Low Interest Rates in Arizona- Awesome Low Rates- Approving in Arizona
When shopping for a home loan, low interest rates are important, however you also need to ensure that you are working with a loan officer that understands the underwriting guidelines to ensure that your loan is properly packaged for a successful processing process.
In my 32 years of banking experience, I have found that many consumers first shop for low interest rates. While low interest rates are extremely important to a family budget, the strategy in how to position the whole loan is just as important. For example, if you are a buyer that wants to purchase their first home and you have a certain amount of cash to invest, did you know that you could use your interest rate to reduce your lender fees, thus providing you with enough cash to close? This is awesome as your payment will still be affordable and you will have enough cash to close.
In the above example, the interest rate may be a little higher, however you will have enough cash to close allowing the home purchase to have success. Furthermore, the payment will still be affordable, as a slightly higher interest rate does not effect your payment that much. 
Lenders that ask questions to learn more about your needs is also imperative. For example, would you like to work with a lender that understands and asks about your family budget goals? Instead of just having the lender pre-qualify you for your highest qualifying loan amount, wouldn’t it make sense to be pre-qualified for a loan payment that your family budget could handle? Many times when I speak with first-time homebuyers and I ask one of the most important questions, “have you and your family discussed your family budget and have you decided what your highest monthly payment will be?” my clients are thankful that I am taking their family budget into consideration.
I have found that most buyers know what is affordable to their family budget, as serious homebuyers knows exactly what they want to spend. This is awesome, as consumers really do get it. Therefore, a good loan officer will educate those buyers on how much of a home that they can buy with their family budget.
Working with a lender that will listen to your needs and strategize with you is essential to your success. Therefore, when shopping for your lender and choosing a lender that is approving, be sure to choose someone that understands underwriting guidelines, listens to your needs and will strategize with you to ensure that you have success with the financing of your new home.
Listening and asking questions is essential to the loan process. Become empowered by having conversations that will give you confidence that you are working with an awesome professional that understands how to position your home loan for success when buying your first home. Interest rates should not be the only driving factor when choosing your lender. Choose awesome lenders that will take the time to learn more about your needs and allow your loan to have approving strategy.
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