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Joseph Domino - From The Outside Looking In

5/21/2019 8:35:07 AM

I am always happy to learn about mortgage lending topics. Mortgages are the key to home buying. This excellent article by Rob Spinosa sheds the light on a topic that is often misunderstood. The Lenders, The Dreamers and Me Immigration, as a topic, has been in the news a lot lately. Without weighing in politically, at least overtly, this is a matter close to my heart as it's not hard for me to forget that my grandparents fit the classic Ellis Island mold that shaped the lives of countless Italian-Americans.  A couple of years ago, I was honored to write a piece for our industry's M Report, and in it, I tried to imagine what it was like for my immigrant grandfather to obtain his first mortgage here in the United States.  Just conjuring his experience shed new light on my own value proposition and how I might better serve some of the most financially vulnerable, as they take a huge step towards realizing a big part of the American Dream, home ownership. By now, most of us have heard of "the Dreamers."  These are individuals who have what is known as D.A.C.A. (Deferred Action for Childhood Arrivals) status.  Their citizenship, or lack of it, is part of what I want to cover here today,  but it's just a component of the larger policy towards lending guidance by Fannie Mae (FNMA).  And FNMA's guidelines apply to other non-U.S. citizens as well.  Can they get a mortgage?  If so, what paperwork must they provide?  Let's take a journey to discover what's possible. We're going to use our DACA scenario and we're going to assume that our borrower has an Individual Taxpayer Identification Number, or ITIN.  To be eligible for a conforming loan, a borrower must have a valid Social Security Number or ITIN.  That is Step 1.  Next we're going to verify legally present status in the US.  We can use this borrower's EAD or "Employment Authorization Document" to accomplish this in our case here, but other documents that will verify status are Green Cards, work visas, entry stamps and I-551 stamps.  So even though we are talking about a DACA example here, you can see that this flow chart would also apply to those on work visas such as the H-1b, L-1, etc.  Verifying status is Step 2. Once we have confirmed an SSN or ITIN and verified status, we will next attempt to meet standard income and employment guidelines, as well as all other credit qualifying aspects of the loan they seek.  But keep in mind, this varies very little from what a US citizen might expect.  For example, can we verify employment?  Is there a history of earnings?  Is the borrower self-employed?  Assuming we can document stable employment and meet the requirements above, our DACA homebuyer may indeed be eligible for a conforming loan. Creating a path to ownership for those on a path to US citizenship is an objective Fannie Mae is promoting through its practices and policies.  We understand these and I feel a responsibility to help those new to our country share in the American Dream.  If you need my confidential assistance, don't hesitate to get in touch.  Many years ago, my grandfather bought a property in Brooklyn, NY, and became an American homeowner.  All of our family's generations to come benefited from that decision and that outcome.  The rest, they say, is history ---- the modern history of the United States of America, if you ask me. I lift my lamp beside the golden door, Robert J. SpinosaVice President of Mortgage Lending Guaranteed RateNMLS: 22343 Cell/Text: 415-367-5959 rob.spinosa@rate.com Marin Office:  324 Sir Francis Drake Blvd., San Anselmo, CA  94960 Berkeley Office:  1400 Shattuck Ave., Suite 1, Berkeley, CA  94709 *The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate's Human Resources Department. Guaranteed Rate. Illinois Residential Mortgage Licensee NMLS License #2611 3940 N. Ravenswood Chicago, IL 60613 - (866) 934-7283 © 2010-2018 Joseph Domino All Rights Reserved

5/17/2019 4:41:33 PM

This is great information from John Meussner. Share this with your potential home buyers. There is no free lunch. Experian Boost - Don't  Do It! You've perhaps seen Experian's latest marketing pitch on TV commercials for their "Boost" product - "Help Raise America's Credit Scores", the website hero image reads.  And yes, the product can do what it says - boost a user's credit scores.  That's great news, right!?!?  Well, no. All that glitters is not gold, and Experian Boost is a perfect example.  While yes, scores may go up, the product could also cause delays in the mortgage process, and disappointment for borrowers who find that their boosted scores aren't worth anything when it comes to getting a loan. Here's how it works:  A consumer signs up for Boost, and self-reports their own utility or other non-traditional tradelines to Experian.  The consumer's bank account is linked to Experian, so Experian sees payments being made to the utilities, reports them on their reports using FICO model 8, and BOOM - scores are up!   BUT, and a big ole' but, is that the report notates the account is self-reported: Therein lies the problem.  When a mortgage lender sees these self-reported tradelines, they'll require a borrower to remove them from their credit report - causing delay, and uncertainty over their credit scores, rates, and mortgage insurance costs.  As of now, Fannie Mae, Freddie Mac, and HUD will all require a borrower to "correct" their report before they'll approve their loan - that means conventional, FHA, VA, and USDA financing is off the table for any borrower using Experian Boost. For those looking to get a home loan, it's important to know this information in advance.  One of the first questions a lender will ask is "do you know your credit score?".  A lender that doesn't know any better may overlook the self-reporting and set a borrower (and their real estate agent) up for failure.  Without an accurate credit report, a preappoval is worthless.  An approval through DU or any other automated system isn't accurate, and uncertainty prevails for anyone using Experian Boost. Why would they create this product, then?  Well, although it's a hinderance to mortgage financing, it could benefit someone trying to build their credit from scratch.  If a consumer has a "thin" credit file, they may not have any score at all reporting.  Again, even if a score IS generated, it'll be useless for getting a mortgage, but it COULD help get other credit, open cards and other accounts that could eventually lead to a healthy credit profile, or offer other benefits.  So the program isn't all bad - it's just important to note that if you're going to be buying a home, using Experian Boost could cause delays and disappointment - and you won't see that in the program's advertising. Want to work with a lender on top of the latest industry news and the best ways to make getting a mortgage easy?  Give us a call at 484-680-4852 or reach out and ask an expert! This article was originally published at JMLoans.comJohn Meussner NMLS# 138061Visit My Website!   © 2010-2018 Joseph Domino All Rights Reserved

