Mortgage Banker in Prescott, AZ - Home Loan Process

AmeriFirst Financial, Inc. your LOCAL Mortgage Banker in Prescott, AZ is here for you. Our LOCAL Mortgage Banker in Prescott, AZ Branch of AmeriFirst Financial is proud to be staffed with Four Loan Officers, a Loan Officers Assistant, Processor and Administrative team. We are located in the Prescott Business Center at: 222 W. Gurley Street, Suite 202, Prescott, AZ 86301.

Our Mortgage Banker in Prescott, AZ Loan Officers are here to guide you through each stage of the process and provide you with expert advice along the way.

We are committed to making the home loan process clear, informative and simple. At your LOCAL Mortgage Banker in Prescott, AZ AmeriFirst Financial we understand that buying a home will be one of the biggest purchased of your life. That is why we are committed to providing you with the information you need to make well informed decisions.

Home Loan Process

The path to successful home ownership begins with AmeriFirst Financial Inc. Our professional loan officers will guide you through each stage of the process and provide you with expert advice along the way. We are committed to making the home loan process clear, informative, and simple.

Have you decided to purchase your first home? Throughout the process there are many things to think about, especially if this is your first home. Request a copy of our Step-by-step home loan guide to learn more.

Getting Started

Your Loan Officer will begin the process by setting expectations with you regarding the steps involved in obtaining a mortgage for your new home, your refinance, or your home renovation loan and develop a road map for you to follow.

Your Loan Officer will:

1. Assist you in finding the loan that best fits your qualifications and financial goals. Different mortgages meet different needs. The features of each mortgage loan will have an impact on your interest rate, the amount of your monthly payment and its variability, and your overall costs of borrowing. Request a copy of Important questions to ask about your mortgage to learn more.
2. Provide you with regular updates and status changes throughout underwriting.
3. Communicate with your Real Estate agent about loan status.
4. Help you achieve your financial goals by securing a loan with the best rates and costs.

Enjoy the process.
 

You are now well on your way to achieving your home loan goals with the assistance of your professional AmeriFirst Financial Loan Officer. Don’t forget to keep your loan officer and real estate agent informed of any changes to your finances, job or overall situation. You will be receiving regular updates from your AmeriFirst Financial team, and we look forward to helping you accomplish your home ownership dreams.

Please feel free to stop by or call your LOCAL Mortgage Banker in Prescott, AZ

AmeriFirst Financial, Inc.

222 W. Gurley Street, Suite 202, Prescott, AZ  86301

(928) 227-0586  |  www.amerifirst.us

Mortgage Banker in Prescott, AZ - FHA Myths Exposed and Explained

AmeriFirst Financial, Inc. your LOCAL Mortgage Banker in Prescott, AZ is here for you. Our LOCAL Mortgage Banker in Prescott, AZ Branch of AmeriFirst Financial is proud to be staffed with Four Loan Officers, a Loan Officers Assistant, Processor and Administrative team. We are located in the Prescott Business Center at: 222 W. Gurley Street, Suite 202, Prescott, AZ 86301.

Our Mortgage Banker in Prescott, AZ Loan Officers are here to guide you through each stage of the process and provide you with expert advice along the way.

We are committed to making the home loan process clear, informative and simple. At your LOCAL Mortgage Banker in Prescott, AZ AmeriFirst Financial we understand that buying a home will be one of the biggest purchased of your life. That is why we are committed to providing you with the information you need to make well informed decisions.

FHA Myths Exposed and Explained by Your Local Mortgage Banker in Prescott, AZ

Q. Do FHA loans require too much paperwork?

A. In prior years, FHA loans required much more paperwork and documentation than conventional loans. Now, there are only about seven application documents more than conventional loans that buyers need to sign making the process more simplified.

Q. Are FHA loans are too expensive for the Seller?

A. There used to be substantial costs involved that the buyer was not allowed to pay. Now, the only cost the buyer cannot pay is a $75 tax service fee. This makes FHA much more attractive to sellers.

Q. Are FHA rates higher?

A. With tiered pricing on conventional loans, FHA pricing is actually much lower. The minimum FICO score required on a conforming loan before the borrower has to pay a higher rate is 740. On FHA loans, a low FICO score of 620 gives the buyer the same interest rate as someone with an 850 score.

Q. Can Mortgage Insurance be removed?

A. It is possible to obtain a 15-year fixed FHA loan with 10% down payment which requires NO MI. If MI is obtained, it must be held for at least 5 years.

Q. Do FHA loans take too long to close?

A. As a Double Eagle FHA approved lender, closing is fast and efficient.

Q. Do FHA loans benefit the buyer?

A. FHA is the only loan with less than 10% down (3.5% down payment). MI is reasonable and underwriting is still quite liberal. All of these things benefit buyers.

