Are you a cash buyer? Then you’re already qualified. All you’ll need to do is provide your REALTOR® with proof of funds in the amount of your intended purchase prior to writing up an offer. Any seller is going to want to see that you’re serious and that you have the funds to back your proposal.
Not a cash buyer?
That’s okay, but you need to speak with a mortgage broker or banker to verify that you are able to qualify for a new mortgage. Any time you submit an offer to purchase property, you need to provide proof of funding, or proof of pre-qualification. There are multiple levels of pre-qualification, and it’s important that you come in strong with a bullet proof pre-qualification.
You can use whomever you choose to be your lender, but we always want to recommend those who we know to be able to get the job done in a timely manner. The responsibility of funding your purchase ultimately comes down to you, the buyer, not your lender. If you choose a flaky lender, or a big bank, rest assured you’ll run into turbulence that could put your earnest deposit at risk.
Due diligence is key when choosing your lender. Make sure you do your homework and ask as many questions as possible to ensure smooth sailing.
There are 4 stages to pre-qualification that your lender will walk you through. Once they have pre-qualified you, they will issue what is known as the Arizona Pre-Qualification Form. This single piece of paper, which is an included document in the Arizona Residential Real Estate Purchase Contract, is as good as gold, because it lets your REALTOR® know that you are actualy ready and able to buy.
If you are unsure about who to use as your mortgage company, check out my preferred list of mortgage lenders. I only recommend industry partners that I trust.
REALTORS® work hard for you to ensure a successful close of escrow and we spend a great number of hours working for you before we ever earn our commission. Please see the articlefor more information about how we are compensated for our time.