Ann's Church was rebuilt for the third time in 1920 and life in Tubac serene.

In 1948, artist Dale Nichols arrived establishing the Artists School. Since that time, Tubac has become a center for art and history . The Tubac Presidio State Historic Park, was established in 1959 and the Museum in 1964. The first Tubac Festival of the Arts took place in 1960, with the Tubac Center of the Arts opening in 1972.

INTERESTING POINTS

Tubac Name Origin: Over the years, there have been many translations of the name Tubac. They include: "where the water comes out," "gray adobe house," "black water," and even "rotten." According to Henry Dobyns in "Tubac Through Four Centuries.", the original Piman place name for Tubac may be written Tchoowaka in English. More recently Dave Shaul, a noted Pima linguist, has determined that the Pima language does not include the words "tubac" or "bac." However, it does include: "tu" = "black"; and "ba'a" = "pool of water"; also the word "tuva" = "where it is low" or "low area," which is possibly a more accurate translation .

5 Cultures form Tubac

Tubac has been home to at least five distinct cultures: the Hohokam between 300 and 1400 AD; the Tohono O'odham ("Desert People" called Papago by the Spanish) arrived sometime in the 1500's; the Spaniards arrived with Father Campos in 1726, according to a baptismal record; Mexico claimed it during the 1821 Mexican War of Independence; and it was bought by the United States under the 1853 Gadsden Purchase.

The History Portion by this information was written by Mary Bingham of the Tubac Historical Society.

Click Here for The Shops of Tubac
Click Here for The Galleries of Tubac
Click Here for The Restaurants of Tubac
Click Here for Accomodations in Tubac

Kitt Peak

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The world's largest collection of optical telescopes is
located high above the Sonoran Desert.

Kitt Peak, on the Tohono O'odham Reservation,
is home to twenty-two telescopes representing
dozens of astronomical research institutions.

Explore the Visitor Center exhibits and gift
shop to learn about astronomy.

Take a tour and discover how astronomers
use telescopes to unlock the mysteries of the Universe.

Nightly Stargazing program available by RSVP;
call (520) 318-8726.

AZ Golf

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Golfing in Green Valley, Arizona

Green Valley Arizona is synonymous with golf! Whether you are a truly serious golfer or just want to explore a new sport, golf is simply a way of life for many residents in this area. There are 7 public and 3 private golf courses in the immediate Green Valley area.

The daily fee courses have excellent rates ranging from about $20 to $69, cart included. A golf /dinner package is available at Torres Blancas for around $28 for 9-holes w/cart and dinner or $45 for 18 holes w/cart and dinner.

Additionally, there are numerous golf courses in Tucson, just a short 23 mile drive to the north. Several championship courses such as Star Pass, Raven and El Conquistador as well as the locally popular El Rio and Silverbell Municipal Golf courses are just of few of your choices. There are approximately 2 dozen courses in Tucson to choose from – see list at bottom . Driving south from Green Valley, one could play at Kino Springs or Rio Rico Resort and Country Club in Rio Rico or drive to the border town of Nogales, AZ and golf at Palo Duro Creek Golf Course. As you can see – your golfing options are plentiful and the courses are spectacular!

Local Information

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W ith more than 300 days of sunshine and an average temperature of 75 degrees, Green Valley inspires an active outdoor lifestyle. Attesting to this fact is the abundance of local golf courses , swimming pools, tennis courts and recreation centers throughout the community.

L ocated at an elevation of nearly 3000 ft., Green Valley is situated in the heart of historic Southern Arizona at the base of the majestic Santa Rita Mountains . From here, you will discover a multitude of historical sights, scenic wonders and unique shopping opportunities - all within a 30-minute drive.

T he community, with an area population of more than 27,000, offers the casual, clean, uncongested atmosphere of a small town, yet provides all the major services and diversions that a comfortable retirement lifestyle commands. Airport and specialized facilities are available in Tucson , only 25 minutes north on Interstate 19.

M adera Canyon, high in the rugged Santa Rita Mountains, is home to 238 species of birds and is renowned for its hummingbird population. Hiking and nature trails branch from this canyon that lead to the 9,453-foot-high summit and a spectacular view of the lush Santa Cruz River Valley

I t's a golf er's paradise in Green Valley which maintains six championship courses ranging from traditional broad layouts to challenging, tournament-quality designs. Several of the courses offer club memberships. Easy access to 18 other top courses is within a half-hour's drive.

T here is a tremendous diversity of shopping opportunities in Southern Arizona. Beginning in Green Valley, there are over 400 businesses that offer gifts, clothing, merchandise and services geared toward the preferences of seniors.

