Tips on Selecting an Arizona Mortgage Broker or a Mortgage Banker

A Few Tips on Selecting an Arizona Mortgage Broker or a Mortgage Banker

Not only is purchasing a new home no easy task, deciding who to have help you with the process can be even more taxing. Here are just a few tips and tricks to help you in your decision on whether to utilize the services of an Arizona Mortgage Broker or a Mortgage Banker.

1. Think about this: do you want the absolute best available rate? The easy answer is, “well of course I do!” but think about it a little more. If you've already bought a home or if you know of a good solid lending institution that you've worked with in the past or trust to the utmost degree, you may not mind paying a smidge higher interest rate. Also, sometimes the best rate does not come the quickest. A mortgage banker can cut down the time of the loan processing by about a week because they work for a lender who will loan you the money directly.

2. Do your homework! Ultimately, it doesn't matter whether you choose an Arizona mortgage broker or a mortgage banker, but what is important is that you do your homework. Can the person you’re using answer all your questions? Do they have integrity? Are they honest in their dealings? Those are more important considerations.

3. Don’t get pressured into making a hasty decision. A good Arizona mortgage broker will not pressure you or use those annoying sales tactics to get you to move quickly on a house. Do not go through with a loan you don’t understand or don’t know everything about. Remember, you are not committed to accepting a loan or buying a home until you sign on that dotted line.

One Last Thing To Consider Regarding Arizona Mortgage Brokers

Arizona Mortgage Brokers will do the shopping for you. If you’re dead set on buying a home, another week shouldn't matter a whole lot in the process. After all, you’ll be paying on this home for the next 30 years. If a low interest rate is what matters most (it can make a HUGE impact on your monthly payment), go with a Mortgage Broker who can help you find just that.

For Selecting an Arizona Mortgage Broker

Here are just a few tips for you when considering the use of an Arizona mortgage broker in the home buying process:

1. First, ask your friends, family and neighbors for references for a broker. These people are valuable resources that you can trust and will likely lead you in the right direction. You’ll be surprised at how many connections they might have!

2. Always remember, if it sounds too good to be true, it is! Don’t be suckered into using a specific Arizona mortgage broker because they promise you bottom of the barrel interest rates. Also, do not pay into any upfront fees from a broker. You are not committed to them until you sign all the final paperwork and their origination fee will be paid out of the loan. A trustworthy Arizona Mortgage Broker Setabay Home Loan will not charge you fees up front, but rather help you through the process while you feel comfortable.

Arizona Mortgage Brokers Are Here to Help

Don’t get too overwhelmed and keep in mind that Arizona Mortgage Brokers in Phoenix are here to help you. They won’t pressure you to move too quickly on a home and they will do a lot of the confusing paperwork for you. They will work with the lender and  it is their duty to find you the best interest rate possible, so hold them to it! A good broker will be on the ball, move you through the process as quickly as possible, and represent your financial situation to the lender in the best way they know how. Even if you have a bad financial history, a broker can help you navigate the home buying and loan approval process.

Dennis Dahlberg
Broker/RI/CEO/MLO

Setabay Home Loan
Tel:  (623) 582-4444 | Fax: (888) 279-6917

www.setabay.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

Matchmaker matchmaker Is It Time To Do Arizona Mortgag

Is It Time To Use an Arizona Mortgage Broker?

Is it time for you to use an Arizona Mortgage Broker? How do you know if it’s that time? Here are a few need-to-knows before you sign your life away on a new home: First, what is an Arizona mortgage broker? Essentially, this type of broker acts as an intermediary who works with lenders on behalf of individuals or sometimes businesses. Rather than banks going out and selling loans themselves, they put their interest rates out there and Arizona Mortgage Brokers hunt them down and present them to buyers. In fact, in the US (and other countries including Spain, New Zealand, and Canada) mortgage brokers do the majority of the selling for lending institutions.

What Do Arizona Mortgage Brokers Do For Their Clients?

