5 STEPS ON HOW TO SHOP FOR A MORTGAGE
1) Always get 2-3 names of Mortgage Brokers from which to obtain quotes. Make sure to obtain these referrals from a trusted friend, associate or Real Estate Professional and set time aside to call them on the same day.
2) Be prepared to tell the Mortgage Broker about your plan/intentions to purchase or refinance. Have Social Security Numbers, income figures and down payment information handy.
3) Have a general idea of where your FICO (credit scores) are and/or be open to having a new credit report obtained. NOTE: Minimum FHA purchase or refinance FICO is a 620...Minimum Conventional purchase or refinance FICO is a 680.
4) Once you've provided the basic qualifying information to each Mortgage Broker, be sure to ask for a Good Faith Estimate with each Broker's PAR interest rate. This will allow you to compare the interest rate with fees to ensure you are comparing apples to apples.
5) Once you've made your decision based on the lowest rate and the person you trust the most, call them to secure or LOCK IN the interest rate.
With what seems like nothing but pessimistic financial news taking over the airwaves lately, you can be certain 2009 remains the best year in history to purchase or refinance with rates at historic lows!
SEARCH FOR PHOENIX, ARIZONA FORECLOSURES
Make the Call, Set the Plan, Do the Deal$!
Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities. The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona. You can listent to past shows, or stream on-line.
Phoenix Real Estate Resource Center
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