O riginal Southwestern art and craft items are available from local artists as well as from neighboring art communities like Tubac . There are many world-renowned artists who reside in the area with exhibits in area galleries.

F or an international flair, the Mexican border town of Nogales, 40 miles south, offers a wide variety of unusual, handcrafted gift items. It is a beautiful area to live and an even better place to buy a home , land or property !

Mortgage Funding Info

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The reason why most commercial mortgage deals don't get funded is not because you can't find a lender. More often than not, the reason can be traced back to the "presentation" of the loan request. For example, when completing a residential loan, you fill out a 1003 using Point, Genesis, or another FNMA 1003 program. For a commercial loan request, what do you fill out?
Since there is no uniform commercial mortgage application, most brokers submit a 1003, an operating statement, and possibly a rent roll. However, this would be akin to submitting only the borrower's tax return and pay stubs, expecting a preliminary approval. In other words, it is clearly inadequate.

"As lenders we see hundreds of loan requests, and most of these requests are incomplete and poorly prepared," says Chris Lewis, VP of Commercial Lending for Wells Fargo, Los Angeles. "Complete loan requests, however, go to the top of the stack as this shows that the broker understands the issues and has some control over the deal."

Packaging a commercial mortgage loan is significantly different than packaging a residential loan. The main difference is that you need to determine whether the property -- not the borrower -- is generating sufficient "rental" income to cover the mortgage payments on the proposed loan amount (e.g., DSCR), and whether there is commensurate value to meet the lenders' loan-to-value requirement (e.g., LTV).

To calculate the DSCR and LTV, the stabilized net cash flow (NCF) must be determined. In most cases, lenders must re-create the operating statements to conform to their respective underwriting models, which requires identifying certain property-specific expenses.

Credit Info

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Did you know that 75% of all mortgage lenders use a three-digit credit score to determine your loan eligibility? This score is based on the information contained in your credit report. And the interest rate you will be charged is based on your credit score, so raising your credit score as little as 15 points could result in a lower interest rate and thousands in savings. You can save anywhere from a few hundred dollars in credit card interest charges, thousands of dollars on your next car loan, and tens of thousands of dollars on a mortgage loan simply by improving your credit score as much as possible.

The information below offers general guidelines as to what your credit score might be. Each lender sets its own guidelines for approving loans and issuing credit. For this reason, the information below offers only general guidelines. Your debt-to-income ratio also plays a role in determining whether or not you will be issued credit. Some lenders require a debt-to-income ratio that may be higher or lower than those stated below. See bottom of this page to find out how to calculate your debt-to-income ratio.

The information below is based on the FICO scoring model which ranges from about 375 to 900. Other lenders might use their own in-house scoring systems or another scoring model. General rules to determine your credit score and creditworthiness are as follows:

A rating [Credit score 660 or higher] -- You can easily obtain financing at the best rate; you can get approved for a credit card online in a few seconds. Note that a score above 700 means you have extremely good credit.

Typical debt- to- income ratio: Below 35%
Mortgage: You have not been late with a payment in the last 24 months
Installment loan: You have been 30 days late making payments 0 or 1 time within the last 12 to 24 months
Revolving credit: You have been 30 or 60 days late with a payment 0 or 1 time in the last 12 to 24 months
Additional requirements: Good/excellent credit during the last 2 to 5 years; no bankruptcy within the last 2 to 10 years

B rating [Minimum credit score 620] You can get approved, but not at lowest rate. You can get credit cards and such, but at a higher rate than someone with an A rating.

Typical debt-to-income ratio: Around 50%
Mortgage: You have been 30 days late with a payment 2 or 3 times in the last 12 months
Installment Loan: You have been 30 days late with a payment 2 to 4 times during the last 12 months
Revolving credit: You have been 30 days late with a payment 0 to 2 times in the last 12 months
Additional requirements: You have no 60-day late mortgage payments; if filed bankruptcy, it must be discharged 2 to 4 years ago

C rating [Minimum credit score 580] Have trouble getting approved. Very high rates.
The lender might ask you to get someone to co-sign for you.

Typical debt-to-income ratio: 55% or higher
Mortgage: You have been 30 days late with a payment 3 or 4 times in the last 12 months
Installment Loan: You have been 30 days late with a payment 4 to 6 times during the last 12 months
Revolving credit: You have been 60 days late with a payment 2 to 4 times in the last 12 months
Additional requirements: If you filed bankruptcy, it was discharged 1 or 2 years ago

D rating [Minimum credit score 550] Serious trouble getting approved. Co-signor required.