Arizona Mortgage Brokers  serve their clients in many ways that people wouldn’t be able to do on their own. First, they will assess your ability to pay. They look at your financial background, income, credit history, and more. Don’t worry if you don’t have good credit, that doesn’t mean you are automatically disqualified from buying a home. They will also do some research on the market and help you find a home that is in your price range and fits your family’s needs.

Did you know that Arizona mortgage brokers can also get you pre-approved for a home loan? This can be kind of a lengthy process but your broker can get you through it fairly fast and a lot quicker than you would be able to on your own. It will be a lot less stressful for you if you don’t have to worry about this part of the process. All you have to do is get your documents together and your broker will do the rest.

Match Making Services for You and Your Home Loan: Arizona Mortgage Brokers

Matchmaker matchmaker make me a match! Put your eharmony account on hold for a few days—you’ve got a home to buy! What is an Arizona mortgage broker, you ask? Well, basically, they are a matchmaker for you and your home loan/lender! They will match you—the borrower—with a lender that will offer you a loan within your monthly payment budget and with, hopefully, an awesome interest rate. They will go over your personal information and look through a broad scope of lenders to match you with the best rates and terms.

Why Use an Arizona Mortgage Broker? Can’t I Do it On My Own?

Technically, yes. You could find your own home, lender, loan, etc. You could gather all your documents and evaluate your loan to income ratio, and more. But who wants to do that when you have a home you want to buy? Why bother yourself with this hefty task when you could just leave it to a professional? Leave these services to an Arizona mortgage broker. Arizona mortgage brokers have a much broader scope of access to an array of lenders and they will most likely be able to hook you up with a lender who offers a lower interest rate than you could find on your own.

Your Setabay Home Loan is the Arizona Mortgage Broker will match you with a loan, and then submit your loan application for underwriting and approval. This is a process that is difficult to understand and you’re better off to just let someone who knows the industry take the reigns in this situation. What are you waiting for? Find the Arizona mortgage broker that is right for you today!

Dennis Dahlberg
Broker/RI/CEO/MLO

Setabay Home Mortgage
Tel:  (623) 582-4444 | Fax: (888) 279-6917

www.SetaBay.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

Need to Know Tips When Choosing an Arizona Mortgage Broker

Let’s be honest, buying a home is not an easy process. It’s taxing—mentally, emotionally, sometimes even physically. Even worse though is going at this process alone. Don’t even think about it! Buying or refinancing a home is just too big of a task to take on if you don’t know the industry well. We’re not talking about buying a $10,000 car here, this is likely going to be the biggest purchase of your life. Allow an Arizona mortgage broker to do all the tough stuff while you do the fun stuff like picking out a home and mentally decorating it while landscaping your yard. Arizona mortgage brokers can help you through the home buying process, and in all reality, they can do a lot of the busy work for you.

What Do Arizona Mortgage Brokers Do?

Arizona Mortgage Broker such as Setabay Bay Home Loans in Arizona take care of the loan, essentially. However, they are not the ones actually lending the money. The banks always do that (unless you decide to go with a mortgage banker, but that’s a story for another day). They work as an intermediary between you and the bank, and they shop around to find you the best interest rates out there.

When buying a home and considering the loan aspect of things, the most important part is the interest rate. Even a 1% difference in an interest rate could possibly mean several hundred dollars you would be paying each month. That’s a big difference in the grand scheme of things! And how are you to know what is considered “good” or “bad” in interest rate terms? Leave this work to someone who knows the industry—an Arizona mortgage broker. Get started today!

FHA, Conventional, USDA Loans—Arizona Mortgage Brokers Work With Them All!

