Today we’re sitting down with our very own Matt Askland to get his professional insight on the current Phoenix real estate market. An expert in the mortgage business since 2000 and the main driver here in our Southwest region, he’s been a vital component to RedStone’s success. Let’s jump right into our chat with Matt.
First, let’s have a bit of fun. Finish this sentence: You know you’re officially a Phoenician when…
…you’ll park at the far end of the lot just for that tiny piece of shade. Also, when you can pronounce cities like Ajo and Gila Bend, and when you don’t need GPS because you speak in directional language – NEC, SEC, NWC and SWC.
So true! Speaking of shade, what are some of your favorite family-friendly ways to beat this summer heat?
I just broke the bank on a backyard for my family to enjoy our own little slice of paradise. I have a pool in my life again! We also love Top Golf, Main Event and the water parks. If you really want to beat the heat, travel north and enjoy the cool mountain air.
Alright, switching gears to the professional now. What is one piece of advice you’d give to homebuyers about the financing process?
You really should get pre-qualified. Don’t dabble in this market unless you really understand what you can afford. We also advise people on what NOT to do when shopping for a home. For example, don’t go buy a new car, change your job or how it pays you, and definitely don’t take on a new credit card or move large sums of money in or out of your bank account.
And how can Realtors best help clients qualify in today’s market?
Ask them these three questions: 1) How much cash do you have saved for the down payment? Their answer will tell you if they need help. 2) How would you rate your credit? If they don’t say excellent, let us know so we can dive into why. They may not tell you, but they’ll tell us. 3) How long have you been at your job? This will tell you about their stability as a borrower and buyer.
Are there any under-the-radar lending and financing options consumers should be aware of at the moment?
Yes, definitely. Many of our senior clients are finding financial freedom in reverse mortgages. This program allows you to convert a portion of your home equity into cash and use the wealth they’ve built in ways that are truly beneficial to their lives. Also, the HomeReady® program by Fannie Mae is ideal for today’s borrowers who have limited savings. With as little as 3% down, you can qualify for a competitive rate and mortgage.
What kind of questions do you have about qualifying for a home loan in today’s market? Leave them in the comments below and we’ll do our best to answer!