Typical debt-to-income ratio: Around 60%
Mortgage: You have been 30 days late with a payment 2 to 6 times in the last 12 months; and 60 days late 1 to 2 times during the last 12 months
Installment Loan: You have a few 90 and 120 day late payments during the last 12 months
Revolving credit: You have a few 90 and 120 day late payments during the last 12 months
Additional requirements: If you filed bankruptcy, was discharged within last 12 months

E rating [Credit score under 550] Unlikely to be approved.

Typical debt-to-income ratio: Around 65%
Mortgage: You have a pattern of 20, 60, 90 and/or 120 day late payments
Installment Loan: You have a pattern of 20, 60, 90 and/or 120 day late payments
Revolving credit: You have a pattern of 20, 60, 90 and/or 120 day late payments
Additional requirements: You may have a current bankruptcy or foreclosure

How to Calculate Your Debt-to-Income Ratio

The formula for calculating your debt-to-income ratio is monthly fixed expenses divided by gross monthly income (before taxes and deductions). Monthly fixed expenses include all debt, such as the following: house payment or lease, credit card and other revolving credit balances that it will take you longer than 6 months to pay off; car payments, alimony, child support, etc. Do not include grocery, telephone, and utility bills or any debt that will be paid off in the next few months.

Sample calculation:

Gross monthly household income: $5,000

Fixed expenses: $1,560
[house payment $540.00 + car payment $370.00 + credit cards $250.00 + child support $400.00]

Debt-to-income ratio calculation:

$1,560
$5,000 = 31%

Fico Scores Effect Purchasing

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FICO® scores were developed by Fair Isaac & Company, Inc. for each of the credit repositories. The scores are: (Equifax) Beacon®, (Experian formerly TRW) Experian/FICO and (TransUnion) Empirica®. They are simply repository scores meaning they only consider the information contained in a person's credit file; they do not consider a persons income, savings or amount of a down payment for a mortgage.
The scores were designed to assess risk. They are useful in directing applications to specific loan programs and to set levels of underwriting, i.e. streamline, traditional or second review. The scores are objective, consistent, accurate and fast.
Many people in the mortgage business are skeptical about the accuracy of FICO scores. Scoring has only been an integral part of the mortgage process in the past few years; however, the scores have been in use since the 1950's by retail merchants, credit card companies, insurance companies and banks for consumer lending. The data from large scoring projects emphasizes the accuracy, the predictive quality of the scores. Large portfolios have been scored for mortgage servicing and investment groups, and again, they demonstrate that FICO scores work.
The scores were developed from each repository's database using actual loan performance. A sample of over 750,000 consumers per repository was used. The repositories have each made great strides to increase the accuracy of their respective database through computer technology and internal monitoring. There is a new standard reporting format for credit grantors to use when sending electronic information to the repositories; this is the critical first step to providing accurate data.
The scores use a multiple scorecard design. Each repository uses 10 individual scorecards, and the models at each repository are the same. This increases accuracy and optimizes the predictive variables for each subpopulation. (For example, a borrower with two 30-day late payments will be scored against a population with some minor delinquencies.) This feature may cause a borrower with delinquencies to score in the same range as a borrower without delinquencies. Scorecards are reviewed and updated every twenty-four months.
The actual scoring process is proprietary, and the algorithms are copyrighted. We can share the predictive variables, the portion of the credit file considered and the weight as provided by Fair Isaac. They are:
Previous credit performance (35%)
Trade line information specific to payment history
Current level of indebtedness (30%)
Current balance compared to the high credit
Time credit has been in use (15%)
Opening date
Types of credit available (15%)
Installment loans, revolving accounts, debit accounts
Pursuit of new credit (less than 5%)
Inquiries
FICO has changed the way it factors credit checks, inquiries. These changes should minimize the "negative" effects that aggressive rate shopping or the normal mortgage process can have on a mortgage applicant. In the new Beacon version, the deduping process has been expanded beyond seven days. One variable counts the number of days within 365 days of scoring. If there has not been an inquiry, the deduping mechanism is not activated. If there is a consumer originated inquiry within the past 365 days from mortgage or auto related industries, these inquiries are ignored for the first 30 calendar days from scoring; then, multiple inquiries within the next 14 days are counted as one. Each inquiry will still appear on the credit report.
Scores should not change significantly because the variable in the model using inquiries contributes less than 5% of the predictive power of the model. According to Equifax statisticians, an average of 5% of the credit reports in the Equifax consumer credit reporting database (over 200 million consumer files) will see a change in score due to this. Fewer than 5% of those will see a change significant enough to effect a loan decision.
In order to get a score a borrower must have the following conditions in his/her file:
No "Deceased" indicator on the credit file

