How to Choose a Tucson Home Lender
Brenda Explains How to Choose Your Lender
Brenda recommends using a local lender. We have found that by using a local Tucson Home Lender with a physical presence right here in Tucson results in a much smoother transaction for the client.
Make correct comparisons. When reviewing Tucson Mortgage Quotes, don’t just look at the bottom line of your lender estimates. Be sure to compare lender fees to lender fees, as these fees are the only ones the lender controls.
Also, make sure lender fees are not “hidden“ elsewhere on the estimate. Lenders will quote other fees involved with your mortgage loan, but because they are third party fees, they are often under-estimated by some lenders to make their bottom line look better.
Know that interest rates and closing costs go hand in hand. This means you can have any interest rate you want, but you will pay more in costs if the rate is lower than normal. You can pay discounted fees, reduced fees, or even no fees at all if you want, but understand that this comes at the expense of a higher interest rate.
Mortgage money and interest rates all come from the same sources, so if something sounds too good to be true, you probably should ask a few more questions. Are there prepayment penalties? How can the rate be so low? Is this a negative amortization loan? Are there extra fees? How long is the interest rate lock period?
Interest rates can change daily, even hourly! If you have two Tucson lenders you are trying to decide between, you should get a quote from each at the exact same time on the same day with the exact same terms or it will not be an accurate comparison. You also need to request the same rate lock period from each, since longer rate locks typically have somewhat higher rates.