| With home appreciation in Arizona rising at nearly 4 | | | | to just one lender is leaving yourself wide open to be |
| times the national average, it comes as no surprise | | | | charged astronomical fees and interest rates, and you |
| that more and more residents of the state are either | | | | won't know any better because you have nothing to |
| refinancing their current mortgage to get a lower rate | | | | compare these costs to. Some mortgage brokers |
| (or maybe to pay off some high interest credit cards). | | | | receive their payment from you (the borrower), |
| Current Arizona renters are also leaping into the realm | | | | lenders (financial institutions) or both. Some mortgage |
| of first-time home buying, filled with thoughts and | | | | brokers will receive "kick-backs" to "sell" you one |
| concerns of down payments and credit scores. Of | | | | particular program over another. Multiple quotes are |
| course, if the renters don't move quickly, they will find | | | | your best protection against being taken advantage of. |
| themselves priced completely out of the Arizona | | | | The third tip: Ask questions. Don't be afraid to ask as |
| housing market. | | | | many that you feel are necessary, as this is your |
| But the lending process can be so difficult and | | | | home, your loan and your money. Ask about lender |
| nerve-racking; how do you know who to trust? Are | | | | fees, points, as well as anything else that a lender |
| the rate and terms given to you by one lender truly the | | | | might "accidentally" forget to inform you about. Ask |
| best available to you in your situation? In order to | | | | them about the "Good Faith Estimate" and when you |
| assist you in making the best possible decision for one | | | | should expect to receive it. |
| of the most important purchases in your life, we've | | | | The final tip: Don't get personal. Mortgage professionals |
| compiled a list of 4 tips to help you find a better | | | | are working to make money, as are we all. Although |
| Arizona lender: | | | | some lenders will have a conscience, it's relatively |
| The first tip: Do your homework. Research and | | | | difficult to trust someone (who works on a commission |
| educate yourself on the home loan and lender | | | | basis) to truly have your best interest at heart. If you |
| process, taking into account all laws governing the | | | | work with multiple Arizona lenders, be sure to inform |
| mortgage industry in Arizona. Lender fees, closing | | | | each of them that they aren't the only mortgage |
| costs, points, escrow, adjustable rates and | | | | provider in your book. Competition is key throughout |
| pre-payment penalties are just a few costs | | | | this industry, and you may just be setting yourself up |
| associated with a home loan. | | | | for some great benefits, like free appraisals, lower |
| The second tip: Get several quotes from multiple | | | | fees, and a fabulous new mortgage to tell your friends |
| Arizona lenders. Leaving the entire mortgage process | | | | about. |