There are about a million and one different ways to finance a home. There are FHA loans, conventional loans, USDA loans, loans that require 20% down, loans that require nothing down, loans that you can pay twice a month or once a month—you get the picture. Rather than wade through all of these and weigh the pros and cons of each, why not consult an Arizona mortgage broker? An Arizona mortgage broker can help you determine which loan is best for your situation and circumstance. They will explain the basics of each loan and provide their input on which they think would be best for your budget. When making a purchase as large as a home (likely the largest in your life!) you don’t want to mess around with the financial aspect of it. Allow an Arizona Mortgage Broker to do the legwork for you—after all, they already know the industry.

Which Loan Will My Arizona Mortgage Broker Process For Me?

It’s important to keep in mind that an Arizona mortgage broker does not actually do the lending. Instead, they help you gather all the paperwork, prepare the loan application, and submit it to the lender for the underwriting process. They work with you on these things, but they also do a lot of work on the side on your behalf that you may not know about.

They are constantly researching interest rates and different types of loans. Since real estate is an ever-changing market, brokers must always stay abreast on the latest happenings. Subtle changes in government, demand, consumers, etc. all have an effect on the market, so you need to be working with someone whose sole job it is to know these things.

USDA loans do not require a down payment, often times. If you live in a rural area and feel you don’t want to part with your savings, this may be the loan for you. FHA and conventional loans do require a down payment and those percentages vary. Your Arizona Mortgage Broker should be able to help you determine what you can afford after you have gone through your finances together.

Dennis Dahlberg
Broker/RI/CEO/MLO

Setabay Home Mortgage
Tel:  (623) 582-4444 | Fax: (888) 279-6917

www.setabay.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

Who Does a Mortgage Broker Arizona Work For?

 It’s a question that will likely cross your mind in the home buying or refinancing process. You want to make sure you’re not getting cheated, so you have to ask, who exactly is my mortgage broker Arizona working for?

Mortgage Broker in Arizona are self-employed most of the time. They hold a license within their state, but they do not work for any specific lending institution. (If they do, buyer beware!) 2/3 of Americans entrust their loan preparing, home searching, process in the hands of a broker.

Why Would a Mortgage Broker Arizona Have a Higher Origination Fee?

They've got to make money somewhere…just like you and me, they have to find a way to feed their families and meet their personal needs. Mortgage broker Arizona do not work for free, thus the origination fee. This is a fee that you rarely would have to pay out of pocket, but it is wrapped into the loan so that the broker gets paid. Sometimes brokers have higher fees than if you were to find your own loan directly, but that’s because they do more work in finding the best loans available. They also often have access to lower interest rates than you would be able to get on your own.

While Arizona Mortgage Brokers cannot give you loan approval directly (that is done by the lender) they can make sure you are represented in the best possible way so that the lender will accept your application. Most of the time, your broker will be able to predict whether your loan will be granted, especially if you have been pre-approved and are honest and upfront about your financial circumstances. Let them help you be on the path to home ownership today!

How does a Mortgage Banker Differ From an Arizona Mortgage Broker?

Their names sound similar enough, but the two have very different jobs. The Arizona mortgage broker is a middleman. They find the lender and the buyer and connect them to create the perfect match for financing a home. They do a lot of the leg work for the buyer and communicate directly with the lender without much, if any, interaction between buyer and lender. Most people (about 2/3) find this convenient and find that they can trust their Arizona mortgage broker to bring them the lowest interest rates and the best deals possible.

A mortgage banker is not a middleman. They can approve the loan directly, but they will offer you only one interest rate—that of the lender they are working for. They do not shop around for interest rates, it is what it is with a mortgage banker. They are a little more straightforward and they cut out the middleman all together.

You need to understand the differences between Arizona mortgage brokers and mortgage bankers so that you can make an informed decision on which one would be best to meet your needs. Some people find that middleman to be frustrating, while others find comfort in knowing their broker is not biased and knows the industry well.

Deciding Between an Arizona Mortgage Broker and a Mortgage Banker

The decision is tough for some and easy for others. Typically, people opt to go with the Arizona mortgage broker when buying a home because they offer a bit of a relief because the buyer does not have to know the ins and outs of the industry. It can be an intimidating task to have to prepare a loan application yourself, so if you don’t feel good about that, you’ll probably want to go the broker route.

