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Edição de 05h10min de 8 de outubro de 2013

6,400 Acres Added to Scottsdale's McDowell Sonoran Preserve - Scottsdale Real Estate

The city of Scottsdale acquired 6,400 acres of land for the Scottsdale McDowell Sonoran Preserve at three state land auctions in November 21 in which the city was the only bidder.

The city's combined successful bids totaled $88.2 million - approximately $16 million of that will come from a Growing Smarter State Trust Land Acquisition Grant approved by the Arizona State Parks Board in September. The remainder of the purchase price will come from money generated by two dedicated sales taxes approved by Scottsdale voters in 1995 and 2004. The use of state grant funding frees additional dollars to be used on future purchases.

"This week marks a major accomplishment for Scottsdale's McDowell Sonoran Preserve," said Mayor W.J. "Jim" Lane. "With these three auctions, we have combined our citizen-approved dedicated sales tax dollars with $16 million in state grant money to add 10 square miles to the preserve. Those 27,800 acres now connect to the Tonto National Forest - a milestone ensuring a sustainable wildlife population in our preserve.

"By leveraging state grant funds over the last four years we have been able to save the city more than $78 million while extending the purchasing power of local sales taxes dedicated to expanding the preserve."

With today's acquisition, Scottsdale's mountain preserve encompasses approximately 27,800 contiguous acres - more than 43 square miles. That is over 81 percent of the long-range goal to preserve about 34,000 acres, nearly a third of the city's land area. Preserving these lands achieves a primary goal to establish an important wildlife corridor connection to the nearly three million acres of Tonto National Forest.

The preserve land acquired today includes the majority of Cholla and Granite mountains and extensive areas of exposed bedrock, boulder outcrops, lush upper Sonoran Desert vegetation including Rawhide Wash and a number of other large washes housing abundant wildlife.

The lands generally are located north of the Ashler Hills Drive alignment, south of the Stagecoach Pass alignment, east of the 100th street alignment and west of 136th street. It is within a "recommended study boundary" that includes all of the land targeted to be part of the preserve, permanently protecting the acreage from development.

For more information, please visit our website (http://www.scottsdalerealestatearizona.com/newsletter/6400-acres-added-to-scottsdales-mcdowell-sonoran-preserve.html).

10 Smart Questions - Scottsdale Real Estate

To Ask Before You Pick A Mortgage:

Home buyers and refinancers sometimes focus all their efforts trying to find the lowest mortgage interest rate. Why is that costly? Rate-shopping overlooks comparing a range of fees and penalties that can cost you thousands over the life of the loan. On the flip side: Picking the right lender - one who will process your loan quickly and work closely with you all the way to the settlement/closing table - can make all the difference between a successful home mortgage and a "financing nightmare."

Before you talk with any lender, start thinking about the type of loan you want, the amount you will need to borrow, and the term (length) of the loan. Once you nail down this basic information, be sure to ask lenders the following questions.

- 1. What rate is available today?

Remember that the lowest interest rate doesn't necessarily come with the best loan. Additional fees and costs can sometimes increase your loan costs considerably. Once you zero-in on which loan you want, be sure to compare its APR - annual percentage rate (see box) - with the runners-up.

- 2. How many points do I pay to get a particular rate?

A point equals 1% of the loan amount. A loan with a low interest rate and many points costs thousands of dollars more up front than a higher-rate loan with fewer points. However, discount points, like mortgage interest, are deductible on the buyer's income taxes, even if the seller pays the points.

Estimate how long you will keep the mortgage to determine whether your savings from the lower interest rate will equal or exceed the amount you pay in points. (We'll be happy to help you make this calculation!)

- 3. What fees will I be charged?

Some lenders will quote very low interest rates and points, and then charge higher fees. We will tell you up front what fees are charged and what is included. We like to have everything on the table from the beginning, so there are no misunderstandings later.

- 4. Can I lock-in the quoted rate?

Find out how long the lock-in period is and whether a lock-in fee is required. (If rates and points are rising, a one-time lock-in fee may save you money at settlement and over the life of a loan.) Also ask whether you would be able to "float down" - get a lower rate if rates drop before settlement/closing. Be sure to get all lock-in terms in writing, stating both the rate and points - either one could change if you are not locked.

- 5. How long will it take to process my loan?

Processing is simply the gathering of all the documents necessary for funding approval. If time is of the essence - which it often is - you will want a quick processing and funding turnaround time. Providing a complete application can speed up this process, so be thorough when you apply, and respond to requests for information quickly.

- 6. Am I eligible to receive a loan backed by the Federal Housing Administration or the Department of Veterans Affairs?

Programs from these agencies can be very helpful for first-time and lower-income buyers. But there are restrictions and requirements. We'll be happy to help you determine what loan suits your needs best.

- 7. Will I have to pay private mortgage insurance (PMI)?

If you can't afford to put 20% down, you may need to insure your loan in one of several ways. Traditional PMI, paid monthly with your mortgage payment, is the most common choice. There are also single-premium plans, where you pay cash up front, thus keeping your monthly payment lower. Or you can avoid PMI altogether with a "piggy-back loan." Ask us. Picking the best option for you requires some thought and planning. Fortunately, that's our specialty!

- 8. What if I decide to pay off my loan early?

Agreeing to a prepayment penalty may help get you a lower interest rate. If you decide to go this route, however, refinancing later or making extra payments to pay off the mortgage more quickly could incur a cost. Make sure you understand how the prepayment penalty works.

- 9. What documentation do I need to provide?

Although lenders ask for proof of income, financial assets and creditworthiness, documentation requirements differ from one lender to another and according to the borrower's financial situation. We'll provide you with an easy-to-use checklist of information we need to process your loan. And, of course, we'll work with you to ensure nothing "falls through the cracks" so your loan processes quickly.

- 10. Who will help me through loan processing to settlement/closing?

We make sure our customers get the personalized service they need to be comfortable with the entire mortgage-loan process. Our experienced loan officers and processing staff have all the tools and knowledge necessary to make your home mortgage experience a dream - not a nightmare. Ask us anything - we're here to help you!

For more information, please visit our website (http://www.scottsdalerealestatearizona.com/newsletter/2012-08-home-report/10-smart-questions-pick-mortgage.html).