5/16/2019 10:30:21 AM

Scottsdale Arizona is a marvelous place. It offers residents and visitors alike activities and lifestyle choices that can make anyone happy. I have lived and worked in Scottsdale for 18 years, yet I am always finding new adventures and fun activities that remind me why we relocated here.Waterfront property is not the first thing that you think of when considering life in Scottsdale. More often you think of Scottsdale as a desert community. Yet we have several marvelous neighborhoods that border small lakes and canals. Areas with tall trees, green grass, and classic architecture.Today I had the chance to spend a little time taking a relaxing walk after breakfast along Lake Marguerite in Scottsdale’s McCormick Ranch neighborhood. The Lake is part of Scottsdale's 11 mile long greenbelt which follows along the Indian Bend Wash. The area is popular with joggers, bicycle riders, people out for a stroll or an enjoying a peaceful picnic.Lake Marguerite is bordered on two sides by high-end luxury homes and condominiums. Residents can cruise along the shoreline in their pontoon boat, practice their fly fishing or simply sit on the shore and peer across the lake toward Camelback Mountain one of the metro areas most iconic symbols.Would you like to enjoy 300+ days of sunshine? Live in luxury along a quiet pristine lake? Delight in open green space and beautiful scenery? Then perhaps Scottsdale’s McCormick Ranch neighborhood is for you.Want to know more about waterfront homes in Scottsdale? I can help. Follow the link below to see some great waterfront homes in Scottsdale.https://www.scottsdale-azhomes.com/Or just give me a call. I will be happy to help find your next dream home. Joe Domino is a Realtor® serving the Phoenix & Scottsdale metro area. You can find more great information by visiting his website at www.Scottsdale-AZHomes.com. © 2010-2018 Joseph Domino All Rights Reserved

5/11/2019 4:57:44 PM

We have squatters living at our house and we have to let them stay a few more weeks.My wife enjoys hanging a variety of seasonal wreaths on our front door. We currently have a nice spring wreath of twigs and bright red flower buds. Along with our “Welcome” doormat, it invites our visitors to come inside. In fact, it is so welcoming that one of our local doves decided to build a nest in the wreath. When we went out to see what she had done we noticed that there were a couple of eggs in the nest.Hmmm…, now what? We couldn’t evict her. But now we can’t open the front door. We are afraid we will damage the nest and the eggs.My wife put up a sign warning anyone that comes to the door not to disturb the nest. So now we welcome our visitors and get all of our deliveries through the back door or garage.Our house has gone to the birds.  Joe Domino is a Realtor® serving the Phoenix & Scottsdale metro area. You can find more great information by visiting his website at www.Scottsdale-AZHomes.com. © 2010-2018 Joseph Domino All Rights Reserved

5/8/2019 5:57:47 PM

Every sale, every transaction is different. Even when you think you have negotiated a slam dunk deal, something can go wrong. However, it can be especially unnerving when the best deal you can make is loaded with contingencies, being funded by a bank with a poor track record or working with an agent that is out of step with the closing process. It can be like riding a roller coaster. One minute you are chugging along slow and steady, the next barreling down into the unknown.Riding a roller coaster at an amusement park can be fun if that is what excites you. But real estate transactions probably work best when everything is slow and steady. If not, all you can do is hold on tight.Recently, I had the good fortune to close a sale on a home that was a roller coaster ride from the initial offer to the COE. It was a multiple offer situation, but what I thought to be the better offer walked away. While we were able to negotiate with the second buyer with better success. I cautioned my clients, at the time the offer came in, that this one is risky. But the dollars where right, the timing was good, so the sellers were willing to take the risk.Well, we got a few cheap thrills along the way. We experienced poorly prepared documents, missed deadlines, and poor communication. It was a wild ride. But we made it to the end.So all’s well that ends well. I am just glad I didn’t throw up. I hate when that happens.  Joe Domino is a Realtor® serving the Phoenix & Scottsdale metro area. You can find more great information by visiting his website at www.Scottsdale-AZHomes.com. Image by Connor Johnson from Pixabay.com © 2010-2018 Joseph Domino All Rights Reserved