I have such great memories of going to the bank as a kid.   It felt grown up; I had a “passbook” to keep track of my deposits (there were no withdrawals at that point!);  I might even see people that I knew while I was there…

Sweet memories.

But my, how things have changed!   Today, we pay to do a transaction through a bank teller, most of our interaction is electronic and if we DO have to call a bank, we are likely to get a recorded message encouraging us to speak slowly so that a computer can figure out how to help us.  Rarely is banking personal, and yet, when it comes time to apply for a mortgage, many people think that they will be best served by going through their local bank or credit union.  And maybe they will be.

But I would also recommend that buyers shop rates and fees with Arizona’s local mortgage brokers.  Any  member of the PebbleCreek Real Estate Group can make a few suggestions of local professionals who specialize in mortgages.  It is not overstating things to say that the choice of the mortgage lender can mean the difference between a deal closing on time – or at all.  So, the choice of who to work with on funding should be based both on fees and costs as well as a realistic assessment of if the lender can get the job done in Arizona.

Even as residents of an Active Adult Community, most of us probably have not applied for that many mortgages in our entire lives.  Here are some questions to ask before you commit to a specific lender:

  1.  Are you licensed in Arizona?  (Arizona has specific reporting requirements; it is important that the lender be able to work within the confines of our real estate contract).   You can read our contract here – financing is handled in section 2.
  2. Where is your underwriting done?   (National and multi-national companies may do underwriting in different timezones – even different parts of the world.  This can cause delays in processing and funding).
  3. Are you familiar with the local title companies?   (Mortgage funding goes through a title company; if the lender and the title company already have a working relationship, it can take away a level of the “unknown” from the transaction).

Your local banking relationship may be able to facilitate your mortgage in an efficient and timely fashion.  Just be aware that there are local alternatives that may, at the same cost of a typical bank loan, get the job done conveniently and on time!