Finding an affordable home loan with fair terms and reasonable costs is a crucial step towards achieving home ownership. Mortgage loans are available from several different types of lenders: commercial banks, mortgage companies, and credit unions. Different lenders may quote you different prices so you need to shop around.
You can also get a home loan through a mortgage broker. Brokers arrange transactions rather than lending money directly. While a good mortgage broker can shop your loan among several lenders, it's important to understand that brokers don't have special access to deals that are unavailable elsewhere. And a broker is not obligated to find the deal that is best for you. Some have been known to pair a borrower with the mortgage that offers the broker the greatest profit, instead of the lowest cost to the borrower.
Today’s real estate market is very complex. Whether you are sophisticated in the field of real estate finance, or if this is your first experience, you should retain the services of an Arizona Mortgage Lender Association (AMLA) member lender.