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BlogArizona.com - the ORIGINAL Arizona Real Estate Blog
BlogArizona.com offers discussions on a wide variety of subjects, but focuses on Arizona and real estate.  The articles  posted here are contributed by various working professionals.  Their insights and experiences will inform, educate, challenge and entertain our readers week after week.  Some of the best reading on blogs often comes from reader Comments!  We encourage you to use the 'Comments' feature to join discussions and interact with both our Contributors, and our other readers.  We do require that you first review and accept our 'Comment Rules' in order to preserve the quality and integrity of this blog.  Also be aware that all visitors are subject to our Terms of Use.

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Tuesday, January 11, 2005

Welcome to the blogosphere!

Welcome to BlogArizona.com...an Arizona Real Estate Blog!!  Feel free to look around...you won't believe how much you'll find to do here!

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Check back with us regularly for the latest Arizona real estate news and trends.  And don't miss our Official Launch date on July 31, 2005!

Thank you for visiting!

the BlogMaster

Posted by BlogArizona BlogMaster on January 11, 2005 | Permalink


Just another question, in the process of purchasing a new home from a builder, do you secure the mortgage and the rate at the time of signing the contract or at the time of completion of the home and you close? Obviously, we are concerned that interest rates might be on the rise before we go to closing. One last thing, we plan on putting down 20% to avoid mortgage insurance, so do we make that payment when we sign the contract with the builder or at closing?

Posted by: Rich Verdi | Feb 3, 2007 10:53:34 AM

Hi Rich -
When buying a new home from a builder, you would usually apply for the mortgage at the same time you sign the contract (or shortly thereafter), assuming you are using the builder's financing. Most builders will offer incentives to use their financing or their 'preferred lender'. However, you should look carefully at the interest rate and total loan costs before going with the builder's lender, as it's not always the best deal, even with their incentives. Also, although they'll tell you that you MUST use their lender to get the incentives, often times you can use your own lender and still negotiate the same incentives. Personally, I would suggest getting pre-approved or at least pre-qualified with your own lender before you choose a home. That way, you have something to compare the builder's financing to - and you'll have a better idea as to whether their loan programs are comparable or a complete rip off. Once you apply and are approved for a loan, most lenders will usually give you the option of 'locking' in at the rate currently offered, or letting it 'float' which means waiting to lock your rate. While rates might come down, they may also go up so 'floating' your rate is always a gamble. However, once you lock your rate, many lenders will require you to close the loan within a certain number of days or there may be some sort of financial penalty. Keep in mind all of this information I am providing will vary from lender to lender, so be sure to ask your lender what their policy is.

As far as the downpayment, your 20% downpayment is generally paid at closing. However, you will be required to put down earnest money when you sign the contract. As a rule of thumb, expect to put down 1% of the purchase price as earnest money, although most builders have a set amount they require which may be less than 1%. Your earnest money will be applied towards your total closing costs at close of escrow. For example, if you put down $2500 earnest money when you sign the contract and then your total closing costs (downpayment + title costs, etc) come to $40,000 then you would need to bring $37,500 to closing.

Hope this helps. Good luck purchasing your new home!

Posted by: Shannon Hubbard | Feb 5, 2007 8:56:04 AM

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