Purchase
Purchase a Home in Prescott, AZ with Confidence
Buying a home is exciting — and it can also feel like a lot at once: pre-approval, offers, inspections, appraisals, paperwork, deadlines. The good news is you don’t have to figure it out alone.
I’m Greg Riordan, and my job is to help you buy with clarity and confidence — whether you’re purchasing your first home, moving up, relocating to the Quad Cities area, or buying a place that better fits your life right now.
Buying Your First Home
Buying your first home is exciting — but it also comes with a lot of unknowns. Many first-time buyers worry about credit, down payments, monthly payments, and whether they’re making the “right” decision. That’s completely normal.
My role is to help you understand the process before you’re under contract, so you can move forward with confidence instead of stress.
As a first-time buyer, I’ll help you:
- Understand what you realistically qualify for (not just the max)
- Compare loan options that fit your budget and goals
- Estimate monthly payments clearly — no surprises
- Navigate down payment and closing cost expectations
- Avoid common mistakes that delay or derail closings
If you’re unsure whether now is the right time to buy, a short conversation can bring clarity — even if the answer is “not yet.”
First-Time Buyer Myths
Myth: I need perfect credit to buy a home
Reality: Many buyers qualify with average credit. The key is choosing the right loan and preparing properly.
Myth: I should wait until rates drop before buying
Reality: Trying to time the market often causes buyers to miss opportunities. Home prices, competition, and inventory matter just as much as interest rates. Many buyers purchase when the numbers work for their budget and refinance later if rates improve — instead of waiting indefinitely.
Myth: I need 20% down
Reality: Some loan programs allow much lower down payments, depending on your situation.
Myth: Getting pre-approved will hurt my credit
Reality: A mortgage pre-approval involves a credit check, but the impact is typically small and temporary. In most cases, multiple mortgage inquiries within a short period are grouped together. The benefit of knowing what you qualify for usually outweighs the minimal credit impact.
Myth: The lowest rate always means the best loan
Reality: Interest rate is important, but it’s only one piece of the puzzle. Fees, loan structure, flexibility, and long-term goals all matter. The best loan is the one that fits your financial situation and gives you peace of mind — not just the lowest number on paper.
Myth: Online calculators tell me what I can afford
Reality: Calculators don’t account for taxes, insurance, HOA dues, or real lender guidelines.
The 5-Step Home Buying Process
Step 1 – Start with a Mortgage Game Plan
Before you tour homes seriously, we’ll talk about your goals: monthly payment comfort zone, down payment, timeline, and what matters most (rate stability, flexibility, lowest cash-to-close, etc.).
Step 2 – Get Pre-Approved
Pre-approval shows sellers you’re ready and helps you shop with a real budget — not a guess. We’ll review income, credit, assets, and documents so you know what you qualify for and what to expect.
Step 3 – Make an Offer
Once you’re pre-approved, you can make an offer that matches your price range and strategy. If the market is competitive, your financing strength and speed can matter just as much as your offer price.
Step 4 – Appraisal, Inspection, & Underwriting
This is where most buyers feel nervous — because it’s the least visible part. I’ll explain what’s happening, what’s normal, and what items you’ll need to respond to (if any) so nothing catches you off guard.
Step 5 – Close on Your New Home
At the finish line, we’ll confirm your final numbers, sign closing documents, and make sure you feel good about everything you’re committing to.
Want to Talk Through Your Options?
Call (928) 427-5156 and I’ll help you map out your next step.
What You’ll Need to Buy a Home
Every buyer is different, but most purchases require some version of the items below:
- Recent pay stubs (or proof of income if self-employed)
- W-2s / tax returns (depending on loan type and income type)
- Bank statements (to verify funds for down payment and closing costs)
- Photo ID
- Permission for a credit review
- A quick conversation about monthly debts (car, credit cards, student loans, etc.)
If you’re self-employed, 1099, commission-based, or have multiple income streams, that’s okay — it just means we’ll choose the right loan path and document it the right way.
How Much Home Can I Afford?
A better question than “What’s the max I qualify for?” is:
“What payment feels comfortable — even if life gets busy?”
When we run numbers, we’ll look at:
- Monthly principal + interest
- Property taxes and homeowners insurance
- HOA dues (if applicable)
- Any mortgage insurance (sometimes required with low down payments)
My goal is to help you land on a payment you can enjoy — not one you have to tolerate.
Down Payments & Closing Costs Explained
Down payment
This is the portion of the purchase price you pay upfront. Some buyers put down more to reduce the payment; others keep cash available for reserves, repairs, or renovations. There’s no one “right” amount — it’s about your strategy.
Closing costs
These are the fees required to finalize the loan and transfer ownership. Closing costs often include lender fees, title/escrow services, appraisal, prepaid taxes/insurance, and recording fees. I’ll walk you through what they look like early — not at the last second.
If you want a realistic estimate based on your scenario, call me and I’ll break it down quickly.
Common Mistakes to Avoid
Most loan delays come from a few predictable places:
- Missing documents (or documents submitted too late)
- Large deposits without a clear paper trail
- Changes to employment or income during underwriting
- New debt taken on while you’re in contract (financing a new car, new credit cards, etc.)
- Appraisal issues (especially if a home is priced aggressively)
My approach is to prevent surprises early, so the closing process stays smooth.
Why Work with a Local Prescott Mortgage Advisor
You deserve more than a rate quote. You deserve a guide.
When you work with me, you get:
✓ Clear communication (you won’t wonder what’s happening)
✓ Straight answers (no jargon, no runaround)
✓ A strategy built around your goals (not a one-size-fits-all pitch)
✓ A smoother closing experience (because we plan ahead)
If you want a lender who treats your purchase like it matters — I’d love to help.
Common Home Buying Questions (FAQ)
How long does it take to buy a home?
Many purchases take 30–45 days from contract to closing, but timelines vary based on the loan type, appraisal, and how quickly documents are provided.
Do I need perfect credit to buy a home?
No. Loan programs vary widely. The right move is to review your current situation and choose the best path — sometimes that means buying now, and sometimes it means a short plan to improve terms.
What’s the difference between pre-qualification and pre-approval?
Pre-qualification is usually a quick estimate. Pre-approval is more meaningful because it typically involves verifying documents and credit so you can shop with confidence.
Should I get pre-approved before I start house hunting?
Yes — especially in competitive markets. It helps you move quickly and makes sellers take your offer more seriously.
Can I buy a home if I’m self-employed or 1099?
Often yes. It depends on how your income is documented and which program fits best. I’ll walk you through the easiest, cleanest path.
What should I avoid while buying a home?
Avoid opening new credit accounts, financing a vehicle, switching jobs without a conversation, or moving large sums of money between accounts without documenting it.
Ready to Buy? Let’s Make the Next Step Simple.
If you’re thinking about buying in Prescott, Prescott Valley, Chino Valley, Dewey-Humboldt, or anywhere nearby, I’ll help you understand your options and move forward with confidence.
Whether you’re just starting to explore or ready to make an offer, a quick conversation can save you time, money, and stress.