How to Choose the Right Lender for your New Home in Scottsdale

It seems like they’re a dime a dozen – lenders for homes in Scottsdale are seemingly invading your mailbox, email inbox and voicemail. Newspaper advertisements, billboards and other ads are in your face all the time.

And each of these companies seems to have a better offer than the last. Low interest rates, reduced or no closing costs and even those with bad credit are welcome.

So how do you choose the right lender to finance your new home in Scottsdale?

Continue reading to learn about what you need to look for in Scottsdale home lenders and how you can find the right one to handle your financing needs.

Consider your own feelings

Start by choosing two or three Scottsdale home lenders that sound reasonable and call them. See if they will take time to talk with you and answer your questions. If they’re too busy to talk, scratch them off your list and move to the next one as they’ll most likely be too busy when you need them to process your loan.

If the Scottsdale home lender does take some time to help answer your questions, consider how comfortable you feel talking to this person. You’ll feel good working with them if they come across as warm, friendly and sincere. If they have an attitude, you won’t feel good. And if they make you feel like they’re doing you a favor, find another one. It’s their job to answer your questions and help you find the right loan for your new home in Scottsdale.

Also, don’t tolerate domination and poor treatment by your lender. Fear of banks and lending institutions goes back generations and some lenders like to exploit this fear to their advantage. Don’t put up with it, especially since there are so many lenders to choose from.

Review costs of the loan

After you have 2 or 3 lenders you’re comfortable with, take a look at their fees. Just because someone is pleasant doesn’t mean they can or will give you the best price.

But you can count on this – honest lenders have fees, dishonest lenders have exorbitant fees. Excess fees can add as much as $5000 to your overall costs!

Even though you won’t be able to obtain a “good faith estimate” without a purchase/sale agreement for a home in Scottsdale, you can still obtain a list of their fees.

Carefully review each option you have and choose the best one for the long term. For example, one company may charge more in fees but the interest rate may be lower.

After making your choice, be helpful to the lender

When your lender asks for certain documents, provide them to him/her in a timely manner. They’re not being nosy, just trying to get what they need to process your Scottsdale home loan application.

Listen carefully to their advice, especially in regard to your credit score. If your debt to income ratio is tight, follow their instructions on paying off specific bills and only making minimum payments on others. Credit scores are complicated but they understand what you need to do to qualify for a mortgage. Failing to heed this advice could derail your chances for purchasing a home in Scottsdale.

But whatever you do while in the process of buying a home in Scottsdale, do not allow anyone else to access your credit report. I’ve seen many a home deal fall through because the buyer went and purchased a new car or obtained credit for something else while in the process of applying for a mortgage. Every time someone accesses your credit report, your score goes down.

Wait until after your closing to go shop for that new furniture or automobile.

Need some more insight on making your dream home in Scottsdale a reality? While I cannot refer you to specific lenders as a Scottsdale realtor, I can provide you some information on making sure you don’t have any problems applying for your loan.

Need More Information
On Scottsdale & Phoenix
Real Estate?

Fill out the form below and we will be in touch with you on available listings and information you're looking for.