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