However, if you know the industry well, are well-informed on interest rates and are comfortable with not having to compare them, you can go with a banker and get the job done a little more quickly. Either way, you are on the path to home ownership!

Mortgage bankers can offer their products directly to the consumer, avoiding the middleman. A mortgage banker can give a consumer direct loan approval. Mortgage brokers may have slightly higher origination fees, but may be able to find slightly better interest rates. Understanding this basic difference between mortgage brokers and mortgage bankers can help you decide which will better meet your individual needs. The industry is mature, and is well represented in Phoenix, so finding a local company to handle your loan should not be difficult.

Dennis Dahlberg
Broker/RI/CEO/MLO

Setabay Home Mortgage
Tel:  (623) 582-4444 | Fax: (888) 279-6917

www.setabay.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

Getting a home after you have a short sale, foreclosure or bankrupcy on your credit report.

Can an Arizona Mortgage Broker Help Me Buy a Home After a Short Sale?

Yes! Even if you have a bad credit history, you are not completely exempt from the home buying process. Don’t give up hope! Find yourself an Arizona Mortgage Broker Such as Setabay Home Mortgage and they can help you through this process. You would be absolutely astounded at the sheer number of people who are able to purchase a home not long after a short sale.

If you did short sale your home, you chose a better alternative than foreclosure. This shows responsibility and accountability on your part. Though short sales do damage your credit for a time, they aren't long-lasting. We all get in over our heads sometimes, or sometimes we have unexpected expenses that arise forcing us to downsize. Whatever the case, if you've done a short sale on your home and your looking to buy again, an Arizona mortgage broker can help you out.

How Can an Arizona Mortgage Broker Help Me After a Short Sale?

Remember that the broker is on your side. They’re not trying to pressure you into anything and they truly want to help you get the loan. Your Arizona Mortgage Broker will need the following documents from you (and probably more):

-Pay stubs

-Bank account numbers and current balances

-All debt information

-Tax information from the last two years

-Identification

They will likely need more information than that, but there is a good start. The broker will look at your info and determine a debt to income ratio which will help you get pre-approved for a loan. Once you have been pre-approved and found a home, an Arizona Mortgage Broker can submit your loan application to a lender and it will undergo an underwriting process. Your broker will represent you in the best way possible so that you can get approved to purchase a home.

Can an Arizona Mortgage Broker Help Me Buy a Home After Bankruptcy?

Sure! Why not? A bad financial past or credit history does not have to scar you for life. If you’re ready to move on with life and purchase a new home after bankruptcy, start by contacting an Arizona mortgage broker. The process may be confusing, but they can help you through it.

Different types of loans have different guidelines on how long you have to wait after applying for a home loan after filing for bankruptcy. These loans—FHA, Conventional, Rural Housing, etc.—are all different and you will need to have your Arizona mortgage broker help you determine which one you will be able to apply for.

When Can I Contact an Arizona Mortgage Broker After Filing for Bankruptcy?

You can contact an Arizona mortgage broker anytime. But if you’re serious about buying a home, you’ll need to wait about two years from the discharge date on your paperwork before any lender will approve you for one. Be very very careful after filing for bankruptcy if you plan to buy a home again after the waiting period. Do not miss a payment and make all your payments on time. This is a time of repair for your credit and it will take a lot of work on your part.
You don’t always have to wait two years. If you’re really antsy to buy a home, an Arizona mortgage broker can probably help you get the job done. However, fees for underwriting are going to be quite high and you probably don’t even want to know about the interest rates. It’s best to wait the two years most of the time.

Be sure to pay off any tax liens, non-medical debts, etc. Don’t be racking up a bunch of credit card bills and expect to be approved for a home loan! It just doesn't work that way. For more information on how an Setabay Home Loan a Arizona Mortgage Broker could help you out, visit www.setabay.com.

