7Tips

Seven Tips for Finding the Best Mortgage Lenders for First-Time Buyers

You just landed your first job and you really want to achieve your life dreams...

If you’re planning to purchase your first home, congratulations! There are several home financing options available today. One of these options is taking out a home loan mortgage. But…how do you find a reputable mortgage lender? Finding a mortgage lender can be the easiest thing ever (we’re not even kidding)! So long as you have shown proof of qualification for the mortgage, hundreds of lenders will RUN after you. Unfortunately, only a fraction of the lenders who approach you, qualify as best mortgage lenders in Arizona or Utah. So, how do you find the best mortgage lender as a first-time buyer? Here are SEVEN tips for you to consider when finding that special lender.

  1. Know what you have and what you need to borrow

The most important step and the one you should start with is organizing your financials before you start visiting lenders. The first question is, how much do I need for a new home? Second, you need to determine what you have, and calculate the deficit so that you borrow only the amount needed. In fact, this helps you to avoid bad debt where you borrow more than what you need. If you have some savings that you can use to purchase your new home, you can use it as a down payment to secure the property before the mortgage-processing period is over. Accumulating some cash reserves before borrowing is a good indication to the lender that you have a positive finance record. This is actually a tip you need to consider in order to make sure you qualify for a home loan.

2.Research the mortgage options online

Researching lenders online is the most common approach for first-time homebuyers. When you want to shortlist mortgage lenders in AZ or UT, it is easy to find more information online. Today, almost every financial solutions provider advertises their financial products online. This applies to mortgage lenders in Scottsdale, Mesa, Gilbert, St. George, Richfield and other cities. Therefore, before you look elsewhere, you will want to research the mortgage lenders online. 

3. Ask friends and colleagues for recommendations.

Your friends and coworkers are great resources when searching for mortgage lenders near you. When talking to them, be sure to note what their experience was like. Ask them about their overall repayment experience, what the service was like, as well as the support they received. 

4. Come up with a list of lenders based on the above tips.

Now, you have the information from online sources and obtained a collection of experiences your friends and colleagues have been through. By now, you have a short list of potential mortgage lenders in AZ or UT. Hooray! Now the step is, determining which lender is right for YOU!

5. Visit narrowed down lenders and find out their loan terms

In order to find the best mortgage lenders in Arizona or Utah, talk to mortgage loan officers about their loan terms and listen keenly to the mortgage conditions. 

6. Rates matter!

A mortgage lender might have good reviews online and provided great experiences to your friends and family, but lending rates do not remain the same forever. Your friend might have enjoyed a lower rate, and may recommend you to a certain lender. Be sure to check the current lending rates before signing the mortgage application forms. Compare what different mortgage lenders in Arizona or Utah are charging. 

7. Consider how much the lender is willing to give

Different mortgage lenders might not extend similar credit amount. You want to make sure that the chosen lender extends an amount that matches what you need. Before accepting the offer, check the price of the property to be sure you are getting an amount that you will absolutely need. 

We hope you received some nuggets of wisdom from reading our seven tips! We are not only passionate about helping first-time homebuyers identify the best mortgage lenders in Arizona or Utah, but we are also passionate about creating a memorable and positive experience for all homebuyers.

Ready to see what's possible? Get in touch today!

Summary
Seven Tips for Finding the Best Mortgage Lenders for First-Time Buyers
Article Name
Seven Tips for Finding the Best Mortgage Lenders for First-Time Buyers
Description
If you’re planning to purchase your first home, congratulations! There are several home financing options available today. One of these options is taking out a home loan mortgage. But…how do you find a reputable mortgage lender?
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Sun American Mortgage
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