There are four major factors that will determine your mortgage approval when buying and the interest rate you will be paying.

The first major factor is income. Have you had continuous employment for the last twenty four months and if so how much have you averaged per hour? Remember to keep your base salary separate from over-time and bonuses because lenders view those very differently because they are not stable and reliable enough to merit the same weight as salary.

High Income Earners - Just because you make $150,000 per year does not mean you are not hourly. Take a look at your paystub and you will find that your employer graciously took the time to break it down for you.

Self-Employed - All the hard work you and your tax professional put into minimizing your tax liability could really hurt you. Here is why: lenders look at your net income for the tax year not your gross income. Meaning if your half a million dollar a year business deducted every possible penny you could and only showed you with a net of twenty five thousand dollars for the tax year, then that is all lenders can use to qualify you for a mortgage. A paltry twenty five thousand dollars. I know, I know, it is not right, but that is the way it is in Mortgageville.

The second major factor is credit. Does your credit reports reflect steady payment history and the ability to manage your finances or does it show a person who rarely pays bills on time? Lenders want to see at least a 620middle credit score.

The third major factor is loan-to-value (LTV). Are you looking to essentially finance every single penny that you can or are you putting a sizable down payment? Lenders are limiting their financing to about 97%for first-time homebuyers in the current economy. If the purchase price is $250,000 and you have $7,500 for a down payment and closing costs then you’re borrowing $242,500. That means that you have a 97% LTV. EXAMPLE: $250,000 purchase price – $7,500 down payment = $242,500 $242,500 / $250,000 = .97 or 97% LTV.

The fourth major factor is rental payment history. Can you prove you’ve been paying your rent on time that last twenty four months? This can be easily shown by receipts and check stubs. If not then you are viewed as more of a credit risk.

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A real estate agent is someone who facilitates real estate deals. Real estate agents market a property to be sold and try to get the best possible price and terms for their clients. If a client wants to buy a property, the agent ensures that the client gets the best possible deal. According to US law, a person needs a permit to act as a real estate agent in Scottsdale.

Scottsdale is the fifth largest city in the US. Scottsdale is growing fast especially in the northern regions of the city. There is a huge increase in the number of new residents every year. Increase in population directly results in an increasing demand for accommodation. This makes the real estate business a thriving business opportunity and many real estate agencies make use of this opportunity. Excellent climatic conditions, low tax rates and low housing costs are some of the other factors that contribute to the growth of the real estate industry in Scottsdale.

In a booming real estate industry, contrary to expectations buying or selling is not an easy task. Though there is sufficient demand, an amateur would find it a challenge to reach out to more buyers or sellers or strike a fair price on a deal. This is the chief reason for many property owners and buyers deciding to deal with an agent. Agents work on a commission basis but this does not deter people from dealing with them as long as they are able to strike lucrative deals. A single real estate agent can handle the case of both the buyer and the seller, provided he has the consent of both parties to do so. An agent is more experienced in property matters, trends and market conditions and will use this expertise to negotiate on behalf of clients. A large number of real estate agents operate in all the major cities of Arizona including Scottsdale Research on the Web or a quick scanning of the local Yellow Pages can help find an agent. It is important to talk to more than one agent simultaneously for a better chance of either buying or selling a property.

Scottsdale Real Estate provides detailed information on Scottsdale Real Estate, Scottsdale Arizona Real Estate, Scottsdale Arizona Real Estate Agent, Scottsdale Real Estate Agent and more. Scottsdale Real Estate is affiliated with Tucson Residential Real Estate

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