The Cost of Your Arizona Mortgage Loan Money Isn't Everything When considering lenders, factor in the level of service they will provide throughout the loan process. I'll be glad to provide a list of lenders who have successfully helped clients in the past. I also suggest that you ask friends and family in the area for their recommendations.
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 The same care and consideration you give to finding the right Arizona house should be applied to your search for the right mortgage lender. For most home-buyers a major determining factor in selecting a lender is the cost of the mortgage loan. But how do you determine the cost of a mortgage loan?
Shopping for an Arizona Mortgage Loan While most buyers concentrate on interest rates, it is best to look at all the costs associated with a mortgage loan. Mortgage loans include the quoted interest rate, points and closing costs. More than Just Interest A number of fees are associated with the mortgage loan, including: Appraisal - A carefully documented opinion of value by a licensed, professional appraiser. Credit Report - A detailed report of your credit, employment and residence history prepared by a credit bureau. Principal - The amount owed on a mortgage which does not include interest or other fees. Document Fees, Loan Fees and Processing Fees - Miscellaneous fees charged by the lender. Discount Points - Points paid in addition to the loan origination fee to get a lower interest rate. (1 point = 1 percent of loan amount) Origination Points - the total number of points paid by the borrower at closing. (1 point = 1 percent of loan amount) Interest Rate - A percentage of a loan or mortgage value that is paid to the lender as compensation for loaning funds.
Prepayment Penalty Mortgages (PPMs) These loans restrict your right to prepay part or all of the principal in the loans early years. A prepayment fee is charged by the lender to the borrower who wishes to pay part or all of the loan ahead of the regular schedule. The advantage of a PPM is that they often have a lower interest rate than other mortgages.
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Using the Annual Percentage Rate (APR) to Compare Arizona Mortgage Loans The APR was designed to help borrowers understand the relative costs of a mortgage loan. The APR takes into account the various fees associated with the loan, which is why it is often higher than the interest rate. Understand that not all lenders calculate a loan's APR in the same way. That is why this should be only one of the factors used in selecting the best mortgage for you. Locking-in Interest Rates Another factor to consider when selecting a lender is whether the lender will lock-in the mortgage's interest rate and points.
 Recommended Mortgage Broker: I personally was recommended to the following mortgage broker years ago and have never been more happy with the level of commitment, explanation, and service I received. Not to mention the great Arizona mortgage I was able to secure. As a result, I'm fully confident that you will be completely satisfied with the service and loan(s) you obtain through American Mortgage Specialists. I highly recommend them. Call them toll-free, at (877) 551-8188 and ask for Michael George or E-Mail him at michaelgeorge@amsaz.com.
Why a Broker? Brokers do the work of searching for the best deals and matching them up with your desires and qualifications. While some borrowers have the time and don't mind shopping from lender to lender while dealing with numerous people, building a new relationship with each new lender, brokers already have an established relationship with many lenders and the RIGHT broker will truly work to keep you informed and insure you are happy with the loans and services they provide to you. If your broker doesn't take the time to explain things to you that confuse you or that you think are surprises in the process, that broker may be over committed and too focused on one thing (making money) and sacrificing good service to get it. Remember, you are not locked into any broker until the deal is done and closed. If you are unhappy, you have the option of severing the relationship and moving on. The right broker can make all the difference, the wrong broker will leave you feeling frustrated and probably with less money in your pocket than you realize. It's a give and take relationship, deal with someone who gives equally as much (or more) as he/she takes. Secure your Queen Creek AZ home or any home in Arizona with a great mortgage you can feel good about obtaining. As your Real Estate agent, I will be more than happy to answer your mortgage questions and guide you to a reliable lender or mortgage broker who will take care you of. Shawn Stagg, (Your Queen Creek AZ Real Estate Expert)
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