Things to Consider When Shopping for Arizona Home Loans

All home loans are not created equal. Different loan programs have different risks and benefits. Knowing your options can help you choose the right Arizona home loans for your family.

                If you are in the market to purchase a home in Arizona, it is important to understand what Arizona home loans products and services may be available to you. A variety of factors including income, debt to income ratio, FICO score, and the type of home you want to purchase can affect what loan product is the best for you. Knowing your options and what risks and benefits certain types of loans have will help you make an informed decision about which loan you should apply for.

                The best type of Arizona home loans depend on your purpose for purchasing a property. If you are purchasing a home to be your primary residence, there are a variety of programs you can look into to finance the home. The most common type of primary mortgage is a traditional loan. A traditional loan is a 30 year fixed loan, meaning that your interest rate and payments are fixed for the life of the loan. Most lenders require a down payment of at least 5% of the home purchase price but usually it is better if you can put down about 20% of the purchase price. This will keep your payments lower because you will not have to pay mortgage insurance. One important note about traditional mortgages is that they may not be ideal for borrowers with bad credit or who are self-employed. Traditional loans are usually the most stringent type of Arizona home loans, requiring a FICO score of 650 or higher and documentation of all income, assets, bank accounts, tax records, and monthly debt obligations.

                If you are denied a traditional mortgage for any reason but are still looking to purchase a home to be your primary residence, there are other programs you may benefit from. One is an FHA loan. An FHA loan is a federal lending program that has lower credit requirements than a traditional loan although it still does require the same amount of documentation. The loan is insured by the federal government so lenders are more likely to take a risk with a borrower that they may not take with a traditional loan. Be aware though that you will pay more for this risk in terms of monthly mortgage insurance. This will be added to your monthly payments and can be anywhere from 80 to over 200 dollars a month, depending on the amount of your loan.

                Another option for purchasing your home is an adjustable rate mortgage or ARM. This is an especially attractive option when interest rates on traditional loans and FHA loans are high. An adjustable rate mortgage has a fixed interest rate for the first part of the loan that is usually lower than the prime rate. This means that your monthly payment is low. Once the initial term is over, the rate resets and can often go up. An ARM is a good option if you plan on being able to refinance or sell before the rate adjusts.

                If you are planning on buying a home as an investment rather than a primary residence, a shorter term loan may be a better option for you. An ARM can save you money on interest while you renovate a home and then sell it for a profit before the rate adjusts. Another option for a fix and flip home is a hard money loan. This type of loan is given out by an investment group rather than a bank and is a short term loan. If you have bad credit or a high debt to income ratio a hard money loan can often be a good option because the investors look at the merit of the investment rather than just the qualifications of the borrower.

Finding an Arizona Mortgage Broker

                Once you have researched some different types of Arizona home loans, an important next step is to find a qualified Arizona mortgage broker. A broker can help you navigate the ins and outs of the loan market and recommend products or loans that fit your unique needs. In addition, federal loan programs and loan types are constantly changing so it is important to find someone who can help you say ahead of the curve. Your broker can also explain all loan terms to you as well as interest, payments, and fees. The broker should be able to explain to you exactly what the credit is going to cost you each month as well as over the lifetime of the loan.

Stop waiting to make your dreams come true.

                Find an Arizona Mortgage Broker and start looking into Arizonahome loans to purchase your dream home today!

Dennis Dahlberg
Broker/RI/CEO/MLO

Level 4 Funding LLC
Tel:  (623) 582-4444 | Fax: (888) 279-6917
www.Level4Funding.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

TIMESHARE SCAMS – ARE EVERY WHERE

Timeshare sales people shout about the opportunity to become an owner of a timeshare resort. Sure, the ability to return year-after-year comes with a certain sense of security; your next vacation is planned.

However, despite the security of a so-called guaranteed vacation, timeshares can be a very expensive propositions with lots of unforeseen restrictions.

That is why some many people cancel timeshare after they buy one. Today everyone is asking the question: Does a timeshare make financial sense?

What Is a Timeshare?

Understanding timeshare ownership; it entails payment of an upfront sum plus yearly maintenance fees.