At least one undisputed trade line that has been updated in the last six months

One trade line open at least six months

Scores range from 350 (high risk) to 950 (low risk). A scorecard of 660 will be 660 on Beacon 96, Empirica and Experian/FICO if the data on each file is the same. However, each repository is likely to contain different data.
Every score is accompanied by a maximum of four reason codes. Reason codes identify the most significant reason that a consumer did not score higher. They are not red flags. Consumers with scores in the 800 range get reason codes just as consumers with scores in the 500 range. The reason codes may be used in describing to the consumer the reason for adverse action. Scores are not part of the credit file and are not covered by the Fair Credit Reporting Act. Scores, if disclosed to the consumer, must be related to the credit file - using the reason codes - since the score has no meaning in itself; the meaning or risk level is assigned by the lender and the investor.
When applicants have erroneous information reported, document the inaccuracies. The easiest way to do that is to have your credit-reporting agency upgrade the merged in-file to an edited mid-range report or to a Residential Mortgage Credit Report. With the upgraded report, you can ignore the score! The file will have to be handled in a traditional manner for underwriting and investment purposes. The developed report will provide the paper trail that investors want.

Property Rights

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Property Rights

Real Property Definition

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Real Property Definition

Property Investment

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Property Investment

Property Trust(s)

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Property Trust(s)

Negotiating a Contract

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Negotiating a Contract

Real Estate Negotiation

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Real Estate Negotiation

Don't Let It Fall Through

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Don't Let It Fall Through

Sell Your Home Fast

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Sell Your Home Fast

Real Estate Tax Advice

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Real Estate Tax Advice

Property Inspection

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Property Inspection

Open House Expectations

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Open House Expectations

Marketing Info

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Marketing Info

Listing Real Estate

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Listing Real Estate

Selling My Property

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Selling My Property

Multiple Offers

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Multiple Offers

Getting Real Estate Ready

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Getting Real Estate Ready

Real Estate List Price

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Real Estate List Price

Housing Market Info

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Housing Market Info

Pricing Your Property

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Pricing Your Property

Property Appraisal

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Property Appraisal

Real Estate Appraisal Info

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Real Estate Appraisal Info

More Tax Advice

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More Tax Advice

Real Estate Agent

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Real Estate Agent

Real Estate FSBO Advice

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Real Estate FSBO Advice

Real Estate Appraisal

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You should look at each home for its individual characteristics. Generally, older homes may be in more established neighborhoods, offer more ambiance, and have lower property tax rates. People who buy older homes, however, shouldn't mind maintaining their home and making some repairs. Newer homes tend to use more modern architecture and systems, are usually easier to maintain, and may be more energy-efficient. People who buy new homes often don't want to worry initially about upkeep and repairs.
Only an appraiser can give a real home value, but one thing your Southern Arizona real estate agent can help you with, is determining the 'sold' value of homes around the area. This is especially important when writing an offer!

Real Estate Tax Shelter(s)

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Real Estate Tax Shelter(s)

Real Estate Tax Benefits

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Real Estate Tax Benefits

Loan Closing Advice

Sat, 4 Feb 2012 23:05:04 +0000
Loan Closing Advice

Escrow Advice

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Escrow Advice

Home Loans

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Home Loans

Closing Costs

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Closing Costs

Review A Closing

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Review A Closing

Closing a Home

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Closing a Home

After The Loan

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After The Loan

Credit History

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Credit History

Negotiating Tips

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Negotiating Tips

Property Negotiation

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Property Negotiation

Home Inspector Worksheet

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Home Inspector Worksheet

Home Insurance

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Home Insurance

Home Inspection

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Home Inspection

Debt To Income Ratio

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Debt To Income Ratio

Your Loan

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Your Loan

Apply for a Mortgage

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Apply for a Mortgage

Select a Mortgage

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Select a Mortgage

Mortgage Alternatives

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Mortgage Alternatives

Basic Mortgage

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Basic Mortgage

Mortgage Loan

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Mortgage Loan

Effective Offer Writing

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Effective Offer Writing

Mental Control

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Mental Control

Comparison Shopping

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Comparison Shopping

Home Selection

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Home Selection

Home Hunt

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Home Hunt

Approval Letters

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Approval Letters

Real Estate Ads

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Real Estate Ads

House Search

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House Search

Your Wish List

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Your Wish List

Find your Dream

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Find your Dream

A REALTOR Can Help

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A REALTOR Can Help

Confidence and Experience

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Confidence and Experience

Ownership Advice

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Ownership Advice

Young Buyer

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Young Buyer

Home Ownership: Are You Prepared?

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Home Ownership: Are You Prepared?

Buying an Affordable Home

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Buying an Affordable Home

Home Ownership : How To

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Home Ownership : How To

Buy vs. Rent

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Buy vs. Rent

Checklist for Home Buyers

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Checklist for Home Buyers