Dennis Dahlberg
Broker/RI/CEO/MLO

Setabay Home Mortgage
Tel:  (623) 582-4444 | Fax: (888) 279-6917

www.setabay.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

Are Arizona Mortgage Brokers The People Who Do the Lending?

In a short answer, no. Arizona Mortgage Brokers do not actually lend money to buyers. Their goal is to bring the buyer and the lender together so that they can carry out the loan/home buying process. The Arizona Mortgage Broker is the intermediary between these two people and tries to make the deal work right on both ends.

What Do Arizona Mortgage Brokers Do For Lenders and Buyers?

For the lender, Arizona Mortgage Brokers find them people to lend money to. They fill out the loan application, check the person’s credit history and debt to income ratio, and decide if it is a good deal for the lender by determining if the person will likely be able to make their payments or not. After all, if the buyer doesn't pay the lender back for what they've borrowed, the lender gets a very sour end of the deal.

Arizona mortgage brokers help the buyer more than the lender, though they are a very neutral party that is there to help. They help the buyer gather paperwork, prepare the loan application, and determine what they can afford and what amount of home loan they will likely be approved for. Brokers do a lot of busywork and go-between communication. They are in constant contact with the buyer and the lender and work to bring them together on a deal without those two parties ever technically working together.

Arizona Mortgage Brokers will also do a lot of research to see which lenders are loaning money and which are offering the best interest rates. They will do the shopping around for the buyer, and since they know the ins and outs of the market, this works our remarkably well for all parties involved.

Arizona Mortgage Brokers Vs. Arizona Mortgage Bankers

If you’re in the market to refinance or purchase a home, you’re probably dealing with a little bit of stress. It can be quite the process, and especially tough if you aren't working with someone who knows the ins and outs. After all, this is likely the biggest purchase you will ever make and largest financial decision of your life. You want those decisions to be in good hands, don’t you? By finding the right Arizona mortgage broker, you will feel more comfortable with your decision.

How are Arizona Mortgage Brokers and Mortgage Bankers different?

First, they hold different licenses. The loan originators—mortgage bankers—work for a specific lending company and are currently not licensed in Arizona. You must take a “buyer beware” approach when refinancing or purchasing a home with a mortgage banker. If you’re not sure which of these two you are working with, ask to see a license. Generally, you do not want to work with a broker (mortgage banker) who is working for a lending institution because they are biased.

Arizona mortgage brokers, however, are not working for a specific company, but they shop around and do their homework to find the best loan for your circumstances. Arizona Mortgage Brokers are self-employed and they specialize in real estate financing. They offer a tremendous variety of services and are very skilled and knowledgeable about their industry. They have access to lending institutions that the average Jo Schmo does not have, thus they open the door for so much more opportunity when buying a home.

Surprisingly, about 2/3 of Americans use a mortgage broker when buying a home. Even though they sometimes have a bit higher origination fee, the majority of people feel better about trusting this huge decision to someone who knows what they’re talking about. Arizona Mortgage Brokers can help you in this time of need.

Dennis Dahlberg
Broker/RI/CEO/MLO

www.setabay.com
Tel:  (623) 582-4444 | Fax: (888) 279-6917
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

What is a Mortgage Broker?

The Definition of an Arizona Mortgage Broker

So you've decided to buy a home and now you need to know some terminology, huh? Well, let’s start with the term Arizona Mortgage broker located in Phoenix Arizona. This is a big one. In simple terms, this is the person who will prepare the loan application, communicate with your lender, make sure your loan is approved and processed, and essentially save your life! In technical terms though, Arizona mortgage brokers are a little bit different. Investopia defines a mortgage broker like this:

“An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. A mortgage broker gathers paperwork from a borrower, and passes that paperwork along to a mortgage lender for underwriting and approval. The mortgage funds are then lent in the name of the mortgage lender. A mortgage broker collects an origination fee and/or a yield spread premium from the lender as compensation for its services.”