Depending on the timeshare arrangement, owners either own the rights to a specific, fixed week or the rights to a floating arrangement, where they can visit for a week within a period of time each year.

It’s important to understand that with the wrong sales people both kinds of time-sharing can very easily become a timeshare scam.

Fixed And Floating Timeshare ArrangementsCan Either Be Deeded Or Non-Deeded.

Deeded timeshares are considered real property that can be sold or passed on to the next generation.

Non-deeded or right-to-use timeshares function more like leases, where an owner can use the unit for a specified time period for a number of years.

??? Are Timeshares A Good Investment ???

The Federal Trade Commission warns against buying timeshares as financial investments.

Why? The reason is very simple, the value of a timeshare generally decreases big time the day after purchasing the timeshare.

Additionally, vacation resorts are more desirable when they’re first built, and their facilities and amenities are brand-new; as they age, they become increasingly less desirable. Which is why so many people feel like saying: cancel my timeshare.

Owning A Timeshare Is very much Like Owning A Car – Both Depreciate A Lot The Second You Buy It.

In this way, owning a timeshare is a little bit like owning a car: You may get a lot of use out of it over the course of ten to twenty years, but it won’t be worth much once you try to sell it.

Additionally, there’s no cap on yearly maintenance fees, so the amount you pay every year will increase. After learning this many people want to again say; cancel my timeshare

Look For These Warning Signs To Detect Resale Fraud

Now days’ timeshare scams are targeting timeshare owners who want or need to resell.

Many timeshare owners may decide they can no longer afford their timeshare payments or they may have inherited a timeshare as part of a parent’s estate and don’t want to keep it. That’s where timeshare scams come in.

The Basic “Timeshare Resale Scams” Works Like This:

Scammers target likely sellers of timeshares with the promise that they either have a buyer ready to purchase the timeshare or the assurance that they can sell it.

All you need to do is pay an upfront fee—usually done by a bank wire to cover closing costs, services, taxes, timeshare maintenance or other fees.

Unfortunately, once you wire the money, no sale, rental or purchase and for sure no timeshare cancellation is completed and the scammer disappears with your money.

 Here Are Three Steps To Help You Stay Clear Of Possible Timeshare Resale Fraud.

 1. If It Sounds Too Good To Be True, It Probably Is.
Timeshare Resale scammers often promise they have a buyer who is ready and willing to pay a lot in order to get you to send money. Be cautious; no one can promise a quick sale.

2. Don’t Wire Money, Pay In Cash, Or Send A Money Order, Certified Bank Or Cashier’s Check.
Money sent by these methods is very difficult for law enforcement officials to help you recover. Most of the time, it’s as good as lost and will not bring a timeshare resale.

3. The Unpleasant Fact Is, Most Timeshare Resale And Rental Companies Are Rip-Offs.
As said before, many times they pretend to have a buyer for a seller even though the seller’s timeshare has never been listed.

Unfortunately, there are countless timeshare owners who have been taken advantage of by unscrupulous businesses offering to sell or rent their timeshare properties for a fee, all the while knowing that the timeshare owner’s properties will never rent or sell.

The overwhelming majority of these timeshare resales or rental companies are fly-by-night companies that are nothing more than listing companies.

The good news is, the Timeshare Cancel Center offers free timeshare resale or rental counseling services to ensure that the resale company a timeshare owner is considering is in fact legitimate.

A part of our service is to educate consumers who are considering timeshare resale.

If you have been approached by a timeshare resale scams company, give the Timeshare Cancel Center a call to validate the resale company prior to signing a timeshare resale contract.

For the timeshare consumer that has tried to resale their timeshare or for the timeshare owner that feels they have been misled and/or are victims of unethical and fraudulent timeshare sales practices while purchasing or upgrading their timeshare the “Timeshare  Cancel Service” is a very good service for them.

The “Timeshare Contract Cancel Service” involves our tried and true process which delivers timeshare cancellation results.

To find out even more about timeshare cancellation log onto our website: www.TimeshareCancelCenter.com

TIMESHARE CANCEL CENTER IS ON THE CONSUMER'S SIDE

FOR A FREE CONSULTATION

Call 24/7: 1-855-600-9053

We Can Help You Cancel Your Timeshare Contract And In Many Cases Even Get Your Money Back!

