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Mortgages Explained

In Tucson, Arizona, a mortgage is a loan given to purchase a specific piece of property - usually a house - with the property being purchased with the loan serving as collateral for that same loan.

Taking out a mortgage and buying a house is not a decision to make lightly. Nonetheless, mortgages serve some very useful purposes. Because houses are so expensive, it's impossible for most people to buy them by paying the whole price upfront. A mortgage ensures that the seller gets paid immediately, and that the buyer is able to pay the purchase price over a long period of time, in manageable installments.

Buying something on credit creates further costs. Because lenders make their money by charging interest on loans, borrowers end up paying far more than the purchase price when they buy a house (or anything else) on credit.

But numerous home buyers think that a mortgage is worth the extra cost it imposes. After all, it wouldn't be possible for most people to buy homes if they had to pay for the whole thing up front.

Getting a Mortgage in Tucson, Arizona

If you want to get a mortgage in Tucson, Arizona, it's essential that you have a well-established history of good credit. Credit ratings are used by lenders to estimate how risky a prospect a borrower is. If you have good credit, you'll have a much better shot at getting a mortgage with a reasonably low interest rate. If you have bad credit, you might be unable to get a loan at all, and if you do, the interest rate will be much higher, to account for the higher risk.

The vast majority of lenders will require a down-payment before issuing a loan. This is some up-front payment that represents a percentage of the purchase price. You should confirm that you have enough money saved up to cover the down payment on a house, if you are considering buying one. This will keep the down payment from straining your finances too much.

You should be mindful of your financial situation, and realistic about it, as well. It might be tempting to abuse credit, and buy a much more expensive home than you can afford. You should make every effort to resist this, and ensure that the price of the home you're buying is priced low enough that it won't result in prohibitive monthly payments on your mortgage. You need to decide how much it will cost per month to own your home, including taxes, maintenance, and mortgage payments. You should make sure that your monthly income exceeds these estimated expenses by a significant amount.

Once everything is in order, it comes time to complete the mortgage agreement. Once this is signed, there is usually no going back, so you should make sure that you understand every single term in this long-term agreement.

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Can a Tucson, Arizona Real Estate Attorney help?

Buying a home is a very, very important decision, and will probably have lifelong consequences. For most home-buyers, these consequences are positive. If you want to fall into that category, as well, you should not hesitate to hire a reputable Tucson, Arizona lawyer if you have any questions or misgivings.

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Life in Tucson

Tucson is a major city in Arizona and the county seat of Pima County.  With a population of about 548,000, it is the second largest city in Arizona after Phoenix.  Tucson is just over 100 miles from Phoenix and about an hour away from the U.S.-Mexico Border.

Often called "The Old Pueblo", Tucson is an attractive mix of traditional southwestern culture and modern innovations.  The downtown area of Tucson has retained much of its historic southwest feel.  Several downtown buildings such as the Hotel Congress and the Art Deco Fox Theater were constructed in the 1920's.  Midtown Tucson also draws many visitors to the city.  For example, the University of Arizona is located in midtown, which includes Arizona Stadium as well as the McKale Center. 

The tourism industry fuels much of Tucson's economy, with some 3.5 million visitors bringing in over $2 billion a year.  Tucson's warm climate attracts many "snowbirds", or winter visitors who often purchase a second home in the city.  Popular events for tourists include the Tucson Gem & Mineral Show and the Tucson Folk Festival.

Lawyers in Tucson, Arizona handle most of their cases at the Tucson City Court.  Tucson lawyers are available to help you understand the many laws that are unique to the state of Arizona. 

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