Arizona home buyer guide

Choose a monthly payment that fits your life, not just the biggest loan you might qualify for. Leave room for savings, repairs, utilities and moving, and keep some cash after your down payment and closing costs.

• Principal: the part that pays down what you borrowed.
• Interest: the cost of borrowing.
• Property taxes and insurance: often collected with your payment in an escrow account.
• HOA dues: community charges, usually paid separately. Ask about special assessments.
• Mortgage insurance: may apply depending on the loan and down payment. It protects the lender, not you.

Ask Pete for a written estimate that includes the full monthly picture. A calculator is a starting point, not a loan offer. Try the calculators.

A pre-approval means your credit, income and assets have been reviewed, so sellers take your offer seriously. It remains subject to the property, underwriting and any conditions in the letter.

• Recent pay stubs and W-2s, plus tax returns when requested
• Recent bank and investment statements
• A current government-issued ID
• Details on debts, other properties and any gift funds

Self-employed? Ask which personal and business returns, profit-and-loss statements and other records your loan needs. See self-employed loans.

Never put Social Security or account numbers in a website form. Pete will send a secure upload link.

• Conventional: the most common loan; down payment and mortgage insurance depend on your situation.
• FHA: government-insured and more flexible on credit.
• VA: for eligible veterans, service members and some surviving spouses.
• Jumbo: above the 2026 conforming limit of $832,750.
• Arizona down payment assistance: helpful for some buyers, with income limits and its own terms. It isn’t always free money.
• New construction: compare builder incentives with an outside lender.

Compare the total monthly payment, cash needed and long-term cost, not just a headline rate.

Choose an agent who knows your target neighborhoods and listens to your priorities. Pete can introduce you to one.

Before signing, talk through price, earnest money, contingencies, inspection deadlines, closing date and any seller concessions. Your agent handles the offer; Pete makes sure the financing fits.

• Inspection: checks the home’s condition. Schedule specialty inspections early.
• Appraisal: confirms value for the lender. It doesn’t replace an inspection.
• Underwriting: verifies income, assets, credit and the property. Respond quickly and keep records.
• Rate lock: know how long it lasts and what happens if closing slips. Get it in writing.

Avoid new credit or unexplained deposits until you close.

Review your Closing Disclosure and compare it with your Loan Estimate. Ask about anything you don’t understand before you sign. Confirm the amount due and how to pay it directly with the title company.

Watch for wire fraud. Verify payment instructions by calling a phone number you looked up yourself. Never trust a last-minute email with new bank details.

Signing isn’t always the same as getting the keys. Ask when the loan funds, the deed records and possession transfers under your contract.

• HOAs: review dues, rules, reserves, pending assessments, rental restrictions and transfer fees.
• Pools: plan for inspection, equipment age, safety barriers and ongoing costs.
• Solar leases: find out whether panels are owned, financed or leased, and what transfers to you.
• New-build communities: ask about construction timing, unfinished amenities and future HOA costs. Expect property taxes to rise once the finished home is assessed.
• Summer moves: plan around the heat, and confirm AC and utilities are on.
• Tucson and Southern Arizona: consider cooling costs, water and neighborhood-specific conditions.
• Flagstaff and Prescott: plan for snow and winter access, check wildfire insurance early, and inspect wells and septic systems.
• Rural property: review access, utilities, water rights and whether the home qualifies for financing. Pete can check USDA eligibility for an address.
• Second homes: discuss occupancy, upkeep, insurance and any rental plans before choosing financing.