We Invite you to get a FREE consultation and let our professional timeshare consumer advocates explain all your consumer protection rights.

For A Free No Risk And No Obligation Consumer Advocate Consultation Call 24/7

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In Today’s Timeshare Marketplace, There Are Many Timeshare Scams

While resort time shares companies continue to sell millions of timeshare vacation accommodations each week, there are a lot of secrets that the time share industry would rather potential buyers not know.

A time share can make sense for some people, but for most people, they aren't near the great deal that they are made out to be by the timeshare sale people.

Here Are Some Secrets That The Time Share Industry hopes You Never Discover.

1. Time Shares Are a Lousy Financial Investment

In fact, they aren't an investment at all, since it makes little sense to put money into a depreciating asset and expect a return. That is why today so many want a timeshare cancellation.

While most people already know time shares are a bad investment, however, timeshare sales representatives are still pushing time share sales as a quality investment.

They still use words during the sales presentation to give the impression that purchasing a time share is a good financial investment, when in fact, it’s far from it.

2. You Can Get The Same Time Share For Far Less Money

When it comes to a timeshare resale. Time shares are notoriously difficult to sell if not impossible. That means that those who have purchased a time share but no longer want it have to keep paying all the annual cost of owning the timeshare.

3. You Lose Big Time When You Sell – (If You Can Ever Sell It) 

As mentioned above, timeshare resales are extremely difficult even for the best of them. It’ is very similar to a car driving off a dealer’s lot, most time shares will lose 80% to 90% or more of their value the second you sign on the dotted line.

In most cases, the timeshare owner will be trapped with a time share unit (and the yearly fees) that they can’t even give away. You read right, they can’t even give the timeshare away.

4. It’s Cheaper to Rent a Time Share Than To Own 

Every year there are lots people who can’t use their time shares for all kinds of reasons. Instead of just letting the time share sit unoccupied during the time for which it is already paid, many time share owners try to rent out their weeks to recoup some of their money.

In many cases, you can rent the same week at the exact same resort for far, far less than it would cost to own the same timeshare unit (and many times for less cost than the time share annual fees would be) and without any of the buying risks that come with time share ownership.

If you are a timeshare owner that wants out of your timeshare, here at the Timeshare Cancel Center we have valuable FREE information that will help you discover how you can permanently cancel your timeshare payments, all maintenance fees and your entire timeshare contract.

5. Miss One Year And You Would Be Better Off Not Owning A Time Share

All the calculations the time shares sales people offer will be assuming that you use the time share each and every year for years into the future.

One reason so many people want a timeshare cancellation is, when all costs related to the time share are taken into consideration, a time share’s price can be much more expensive than non-timeshare vacations. But this by itself, does not mean that it’s a timeshare scam.

6. Time Shares Ownership Comes With Many Risks

When you purchase a time share, you purchase a part of that building. That means that if there is a disaster, you are responsible for a portion of rebuilding the time share.

While time share resorts are supposed to retain adequate insurance, many times they don’t always carry the amount they are supposed to, and there are certain disasters for which coverage may be too expensive.

This leaves you the timeshare owner responsible for covering these losses if and when the unfortunate should happen and you cannot send a timeshare cancellation letter or just cancel timeshare whenever you want too just because something bad happens.

7. If You Can NOT Pay In Full – A Timeshare Is A Very $$$ BAD $$$ Investment

Another issue that the time share sales people will often leave out during the calculations is the cost of financing a time share, which is always very high.

Banks know very well that time shares will lose their value and therefore do not even consider them in the real estate loans they offer.

Instead of low rates that are tax-deductible, a time share loan will come with a very high double-digit interest rate and in most cases will not be tax-deductible.

When you add the cost of this financing to the overall cost of the time share, it makes little financial sense to purchase a timeshare if you cannot pay for it in cash.

8. Hotel Prices Are Increasing (but so are time share prices and the annual fees) 

Another one of the tricks time share sales people use is telling you how much hotel prices are increasing and then telling you that your time share will remain the same price 15 to 20 years from now.

