Buying a Scottsdale AZ Home? Find the Right Lender

By Tony Marriott • March 14th, 2010

Finding the right lender is an important first step when buying real estate

When you decide the time is right to buy a Scottsdale AZ home the first step is finding a lender, but there are a few options to consider.  Banks, mortgage brokers, internet lenders and home builders all offer different types of financing. To choose the type of lender that works best for you it is important to understand the pros and cons of each.

  • Banks offer the safety and security of federal regulation.  In addition, if you have been with a particular bank for a while and have a good working relationship there you may qualify for better rates.  The downside of choosing a bank is that they often don’t offer the best rates.
  • Mortgage brokers have access to many different money sources and they shop around to secure the best rates.  The downside of a mortgage broker is that they can add whatever fees they wish and often they are on the lender’s side as opposed to the borrower’s side.
  • Internet lenders allow you to shop for the most competitive rates available online.  The downside of internet lending is that it is all on you, you are responsible for all of the research involved and there is no personal communication.
  • Home builders often offer financing as well, which can be an easy way to get approved for a loan.  The downside of securing a loan from a home builder can be higher rates.

Mortgage rates are below 5% and, if you are employed and can afford it, there could not be a better time to buy a Scottsdale home.  The important thing is to research different lenders and determine what makes sense for you.

Tony Marriott, a Scottsdale AZ real estate agent, can help you find the best lending option when you are buying a Scottsdale home for sale.  Tony Marriott can be contacted toll free at 888-577-6585 or by email for more information or to search for Scottsdale real estate for sale.

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