The Home-Buying Process

Before You Buy

Preparation is key when purchasing a property. From down payments and mortgage prequalification from Guaranteed Rate Affinity, to understanding the type of home that will meet your needs and satisfy your wants, I can make sure your financial ducks are in a row and your expectations are grounded in reality when preparing to buy.

The Search

Selecting your perfect home will require research, expert guidance and knowledge of the local market, and you'll need to consider what it is you're looking for. I can help you find the place that fits your taste, your budget and your lifestyle. I'm a home hunter's best friend.

Making the Purchase

So, you've found the perfect home that meets all your criteria, from a great location to just the right square footage. My trusted Guaranteed Rate Affinity lender and I will guide you through the logistical — and emotional — challenges of the purchase process, to ensure you are in a solid position before you sign on the dotted line.

My Trusted Lender

Noy Kelly

Noy Kelly

VP of Mortgage Lending
520.275.8412 | Noy.Kelly@grarate.com

Noy immigrated to Tucson in 1979. She is considered a native, having been raised here “all” of her life. She graduated from the University of Arizona, with a Biochemistry degree; she started in research, but found her way into marketing, business development and real estate. While using her research and analytical background, along with the love of helping others, she has made a career as an expert residential lender. Keeping the dream of homeownership a reality is her focus.

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Financing Your Real Estate Purchase

Conventional Loan

A conventional loan is a type of mortgage loan that is not backed or insured by a government agency such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). Instead, conventional loans are issued and funded by private lenders, such as banks, credit unions, and mortgage companies.

Here are some key features of conventional loans:

  1. Down payment requirements: Conventional loans typically require a down payment, which is the initial payment made by the borrower when purchasing a home. The down payment amount can vary but is often between 5% and 20% of the home's purchase price. However, it's important to note that there are some conventional loan programs available that offer down payment options as low as 3%.
  2. Loan limits: Conventional loans have loan limits set by the Federal Housing Finance Agency (FHFA). These limits determine the maximum loan amount that can be borrowed without requiring a jumbo loan. The limits vary by location and are periodically adjusted to reflect changes in the housing market.
  3. Private Mortgage Insurance (PMI): If the down payment is less than 20% of the home's purchase price, borrowers are typically required to pay for private mortgage insurance. PMI protects the lender in case the borrower defaults on the loan. Once the equity in the home reaches 20% or more, borrowers can request the removal of PMI.
  4. Interest rates and terms: Conventional loans offer various options for interest rates and loan terms. Borrowers can choose between fixed-rate mortgages, where the interest rate remains the same throughout the loan term, or adjustable-rate mortgages (ARMs), where the interest rate may change periodically.
  5. Qualification criteria: Conventional loans often have stricter qualification criteria compared to government-backed loans. Lenders evaluate factors such as credit score, income stability, debt-to-income ratio, employment history, and the borrower's financial profile to determine eligibility for a conventional loan.

Conventional loans are widely used for home purchases and refinancing. They offer flexibility and a wide range of options to borrowers, but it's essential to compare loan offers from multiple lenders to secure the most favorable terms based on individual circumstances.

It's important to note that the information provided here is a general overview, and specific terms and requirements for conventional loans may vary depending on the lender and the borrower's financial situation. Consulting with a mortgage professional or lender can provide more detailed and personalized information regarding conventional loan options.

FHA Loan

A conventional loan is a type of mortgage loan that is not backed or insured by a government agency such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). Instead, conventional loans are issued and funded by private lenders, such as banks, credit unions, and mortgage companies.

Here are some key features of conventional loans:

  1. Down payment requirements: Conventional loans typically require a down payment, which is the initial payment made by the borrower when purchasing a home. The down payment amount can vary but is often between 5% and 20% of the home's purchase price. However, it's important to note that there are some conventional loan programs available that offer down payment options as low as 3%.
  2. Loan limits: Conventional loans have loan limits set by the Federal Housing Finance Agency (FHFA). These limits determine the maximum loan amount that can be borrowed without requiring a jumbo loan. The limits vary by location and are periodically adjusted to reflect changes in the housing market.
  3. Private Mortgage Insurance (PMI): If the down payment is less than 20% of the home's purchase price, borrowers are typically required to pay for private mortgage insurance. PMI protects the lender in case the borrower defaults on the loan. Once the equity in the home reaches 20% or more, borrowers can request the removal of PMI.
  4. Interest rates and terms: Conventional loans offer various options for interest rates and loan terms. Borrowers can choose between fixed-rate mortgages, where the interest rate remains the same throughout the loan term, or adjustable-rate mortgages (ARMs), where the interest rate may change periodically.
  5. Qualification criteria: Conventional loans often have stricter qualification criteria compared to government-backed loans. Lenders evaluate factors such as credit score, income stability, debt-to-income ratio, employment history, and the borrower's financial profile to determine eligibility for a conventional loan.

Conventional loans are widely used for home purchases and refinancing. They offer flexibility and a wide range of options to borrowers, but it's essential to compare loan offers from multiple lenders to secure the most favorable terms based on individual circumstances.

It's important to note that the information provided here is a general overview, and specific terms and requirements for conventional loans may vary depending on the lender and the borrower's financial situation. Consulting with a mortgage professional or lender can provide more detailed and personalized information regarding conventional loan options.

VA Loan

A VA loan is a type of mortgage loan program offered by the United States Department of Veterans Affairs (VA) to assist eligible veterans, active-duty service members, and surviving spouses in obtaining home financing. VA loans are designed to provide favorable terms and benefits to those who have served in the military.

Here are some key features of VA loans:

  1. No down payment: One of the significant advantages of a VA loan is that it often allows borrowers to purchase a home without requiring a down payment. This feature can make homeownership more accessible for veterans.
  2. Competitive interest rates: VA loans typically offer competitive interest rates, which can save borrowers money over the life of the loan.
  3. No private mortgage insurance (PMI): Unlike conventional loans, VA loans do not require borrowers to pay for private mortgage insurance. This can result in additional savings.
  4. Lenient qualification criteria: VA loans tend to have more relaxed qualification requirements compared to some other loan types. However, borrowers still need to meet certain eligibility criteria, such as sufficient income and suitable credit history.
  5. Flexible loan options: VA loans offer various options, including fixed-rate and adjustable-rate mortgages. Borrowers can choose the option that best suits their needs.
  6. VA loan funding fee: While VA loans do not require a down payment or PMI, they may have a funding fee. This fee is a one-time cost that helps sustain the VA loan program and can be financed into the loan amount.

It's worth noting that while the VA guarantees a portion of the loan, it does not directly provide the funds. VA loans are issued by private lenders, such as banks and mortgage companies, with the VA offering a guarantee to the lender against any potential loss.

To determine eligibility for a VA loan and obtain more detailed information, it is recommended to contact the Department of Veterans Affairs or consult with a qualified mortgage lender specializing in VA loans. They can guide you through the VA loan process, explain the specific benefits and requirements, and assist you in obtaining a VA loan.

The Power of Partnership

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Guaranteed Rate Affinity is our preferred mortgage lender because they provide the best mortgage experience possible, featuring incredibly low rates, fantastic customer service and a fast, simple process. Connect with my preferred mortgage lender below to experience the Guaranteed Rate Affinity difference for yourself.

Coldwell Banker and Guaranteed Rate Affinity, LLC share common ownership and because of this relationship the brokerage may receive a financial or other benefit. You are not required to use Guaranteed Rate Affinity, LLC as a condition of purchase or sale of any real estate.
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