What they fail to tell you is that the time share fees are not locked at the current rate and will also increase as time goes on so the time share can be upgraded to keep up with newer competition.

This means all that money you were supposed to save is unlikely to never materialize.

This is a big reason so many people want to cancel timeshare contract and why many people call them timeshare scams.

 9. Trading A Timeshare Is NOT As Easy As They Claim

When you hear the time share sales pitch, the sales people will make it sound like you will be able to trade your timeshare unit around the world with ease.

The truth is rarely is it easy to trade or exchange, and often you will have to pay additional fees to make a trade possible and once the trade is started the timeshare cancel is also very hard to do.

If you won’t be going to the exact same place each year, a time share won’t save you any money and will likely cost you a lot. This is another reason many people call time sharing timeshare scam.

10. Travel Is Not Calculated When Comparisons Are Made 

One of the BIG, BIG tricks time share sales people use when trying to show you what a “great deal” time shares are is, they will include your travel expenses when calculating the cost of your current vacation, but very conveniently NOT include travel costs when calculating the cost of buying the time share.

If you are not paying close attention, you may believe you’re getting a great deal when in reality all or most of the savings came from simply leaving out the travel expense that you must still pay.

If you own a timeshare and would like know how to cancel a timeshare, to learn more about a time share cancellation see our frequently asked questions at: www.timesharecancelcenter.com/faq

TIMESHARE CANCEL CENTER IS ON THE CONSUMER'S SIDE

FOR A FREE CONSULTATION

Call 24/7: 1-855-600-9053

We Can Help You Cancel Your Timeshare Contract And In Many Cases Even Get Your Money Back!

We Invite you to get a FREE consultation and let our professional timeshare consumer advocates explain all your consumer protection rights.

For A Free No Risk And No Obligation Consumer Advocate Consultation Call 24/7

Bad Credit Home Loans Arizona: How to Get a Home Loan

Many families think that home ownership is beyond their reach because they can’t get bad credit home loans Arizona. However, this is simply not true as there are a variety of programs available to help borrowers with bad credit purchase a home inArizona.

If you have been denied a home loan in the past due to bankruptcy, bad credit, or sub-prime credit, you may think that purchasing a home is out of your reach. Many borrowers don’t know that there are a variety of programs available to them, even if they have less than perfect credit. Don’t let bad credit hold you back from obtaining a new home for your family or as an investment. Learn about your options for purchase and talk with a mortgage broker.

One program that can help individuals looking for bad credit home loans Arizona qualify to purchase a home is an FHA loan. FHA stands for Federal Housing Administration and this entity gives out a type of government backed loan. Borrowers are only required to make a 3.5% down-payment so it can help keep some cash in your pocket. In addition, the loan is insured by the federal government so banks are more willing to lend to sub-prime borrowers. This insurance will cost you though. Be aware that if you take out an FHA loan, you will be required to pay make PMI payments. These can be anywhere from 80 to over 200 dollars a month depending on the amount of your loan. You will make them until the loan amount that you have is less than 80 percent of your purchase price. The PMI payments are a type of insurance you pay to help secure the investment in case of default.

Another loan type that is available for borrowers in the market for bad credit home loans Arizona is an adjustable rate mortgage or ARM. An adjustable rate mortgage is a short term mortgage with a term of anywhere from 1 to 7 years. During your initial term the interest rate on your mortgage is very low, usually below the prime rate. This makes your payment relatively low as well. The lower monthly payment allows borrowers with bad credit to qualify when they may not be able to for a traditional 30 year loan. After the initial term of you loan, the interest rate resets and your payment may be higher. This can be a good option for someone who is on the road to repairing his credit and will be able to refinance to a 30 year mortgage at the end of the adjustable rate term. One thing to keep in mind with an ARM is that they require a 10% down-payment. This helps ensure that the property value will not drop significantly below the loan amount.

A final type of program that a borrower in Arizona with bad credit might consider is a hard money loan. A hard money loan is designed as an investment strategy and isn’t a good option for owning a home you intend to live in long term. A hard money loan is backed by a group of investors, rather than a bank. The investors will look at your property purchase as well as renovation plans to determine if the loan is a good investment. If you have bad credit they are more likely than a bank to look past your credit score if you have a sound investment idea. Hard money loans are short term loans primarily designed to fix and flip a property for a profit.

