What you need to know about the Arizona Pre-Qualification Form when buying a home in Arizona?
One of the form use when making offer buying a house is Arizona Mortgage Pre-Qualification Form (PQF), unless you will be paying cash for the house. This pre-qualification form will be a key component of any purchase offer and required part of the purchase contract in Arizona. Home buyer must provide a copy of pre-qualification that is signed by the lender and the buyers. The form validates that the buyer are pre-qualified or even pre-approved for a home loan. This form is the foundation for the rest of the loan process.
What is Pre-Qualification Form?
The Pre-Qualification Form was developed to provide information on the buyer’s ability to qualify for a loan. The form sets forth the loan amount for which the buyer can prequalify, assuming a maximum monthly housing payment.
Who should complete the Pre-Qualification Form?
Buyer’s lender.
Does Pre-Qualification Form has expiration date?
A pre-qualification generally expires when the credit report expires – typically within 60 days.
Pre-Qualification Form outline
The Arizona Pre-Qualification Form does outline most information and how strong is the home buyer. These information including:
Buyer’s marital status
If the buyer is relying on the sale of another property to qualify
If the buyer is relying on the seller to pay closing costs
If the buyer is relying on down payment assistance to qualify for this loan
The type of mortgage the buyer is approved for
The type of property the buyer is purchasing/qualified for
The buyer’s occupancy of the home (primary residence, second home or investment property)
The loan amount, the monthly payment and the interest rate the buyer is qualified for
Documentations that buyer has provided the their lender for review
Lender name, company and contact information
As you can see, the pre-qualification form has a lot of information about the buyer. Without a pre-qualification form, most sellers will not consider a buyer’s offer as they feel the buyer does not have loan process in place.
Swee Ng, Realtor and Phoenix East Valley resident specializing in win-win real estate transaction through great communication and fighting for his clients’ best interest. After all, this is more than real estates, this is about your life and your dreams.
If you are looking to buy or sell your home in Phoenix AZ and surrounding area, we hope you will consider us. Contact us today for complimentary consultation.
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