Basically, they are the matchmaker between you and the bank who will lend you the money to buy your home. And a good mortgage broker will make sure it is a match made in heaven!

Arizona Mortgage Brokers Explained

Don’t confuse Arizona mortgage brokers with mortgage lenders. They do not actually do the lending of the money. Often times, brokers will work for lenders, though not always for one specific lender. Sometimes they will work for several. They will use their clients financial information to match them up with the perfect payment system and interest rate. Since each individual buyer is vastly different, along with each individual lender being vastly different, there is a large market for comparing and combining buyers and lenders in the real estate market. Arizona Mortgage Brokers do just this and are experts in their field.

Everything You Need to Know About an Arizona Mortgage Broker

You’ll soon find out not long after you enter into the home buying process how mentally and emotionally taxing it all can be. Can I afford this? What paperwork do I need to dig up? What are the interest rates and how do they affect my mortgage? These questions have probably already floated through your mind. Not surprisingly, and not unusually, you probably will not know all the answers, nor will you be able to find the answers on your own. That’s where an Arizona mortgage broker comes in. They can help you through every step of the home buying process and make sure you are comfortable with your payments and 100% happy with your purchase. Don’t take the home buying process lightly, and don’t try to do it on your own. Feel confident about your decision by utilizing the services of an Arizona mortgage broker.

How Will My Arizona Mortgage Broker Help Me?

Like I said, you don’t want to go through this process alone. Find an Arizona Mortgage Broker in Phoenix Arizona you can trust, and one that understands you and your needs during this time. Your broker will communicate with different lenders to make sure you get the best interest rate possible. He or she is probably not employed by a lender, which is a comfort to you because you know that they will be working hard to compare different rates. Once they find the lowest rate and best lender possible, they will lay out all the details for you.

Don’t go at this blindly. You need to stay informed as to what is going on, but you also don’t have to know every last real estate term in the book—that’s your broker’s job. Your broker will be in constant contact with you to make sure you are moving in the right direction. They will gather paperwork from you, prepare a loan application, and get you your Good Faith Estimate (GFE).

Dennis Dahlberg
Broker/RI/CEO/MLOSetabay Home Loans
Tel:  (623) 582-4444 | Fax: (888) 279-6917
NMLS 1057378 | AZMB 0923961 | MLO 1057378

What is the difference between an Arizona Mortgage Broker and a Mortgage Lender?

This is a common question for the aspiring home buyer, and one with a fairly straightforward answer. Essentially, a lender lends the money. A broker cannot do that. A lender works for a lending institution (bank) and actually issues the loan to consumers. An Arizona mortgage broker, on the other hand, finds a lender and puts them in touch with the buyer and vice versa. Essentially, the Arizona mortgage broker is the go-between for the bank and the buyer. A broker is not committed to any one lender, and often works for several different institutions. Arizona Mortgage Brokers Have a Goal to Help You

You may be skeptical that an Arizona mortgage broker works for a certain lending institution. You want to make sure that YOU get the best rate, and you don’t want to be cheated in the process. This can happen if you don’t know what and who you are dealing with. Do a little research on the mortgage lending process and become familiar with typical interest rates of the time so you don’t end up with a sky-high interest rate and a payment you can’t afford.

Arizona mortgage brokers are on your side. Most don’t work for one specific lending institution and are willing to compare and contrast several bank rates to bring you the best deal. Others do work for one specific institution, but still their goal is the same. Brokers are working for you, and you need to be sure that they do just that.

If you need help finding an Arizona mortgage broker, do some research online, ask friends and family, and do some shopping. Don’t settle with the first person that says they can get the job done…get what you want out of this deal. If you’re interested in more information on this subject, Setabay Home Mortgage in Phoenix Arizona can answer your questions and concerns and help you out. Give us a call today.

Dennis Dahlberg
Broker/RI/CEO/MLO
Setabay Home Mortgage
Tel:  (623) 582-4444 | Fax: (888) 279-6917
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027