The Truth about Arizona Bad Credit Home Loans

There are many rumors about bad credit and home loans. A bad credit score in terms of obtaining a home loan is classified to be at or below about 640, but this has varied with time and location. However, according to national credit bureaus, the average American’s credit score is around 678, meaning that most people don’t have perfect credit. If you have bad credit, there are a number of events that could have gotten you there that are beyond your control. Divorce, job loss, inability to make mortgage payments due to an over-inflated housing market, and the recent recession are all factors that have negatively impacted may people’s credit scores. Based on the prevalence of bad credit, many lenders are relaxing their loan requirements and it is possible to get a home loan with a score of less than 550, depending on other factors.

If you want to take control of your homeo wnership or real estate investment dreams, stop letting credit hold you back.

Call a licensed Arizona mortgage broker today. A broker can discuss your options regarding bad credit home loans Arizona and help you find the loan to best fit your needs. Stop waiting, call today!

Dennis Dahlberg
Broker/RI/CEO/MLO

Level 4 Funding LLC
Tel:  (623) 582-4444 | Fax: (888) 279-6917
www.Level4Funding.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

The Risks and Benefits of Adjustable Rate Mortgages

The Risks and Benefits of Adjustable Rate Mortgages for Borrowers Seeking Arizona Home Loans with Bad Credit

Adjustable rate mortgages can be an attractive option for borrowers who have bad credit and are looking for different Arizona home loans programs. Knowing the facts about adjustable rate mortgages can help you risk less and make an informed decision.

Adjustable rate mortgages or ARMs are a type of mortgage that is offered by many banks and lenders. An ARM has a fixed interest rate for anywhere from 1 to 7 years, depending on the specific terms of the loan. After the initial term, the interest rate adjusts and increases above the prime rate. This will increase the monthly payment amount because the interest you pay each month has increased. ARMs have gotten a bad reputation in recent years as being dangerous and even predatory. Adjustable rate mortgages were in the hot seat in 2008, largely being blamed for the housing and foreclosure crisis.

Although they have been shown in a less than flattering light, adjustable rate mortgages can still be a good option for individuals looking for Arizona home loans and are especially good for borrowers who may have bad credit. Knowing the ins and outs of adjustable rate mortgages can help make them less risky and protect your investment.

Ways to Risk Less with Adjustable Rate Mortgages

If you are thinking about an adjustable rate mortgage as an option to help you secure Arizona home loans, it is important that you know all the facts. An adjustable rate mortgage will offer you a low monthly payment at first. This led many borrowers to over extend themselves and buy more home than they can afford once they have a higher interest rate. An easy way to avoid this Arizona home loans mistake is to closely examine monthly payments before and after the interest rate reset. You should be able to find out a cap on how high the rate could potentially go and what your payment will be at that rate. If you can afford the payment at the lower interest rate but not the higher one, it is safer to find a less expensive home.

Another way to minimize risk with an adjustable rate mortgage is to work with trustworthy real estate professionals. If you decide to refinance your home before your rate resets, you will need the home to be worth as much or more than when you bought it. An appraiser can help you make sure that you a making a sound investment. Also, a good real estate agent can help you understand housing trends and steer you away from areas of town that may be likely to lose value over time.

A third way to minimize your foreclosure risk is to sell the home before the rate increases. This can be an effective way to make money by fixing and flipping a property for profit. An adjustable rate mortgage will save you money on interest while you are fixing up the property, making the cost of ownership less. Just keep in mind that it is important to be able to sell the property for a profit when you are done. Make sure the home you buy is a sound investment, in a desirable area of town, and the work that it needs is within your budget and skill level. It does no good to end up spending more fixing up a home than you will make when you sell it.

Find a mortgage broker to work for you and get started on the process of qualifying for an adjustable rate mortgage.

Whether you have bad credit and it is the best loan you can qualify for, or you want to save a couple bucks on interest, an adjustable rate mortgage can be a good investment strategy. An Arizona mortgage broker can help you navigate the ins and outs of an adjustable rate mortgage and go over any additional information including down payments, current interest rates, and projected monthly payments.

