Your Mortgage Questions Answered

Luther Kraxberger REALTOR® - Realty One Group Mountain Desert PHONE: 928-275-1657     EMAIL: lutherkrax@gmail.com ADDRESS: 100 E. Sheldon Suite 200   Prescott, AZ  86301

Does the term "amortization" leave you perplexed? Are you unsure how preapproval differs from prequalification? If so, you're not alone. Here are some mortgage basics to help you become more familiar with the process. What's the difference between prequalification and preapproval? Getting prequalified is often the first step when searching for a home. You supply basic financial information, such as your income, assets and debts, and the lender then provides a preliminary estimate of the amount for which you may qualify. Preapproval involves an in-depth look at your finances and usually requires an application fee, but this process brings you closer to determining your potential interest rate and monthly payment. Being preapproved also puts you in a better position in a competitive market because it shows you have your finances in order. What is amortization? Amortization is the process of paying off a home loan's principal and interest over time within a consistent, planned repayment schedule. In the beginning, a large portion of each payment goes toward interest, but as the loan matures, larger amounts go toward paying down the principal. What types of loans are there? Fixed and adjustable rate mortgages operate as their respective names imply. The former has a rate that stays the same for the life of the loan. The latter's rate may start low, but it can increase after a predetermined period or depending on market conditions. Government-guaranteed mortgages include FHA and VA loans. These are usually easier to qualify for and typically require lower down payments than other types of loans.

Thank you for reading my newsletters. I look forward to connecting with you soon! Luther Kraxberger

Luxury Downtown Loft in Prescott Arizona

A unique Luxury Downtown Loft in Prescott Arizona can be found at McCormick Place on 325 West Gurley Street.  Located just a few blocks from the center of Prescott’s historic downtown dining and entertainment district, this luxury downtown loft in Prescott Arizona offers 2,730 square feet of single level open living space, soaring 14 foot high ceilings, a spacious three bedroom split floor plan, two beautifully appointed modern bathrooms, and a private elevator entry from the McCormickPlace parking garage.

 

While the building was completed in 2005, the new interior of the luxury downtown loft in Prescott Arizona was completed in 2014 by award winning New York Architect and Designer, Dan Kiser, best known for his modern design projects on Fifth Avenue in New York, as well as The Hamptons, Palm Beach, London, and the Caribbean. 

 

Northern Arizona’s cool summer evenings and winter holidays can be shared with family and friends gathered around the dramatic fireplace accented with Italian wood in the oversized great room of this luxury downtown loft in Prescott Arizona.  Guests can spread out around the two oversized islands in the professional Chef’s kitchen which is finished with Caesarstone quartz countertops, a six-burner Wolf cook top range, Wolf built in convection oven, 48'' Sub-Zero Refrigerator, Miele dishwasher, Sharp microwave, and sleek Italian wood custom cabinetry.

 

The Master Suite with terrace access and remote privacy shades is accented with a raised ceiling detail, provides his and hers walk in closets, and offers a 25 foot spa bathroom appointed with grey glass tile, a double sink floating vanity, and a luxurious free-standing jetted soaking tub for two with remote controlled heated backrest.  The separate walk in shower offers a ceiling mounted rain shower head and a wall mounted hand-held shower head, with walls and flooring of modern white and dark grey tile with an open glass panel entry. 

 

After a day of Northern Arizona site-seeing and attending seasonal events, invite guests to relax on the large terrace with sunset views of Granite Mountain.  This luxury downtown loft in Prescott Arizona offers spacious guest rooms and a sleek guest bath with a Mosaic tiled walk-in shower with rain shower head and floating vanity.

 

For just a short walk to art galleries, shopping, live theatre, museums, restaurants, historic saloons along Whiskey Row, and seasonal events throughout the year, look no further for your luxury downtown loft in Prescott Arizona - right in the heart of “Everyone’s Hometown.”  Call for a private tour.

 

Luther Kraxberger, REALTOR

Keller Williams Check Realty

Selling a Home in Prescott Arizona?  Get a Custom Evaluation of YOUR HOME’s Value at www.luther.kwrealty.com, inquire by email at luther@kw.com, or call 928-275-1657 to schedule a free consultation.

 

Buyers can find homes for sale in Prescott Arizona, and search all of the Prescott quad-cities area MLS at www.ShopPrescottHomes.com, and call 928-275-1657 for information on Buyer Representation Services.