Interested in a Great Place to Live: Check out Prescott, Arizona

By Sheryl Landrum
Local Lender Columnist
Jan 5, 2009
While property values are still declining in most areas of the country, Prescott, Arizona has bragging rights to home value increases the past two months. And with mortgage interest rates dropping, now might be the perfect time to check out an Arizona local lender and buy a home in a city ranked as one of the top five towns in Money Magazine's 2006 article Best Places to Retire.

What Generates Growing Interest in Prescott

Prescott is in Yavapai County, the second-fastest growing county in Arizona, yet manages to maintain its small town feel. Prescott features a diverse economic base, temperate four seasons, and a low crime rate. Overall, Prescott is an ideal place to raise a family and to settle down. But what about the Prescott's housing industry?

Good Home Prices and Great Interest Rates Make Housing Affordable in Prescott

In October, 2008, the median house value for a single family residence in Prescott was $214,678 Homeowners with 20% down, $42,936, would be looking at a mortgage loan of $171,742. Borrowers with good credit could qualify for a mortgage interest rate of about 5.375% for a 30-year fixed mortgage. The resulting mortgage payment for principle and interest would be $962--less than most people pay for rent and with possible income tax benefits as well.

If Prescott Sparks an Interest, What Should You Do?

If you are considering moving and home buying in Prescott, the first thing you should do is contact a local lender and prequalify for a home loan. Prequalifying for a mortgage takes the guesswork out of how much home you can afford and allows you to make informed decisions when looking at homes for you and your family. Make sure your local lender has a good reputation and good standing with the governing agencies for lenders in Arizona. Next, be prepared to provide the following when meeting with your lender:

• Two years tax returns, W-2s, and two months' current paystubs which reflect your year-to-date earnings
• Two month bank and asset statements, all consecutive pages
• Proof of citizenship
• Your driver's license or acceptable identification
• Current employer information such as address and telephone number
• A current mortgage coupon if you have one

Your lender will also run your credit report. Once your application has been completed and a mortgage loan amount agreed on, you should expect to receive a Good Faith Estimate and a Truth in Lending Disclosure within three days. Next, find a great real estate professional and start looking for your new home in beautiful Prescott, Arizona!

Source:
AZ Commercial Net

About the Author
Sheryl Landrum is a Loan Officer with General Mortgage in San Diego, California and a freelance writer specializing in mortgage issues.