When you are choosing a mortgage broker, make sure they have expertise in a variety of Arizona home loans products, including adjustable rate mortgages. A broker can be your most valuable tool in qualifying for a home loan because he will fight for you to be approved. He can even get lenders to manually review your application if underwriting rejects it. Find a broker you can trust today to start your journey towards homeownership or real estate investing.

Dennis Dahlberg
Broker/RI/CEO/MLO

Level 4 Funding LLC
Tel:  (623) 582-4444 | Fax: (888) 279-6917
www.Level4Funding.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

Bad Credit Home Loans Arizona: How to Qualify

Bad Credit Home Loans Arizona: How to Qualify for a Home Loan with Credit that Isn’t Perfect

There are a variety of circumstances that can lead to a low credit score. Learn how you can get a bad credit home loans Arizona and qualify for a mortgage, even if your credit is poor.

Many Americans who have bad credit report feeling alone, miserable, and almost hopeless.  There are many factors and unforeseen circumstances that can lead to a lower credit score. Job loss, divorce, a sudden change in income, or even an old credit card you forgot about can cause your credit score to suffer. Recent statistics released from FICO Inc. show that one quarter of Americans have a FICO score of less than 600. This is considered a low credit score and if you have a low score, you can have trouble getting credit cards, car loans, and even store credit accounts.

If you are one of the 42.5 million Americans with a low credit score, you probably assume that homeownership is beyond your reach. However, with new bad credit home loans Arizona programs as well as federal programs, borrowers can qualify with low FICO scores.

As with any mortgage it is important to analyze the risks and benefits of a low credit mortgage. Once you have decided to stop letting your FICO score hold you back, it is important to know your options. Most likely you will not qualify for a bad credit mortgage through a bank, so it is important to find a reputable mortgage broker. A broker has more flexibility in terms of types of loans that can be offered so you are more likely to qualify via a broker than a bank.

Types of Bad Credit Mortgages for Arizona

Once you have decided to look for a home loan, you need to do your research. There are a variety of home loan programs available to people with bad credit but they all have different features. Analyzing the risks and benefits will help you choose the right program for you. An Arizona mortgage broker can be a valuable resource in helping you learn about all the loans that may be available to you based on your credit score and current income.

One type of loan is an adjustable rate mortgage or ARM. An ARM is offered to subprime borrowers who would not qualify for a traditional loan. It offers a low interest rate at first but then resets to a high interest rate after a specified period, usually 1 to 5 years. Once the rate adjusts your mortgage payment will increase due to the higher interest rate. This can be a good option if you only plan on owning the property short term or if you know you will be able to qualify to refinance your loan at the end of your low rate period. You will also want to make sure that you have the home accurately appraised before purchasing so that it retains its value if you go to sell or refinance.

A second option that is available for people with bad credit is a type of FHA loan. An FHA loan is backed by the government and will allow you to borrow about 96.5% of the value of the home you are purchasing. In addition, the government backing means that you will be more likely to qualify, even with less than stellar credit. You will pay monthly insurance on your loan. In addition to you principle and interest payments, you will also pay a PMI insurance payment. This will increase the amount of your monthly mortgage payments until you pay off 20% of the loan amount. You can also couple FHA loans with different federal programs that offer down payment assistance or cash back at closing like Home in 5. These programs are constantly evolving and changing, so make sure to talk with a mortgage broker about what you may qualify for.  You can qualify for an FHA loan with a credit score as low as 500, making them an attractive option for bad credit home loans Arizona residents use.

Make sure to know your options for home loans with bad credit.

A mortgage broker is key for many borrowers looking to secure a home loan with bad credit. A broker will work for you and help convince lenders that you are a risk worth taking. Finding a mortgage broker that specializes in bad credit home loans Arizona will ensure that you are receiving all the options to make owning a home a reality.  

Dennis Dahlberg
Broker/RI/CEO/MLO

Level 4 Funding LLC
Tel:  (623) 582-4444 | Fax: (888) 279-6917
www.Level4Funding.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027