No idea where to start! (Phoenix, Cave Creek: sale, credit report, lenders)

[vince3vince]

It is all relative. Given the avg. home in Phoenix is worth $200k, yes $500k can get you a great house, not perfect though. For a first time home buyer, I just wonder why you didn't buy earlier in life- or did you just come into a lot of money? Did you save for 20% down, or have help from family?

[eWizard]

I just started looking at the listings this week.

And, it is true... I really have no idea how much a good house (in a good neighbourhood) costs in Phoenix. I did search online on Redfin but all the houses (in 250k - 600k range) look pretty much the same.

You probably guessed that I am not from this country Back home, when the budget increases, the houses look different. Here everything looks that same!!!

[observer53]

Some of the suggestions you are getting are outside 20 minutes to Deer Valley in traffic. Driving around and getting an idea of what your geographic parameters are will help you.

There's more difference than you think between a 250K house and a 600K house. Some of the pricing is driven by location, but in the same area, you will get a MUCH different house at the higher price.

[vince3vince]

Originally Posted by eWizard

I just started looking at the listings this week.

And, it is true... I really have no idea how much a good house (in a good neighbourhood) costs in Phoenix. I did search online on Redfin but all the houses (in 250k - 600k range) look pretty much the same.

You probably guessed that I am not from this country Back home, when the budget increases, the houses look different. Here everything looks that same!!!

Do you want me to highlight the details you typically find in a more expensive house?

- smooth or sand finish stucco,
- 8 ft garage doors
- 8 ft interior doors
- at least 12 ft ceilings
- 48'' refrigerator
- Viking/Wolf/Sub Zero appliances
- Marble/wood/polished travertine floors
- pedestal or freestanding bathtubs
- thick frameless shower glass
- Alder/ Mahogohny/ some other exotic wood cabinets
- Canterra stone fireplace mantles, granite countertops, marble bathroom vanities
- pavers, stamped concrete, manicured landscape


What to expect in a cheap house
- rough looking stucco (aka spanish lace)
- 7 ft garage doors,
- 6'8'' interior doors
- 8-9ft ceilings
- standard size fridge
- GE profile, frigidaire appliances
- tile/ carpet floor
- small baseboard
-maple or thermofoil cabinets
-gas fireplace
-cement driveway
-framed showers, cultured marble,
- smaller lot


you get the idea

[eWizard]

Originally Posted by vince3vince

Do you want me to highlight the details you typically find in a more expensive house?

- smooth or sand finish stucco,
- 8 ft garage doors
- 8 ft interior doors
- ...


What to expect in a cheap house
- rough looking stucco (aka spanish lace)
- 7 ft garage doors,
- 6'8'' interior doors
- ...

you get the idea

Oh WoW! This is the immensely helpful. I had no idea!

[eWizard]

Originally Posted by vince3vince

It is all relative. Given the avg. home in Phoenix is worth $200k, yes $500k can get you a great house, not perfect though. For a first time home buyer, I just wonder why you didn't buy earlier in life- or did you just come into a lot of money? Did you save for 20% down, or have help from family?

Early in life, we made a conscious decision to not buy a house and get tied down to a place. We concentrated on our careers and went where it took us. We did this for > 10 years. But, now we are tired of renting (and moving). Money is all hard-earned So, we aren't looking to waste any

[DetroitN8V]

Originally Posted by vince3vince

Do you want me to highlight the details you typically find in a more expensive house?

- smooth or sand finish stucco,
- 8 ft garage doors
- 8 ft interior doors
- at least 12 ft ceilings
- 48'' refrigerator
- Viking/Wolf/Sub Zero appliances
- Marble/wood/polished travertine floors
- pedestal or freestanding bathtubs
- thick frameless shower glass
- Alder/ Mahogohny/ some other exotic wood cabinets
- Canterra stone fireplace mantles, granite countertops, marble bathroom vanities
- pavers, stamped concrete, manicured landscape


What to expect in a cheap house
- rough looking stucco (aka spanish lace)
- 7 ft garage doors,
- 6'8'' interior doors
- 8-9ft ceilings
- standard size fridge
- GE profile, frigidaire appliances
- tile/ carpet floor
- small baseboard
-maple or thermofoil cabinets
-gas fireplace
-cement driveway
-framed showers, cultured marble,
- smaller lot


you get the idea

I wouldn't expect to get a lot of the higher end finishes in a $500k house.

[Jkgourmet]

Originally Posted by eWizard

Sorry to sound like such a noob, but is 500K in Phoenix a good budget? Or, should we work on increasing it?

You probably guessed.. we are first time home buyers, hence the very basic questions.

I probably need to go to a different forum to figure out our budget and make decisions accordingly.

Yeah, we are planning to pick a few areas and drive around this weekend.

Thanks a lot for your help guys!

No, No, No. You need to pull your credit reports (https://www.annualcreditreport.com/index.action) and make sure the information is accurate. Pay to get ALL three credit scores (this is going to be <$20). When you have that, you can go play with online calculators to see how much you qualify for (and how much you can afford, which are two different things.) Buying a House - Mortgage Professor

Here's a question for you: You and your husband have been in your current jobs less than two years. Were you in the same industry/job title prior to moving the Arizona? If the answer is "No", you're gonna have a problem getting mortgage.

Here's another question for you: How much money to have on hand for a down payment? How much for closing costs?

Truly, you're putting the cart before the horse. If you can't get financing, you can't get a house. Why not save yourself a lot of heartache, gas and time and determine the FACTS before you start dreaming?

I'm not trying to be harsh - reread my last sentence.

[eWizard]

Originally Posted by Jkgourmet

No, No, No. You need to pull your credit reports (https://www.annualcreditreport.com/index.action) and make sure the information is accurate. Pay to get ALL three credit scores (this is going to be <$20). When you have that, you can go play with online calculators to see how much you qualify for (and how much you can afford, which are two different things.) Buying a House - Mortgage Professor

...

I'm not trying to be harsh - reread my last sentence.

What you said make total sense. We will go talk to a Mortgage consultant at our bank soon. And thanks for the link. It seems to have a lot of information for first time home buyers. If you have any other resources please feel free to throw them my way. Here to learn!

Thanks!

[Jkgourmet]

Originally Posted by eWizard

What you said make total sense. We will go talk to a Mortgage consultant at our bank soon. And thanks for the link. It seems to have a lot of information for first time home buyers. If you have any other resources please feel free to throw them my way. Here to learn!

Thanks!

GREAT ATTITUDE.

Have a look at the information on BankRate.com The mortgage professor site that I sent you before is very good, but complicated. I'd suggest you read BankRate first, then go to the professor.

Talk to the guy at the bank, but don't plan on getting your mortgage there. There are nearly always better places to go.

Remember what I said about not letting them pull your credit. Why? Each pull can actually lower your score. Here's some good information about credit reports: inquiries | Ask Experian

The CD forum for mortgages has some very knowledgeable guys. Look for the ones who have been past winners of the CD prizes and concentrate on their answers.

PS - sent you a PM.