Phoenix Mortgage

What’s the Best Phoenix mortgage for you?

That is what your lender should determine. It’s critical that you choose a lender who’s going to work hard to fit you into the best loan package for your situation.

Sure, you want a good rate. But that is just part of the picture. Especially as rates start to rise, you want to make sure you can get the best all-around
deal.

The more you know...

Research local lenders and talk with several before you decide. The only stupid questions are ones you are afraid to ask.

Find out how the different types of loans work so you have an idea what type of loan is going to work for you: Fixed, adjusted rate, balloon? The lender you choose should be asking you a lot of questions before he or she sets you up with a loan.

You want to be pre-approved for a specific amount and have a written loan
guarantee before you start your home search.

In any kind of market, the lender you choose does make a difference.

Fees can vary by hundreds of dollars – sometimes by thousands. And, yes, they can be negotiated. When you get a fee quote, make sure it is not just an estimate. That can change by the time you get to closing.

A traditional down payment may not be necessary. Your lender should present you with a variety of loan strategies.

Ditto for closing costs. There are ways to reduce or eliminate some costs.

Some warning signs to heed before you sign:

• That too-good-to-be-true advertised rate is “gone” when you check into it.

• You get a great phone rate quote, but when you go to the office, that rate has “changed.”

• One lender ‘s fees are really low, quotes you are very low because the lender left out fees you will pay at closing.

• You are told you don’t need to lock in a rate until later.

Being a smart buyer starts with picking the right lender for your new Phoenix property. Do your homework. Your work will pay off in dollars and peace of mind.