Mortgage Broker

Finding a mortgage lender in Flagstaff or online can be a challenge, especially if you don't know what to ask or what points to cover. It's ideal then to prepare to talk to mortgage executives at different types of institutions, like a bank, a lender, and a broker. As a buyer, your first meeting with a lender should be to see if you trust them and what you qualify for.

First you need to find a lender. How do you do this?

1. Talk to a lender before you start looking for a home.

Processing mortgage paperwork can take a long time, so you should start looking for lenders and rates before you decide on your house so you don't lose out on it. Getting pre-approved for a mortgage will make the entire process smoother. In fact, some real estate agents may reject offers from buyers without a mortgage pre-approved, so it makes send to be prepared.

2. Contact different types of lending institutions. 

There are multiple ways of getting a loan. There are banks, credit unions, online lenders, and brokers who offer mortgages. Check out different websites to see where you can find the best deal. Even though you can visit banks and credit unions in person, you may have to call an online company.  Remember to be careful of scams with online lenders.

3. Research common terms and conditions. 

Make sure that you get familiar with the terms and types of mortgages that you may talk about with a lender. Here are some of the terms you will likely encounter:

Interest rate: This is the amount you pay to borrow the loan. The interest rate is a percentage of the loan. You pay this on top of the money you owe to repay the loan.

Annual Percentage Rate (APR): This is the amount you will pay every year for the loan including fees and interest.

Adjustable Rate Mortgage (ARM): This type of mortgage has interest rates that change over time. Rates may start low and then increase which works fine you are planning to sell the house after a few years.

Fixed Rate Mortgage: This type of mortgage has interest rates that do not change over time. If you plan on keeping the house the full length of the mortgage, this type is ideal.

Hybrid Adjustable Rate Mortgage: This type of mortgage has fixed fees for the first year or two. After this point, the rates may change.

Make sure that when you talk to a lender that you're prepared.  Check back on our blog every week for more real estate advice.