Q. Do FHA loans benefit the Seller?

A. This is probably the most significant myth still active in today’s market. With only a 3.5% down payment requirement, minimum 620 credit score requirement, and minimal cash reserves FHA loans are a huge benefit to sellers.

Q. Do you always need money to close as a buyer?

A. All down payment and closing cost funds can be gifted by an approved source. The buyer needs zero funds of their own to close.

Q. Is a Conventional loan always better?

A. In today’s market, conventional loans are much harder to close and the MI is more difficult to obtain. FHA is a great loan in today’s market.

Q. Is it hard for buyers to understand the loan?

A. Even first time buyers see the numerous benefits of FHA. Today FHA calculations are much less complex.

Q. Does government get too involved in the process?

A. As a Double Eagle FHA approved lender, AmeriFirst Financial controls the entire process from application to funding. With this control, Amerifirst can complete the transaction quickly and meet timelines making the process simple.

Please feel free to stop by or call your LOCAL Mortgage Banker in Prescott, AZ

AmeriFirst Financial, Inc.

222 W. Gurley Street, Suite 202, Prescott, AZ  86301

(928) 227-0586  |  www.amerifirst.us

Mortgage Banker in Prescott, AZ "How to Avoid Mistakes When Shopping for a Home Loan"

AmeriFirstFinancial, Inc. your LOCAL Mortgage Banker in Prescott, AZ is here for you. Our LOCAL Mortgage Banker in Prescott, AZ Branch of AmeriFirstFinancial is proud to be staffed with Four Loan Officers, a Loan Officers Assistant, Processor and Administrative team. We are located in the Prescott Business Center at: 222 W. Gurley Street, Suite 202, Prescott, AZ 86301.

Our Mortgage Banker in Prescott, AZ Loan Officers are here to guide you through each stage of the process and provide you with expert advice along the way.

We are committed to making the home loan process clear, informative and simple. At your LOCAL Mortgage Banker in Prescott, AZ AmeriFirst Financial we understand that buying a home will be one of the biggest purchased of your life. That is why we are committed to providing you with the information you need to make well informed decisions.

Your Local Mortgage Banker in Prescott, AZ Would Like to Show You:

“How to Avoid Top Buyer Mistakes When Shopping for a Home Loan”

• Know what you are comparing. Rates change moment by moment, based on the volatility of the market. Calling a lender and getting a true quote in the morning and comparing that to another lender’s correct quote in the afternoon isn’t comparing apples to apples. The Market could have shifted.
• A bank may be the first place you look for a home loan, but there are other choices. Institutions are challenged in today’s busy market as work flows are heavy and turn times suffer. It is possible that market conditions make it impossible for an institutional lender to close on time on a 30 day escrow. Compare turnaround times for underwriting, loan docs and funding.
• When shopping for a home loan know the rates and the fees. Lenders can increase their fees and lower their rate, making their product look more attractive than it really is.
• Find a Loan Officer you feel comfortable working with. Ask a real estate agent or other industry professional for a referral. An experienced professional Loan Officer will guide you through the home loan process and help you find the best home loan for your financial goals.
• A Loan Officers performance is critical to closing your home loan on time. When looking for a Loan Officer to best represent your needs, ask them to provide you with three buyer referrals to insure you will be working with a qualified professional.
• People generally don’t understand how rates change and what moves the market. When the Fed lowers the “Fed Funds Rate” or “Discount Rate”, they are manipulating short term rates. This may or may not affect mortgage rates and no real rule of thumb applies. What is more useful is to track Mortgage Backed Security Bonds. They will always have a direct correlation to mortgage rate movement.
• Before you get a traditional 30 year fixed loan, ask your Loan Officer about other options. A 30 year fixed loan may not be the best loan program for every buyer. A professional Loan Officer will tailor a loan to fit your needs and save you thousands of dollars over the life of the loan.
• Don’t apply for new credit of any kind. Every time that you have your credit pulled by a potential creditor or lender, you lose between 1-20 points from your credit score immediately.
• Don’t do anything with your credit that will raise a red flag and impact your credit score. For example: adding new accounts, co-signing on a loan, changing your name or address with credit reporting agencies, don’t max out or over charge on your credit cards, don’t consolidate your debt onto 1 or 2 credit cards, don’t close credit card accounts, don’t pay late, and don’t dispute anything on your credit report. Contact your professional Loan Officer to learn more about protecting your credit during the home loan application process.

Please feel free to stop by or call your LOCAL Mortgage Banker in Prescott, AZ

AmeriFirst Financial, Inc.

222 W. Gurley Street, Suite 202, Prescott, AZ  86301

(928) 227-0586  |  www.amerifirst.us