When you’re in the process of looking for and buying a new home, the question of which Arizona mortgage companies you should consider raises its head.
Your real estate agent most likely has a favorite mortgage broker, but it’s still in your best interest to be educated on what to look for. There are many decisions that will have to be made, including the best type of mortgage for you and your family; the amount of down payment you have available or should make; your credit score and how to quickly improve it if necessary.
Especially when it’s your first home, you may not know what your best option is – should you go with a well known, large financial institution, a mortgage broker or a credit union? What is the difference between each of these?
Types of Arizona Mortgage Companies
It’s important to understand the different types of lenders available in Arizona. This may affect who you finally put your trust in.
- Mortgage Bankers: This describes me, Jimmy V. I work with one financial institution that I consider the best, Goldwater Mortgage, and I put together their available loan packages for my clients. I’m experienced and skilled in finding the right type of loan with the lowest interest rate. I also take a personal interest in you and your family, and my team and I work hard to make getting a home loan a pleasant and drama-free process for you.
- Correspondent Lenders: These types of lenders are usually small, local Arizona mortgage companies. They can make a loan for you, but as soon as it closes they will sell it to another, larger lender, such as Chase Bank. Many people are uncomfortable with this scenario, as they have no idea who will eventually purchase their loan.
- Mortgage Brokers: Independent from any specific company, mortgage brokers work as middle-men between the home buyer and a number of different financial institutions. It’s important, if you go this route, to investigate the background and rating of the individual, as well as learn what mortgage lenders they work with.
- Credit Unions / Savings and Loans: If you belong to one of these you discover they offer very competitive rates. That said, you should still investigate larger Arizona mortgage companies before making a decision, as you may discover better options than what they can offer. Mutual savings banks also belong in this category.
Let the Highly Motivated Truly Dedicated Vercellino Team help you get the home of your dreams, with the least amount of pressure or anxiety. Call us today at 480-800-8387 and let’s chat about your options and how we can best help you with this important purchase.