Lenders for Canadians in AZ Debra Castor - imortgage - (480) 305-6966 Jason Bates - FirstBank of Arizona (602) 952-4000 Jose Martinez - US Bank - (480) 650-9004

Freddie Mac®'s Online Tools help to educate and prepare yourself for your home buying process:

Considering Homeownership?

• Rent vs. Buy
  Understanding the financial differences between renting and homeownership.
• Tax Savings
  Learn about potential tax savings by becoming a homeowner.
• How Much House Can You Afford?
  Research how much house you can purchase and finance within your budget.
• How Much Money Can You Borrow?
  Learn how much of a loan you might be able to borrow to finance your new home.

All About Mortgages

• Fixed or an Adjustable-Rate Mortgage?
  Understanding the financial differences between fixed- and adjustable-rate mortgage programs.
• Adjustable-Rate Mortgages
  Find out how much monthly mortgage payments might be with an adjustable-rate mortgage.
• Fixed-Rate Mortgages
  Find out how much monthly mortgage payments might be with a fixed-rate mortgage.
• 15-year or 30-year Term?
  Learn how a different length term affects your monthly mortgage payment and overall cost of the loan.
• Down Payments, how much is needed?
  Research how much of a down payment you should consider, and the impact on your purchasing power they have.
• Closing Costs
  Estimate what your home mortgage's closing costs might be.
• Extra Payments
  Learn how advantageous extra monthly mortgage payments could be.
• Paying Points
  Find out how paying extra points might beneficially lower your mortgage rate and increase your buying power.
• Mortgage Insurance
  Understand how to possibly reduce mortgage insurance.
• Blank HUD-1 Form
  Examine this example blank HUD-1 to see how a loan settlement takes place.

Purchasing A Home, and Avoiding Foreclosure

• Refinancing Costs in a Mortgage
  Understand what your loan refinancing costs might be.

Financing Resources, Mortgage Knowledge Base, and Informative Links:

The Arizona Corporation Commission
Responsible for final decisions on granting or denying utility rate adjustments, enforcing transportation safety and public service requirements

Arizona Department of Financial Institutions
Toll-free: (800) 544-0708
Regulates and supervises the financial institutions and enterprises of Arizona.

Better Business Bureau
Better Business Bureaus can alert you to complaints against companies in your area.

The Federal Reserve
The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States.

RESPA - Real Estate Settlement Procedures Act
RESPA covers loans secured with a mortgage placed on a one-to-four family residential property. These include most purchase loans, assumptions, refinances, property improvement loans, and equity lines of credit. HUD's Office of RESPA and Interstate Land Sales is responsible for enforcing RESPA.

Featured Agent Rebecca Roberts specializes in many types of Mortgage Lending. For instance, Mortgages for Condos. Condominiums must be certified by the government department of Housing and Urban Development (HUD). Rebecca can help a qualifying condo community get their certification. Rebecca also specializes in Manufactured Home mortgage lending. She is a published author on the subject as well. Her book will educate you, or at least give you the confidence in her abilities to guide you as your loan specialist, if you are interested in purchasing one. Check out her book here.

VA - U.S. Department of Veterans Affairs
Learn about the VA loan program -- VA Loans and VA ARM loans for veterans and military personnel.

Arizona is home to more than 560,000 veterans, thanks in part to its terrestrial beauty and four military installations. Veterans nationwide, including the Grand Canyon State, are taking notice of the overwhelming benefits in the Veterans Administration home loan program. More than 6,300 home loans in Arizona are guaranteed by VA at a total value of $1.4 billion. Last fiscal year, VA covered about $68 billion in single-family loans. Lenders issue VA loans, while VA simply insures about one quarter of the loan against unlikely borrowers’ defaults. Because of this insurance, lenders are more than willing to help veterans get the loan they deserve. Unfortunately, of the 24 million veterans less than 10 percent has utilized this program. That’s an astounding figure considering the unrivaled advantages of VA loans. In Arizona, veterans can pay no money down for a loan of up to $417,000. Borrowers also have the chance to negotiate interest rates, which are sure to be lower than those of conventional loans. Refinancing VA loans, either with a VA streamline or cash-out option, lets borrowers lower their interest rates. There are even more gains, such as: -Ability to prepay a loan without penalty -Borrowers in default get extensive assistance to avoid foreclosure -Sellers can pay up to 6 percent of closing costs -No private monthly mortgage insurance Clearly, our nation’s heroes took notice of these upsides, causing VA loan volume to spike 80 percent last year. Renowned for its natural beauty, Arizona is surely a place for veterans to settle post-duty. Those who may qualify are usually in one of three categories: -Military members who’ve served 181 days on active duty or three months during war time. -People who have spent at least a half-dozen years in the National Guard or Reserves. -Spouses of those killed in the line of duty. How does the VA help? No Money Down VA Loans do not require money down. So, that $8,000 tax credit can be used for some other benefit. Put it in the savings account or use it for mortgage payments. And the greatest part is service members do not have to pay back the tax credit. So, it truly is a benefit. Lower Interest Rates A VA loan could potentially save you $75 each month on mortgage payments. Why? Because lenders will offer great interest rates since the Department of Veteran Affairs secures the loan. No Private Mortgage Insurance (PMI) With conventional loans, mortgage insurance can cost an extra $100 to $700 per month! Steering clear of that is one of the biggest advantages of the VA program. Receive $417,000 or More on a VA Loan Although only $417,000 is financed with the VA loan program, larger amounts up to $729,000 are sometimes available. Once again, if your prospective home does cost a little bit more than you bargained for, VA loans allow veterans to use gifted or borrowed funds. Qualifying A lending counselor can help a service member gather all the necessary documentation needed for a VA loan. The service member must be able to prove that they served in the military for 90 days during wartime and 181 days during a time of peace. He or she must have been honorably discharged. If you do have bad credit, a VA loan counselor can help you work your way back up to financial health without you having to put your home buying dreams on hold. Prospective home buyers may also be able to take advantage of the $8,000 tax credit program, which has a year-long extension for qualified active-duty service members. Those who meet the eligibility criteria have until April 30, 2011, to purchase a home and until June 30, 2011, to close. VA loans have helped more than 18 million veterans become homeowners since 1944. Today, these flexible loans are more popular than ever and headed for a huge year after loan volumes surged a whopping 80 percent in 2009. There are some new changes headed for government-backed loans in 2010 for both homebuyers and brokers. These changes are part of a government effort to increase protections for consumers. About 80 percent of VA borrowers could not have qualified for a conventional loan. And these loans offer more financial benefits and incentives than almost any other on the market. Among those benefits are: -No private monthly mortgage insurance -No penalties for loan pre-payment -Higher debt-to-income ratio allowed than for most conventional loans -Sellers can pay up to 6 percent of closing costs and concessions But the program’s No. 1 benefit is that military buyers in most parts of the country can purchase a home worth up to $417,000 without putting down a single dollar. That figure is actually higher in more expensive parts of the nation. To read more about VA Mortgage Guidelines, visit http://homeloans.va.gov/.