Pook's Message - 4/16/12

Ask any Arizona 4th grader what Arizona's 5 Cs stand for and they'll be quick to tell you that they stand for Arizona's five major resources: Cattle, Citrus, Climate, Copper, and Cotton.  In the early years of Arizona's statehood, farming, ranching, and mining brought people here for jobs and the state's mild climate was perfect for enticing folks to visit and stay.  At various levels, all those resources are still factors in Arizona's economy today, with Arizona's climate still being the huge draw and tourism and travel being a leading industry in Arizona.   That being said, I'd probably add a 6th C - Commerce, which brings all of those resources together, along with the many other economic, social, cultural, and technological systems that make Arizona great. 

Here in the Paradise Valley area, people talk about some different Cs... Many folks new to the area, assume that the Town of Paradise Valley is in the Paradise Valley School District, however, it's actually within the Scottsdale Unified School District and when folks here talk about the 3 Cs, they're referring to Cherokee Elementary, Cocopah Middle, and Chapparal High School.

On a financial level, there are some more Cs to think about... when applying for credit, lenders will consider a borrower's Character, Capacity, Capital, Conditions, and Collateral.  One of Today's Topics, The Four Cs of Mortgage Underwriting, talks about 4 of those Cs: Capacity, Credit, Cash, Collateral.  While they're not included in the article, Character (a borrower's integrity) and Conditions (of the borrower and the economy) are also important factors.  In today's market, with interest rates being at all-time lows, many people are finding it hard to get loans. Before you start looking for a home, talk to a lender to find out what you'll need to qualify for a loan and how much you can qualify for.  Start the process here by reviewing The Four Cs of Mortgage Underwriting and 6 Don's After You Apply for a Mortgage.  If you need the name of a lender, give me a call or check out my website for the names of several great mortgage advisors and loan officers.