After you found the home you like, and done with other essential things before buying a home, the next step is to choose a mortgage lender. Shopping for a mortgage involves more than just looking for a good interest rate; you want to work with only the best local mortgage lenders, top professionals who will explain the ins and outs of the process.
The internet is a good place to start finding the best mortgage loan resource. By doing a broad online search for mortgage rates in Phoenix area, you will get a good sense of the market. I highly recommend emailing a bunch of different local lenders and mortgage brokers around you asking for rates, fees, etc. There is no reason to be loyal to your bank, or a local credit union or any other mortgage lender. As long as you don’t default, all lenders are essentially the same. Treat getting a loan like a business transaction and demand lenders to compete for your business.
Get bids, get them to send you a good faith quotes, which they should give you for free. Then send the GFE to other lenders. Read reviews of lenders online. Get the one with the lowest rate.
A local mortgage lender is good choice because of the generally better service you can expect, but there are good brokers out there with the big banks as well. And they sometimes have access to rates the smaller guys don’t, so the another best option is to shop around and meet face-to-face with a few different local mortgage brokers. Find one that you’re comfortable with and get referrals from others to find out how attentive they are throughout the process. Don’t worry so much about which bank they represent; weigh the costs with the expected service and make the choice that’s right for you.
Learn how new mortgage rules may help you when you shop for a mortgage.
Still want to know more ideas or couple of more suggestions about lenders around Phoenix? Call Scott Roes 602-696-4570 or visit website