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Roy's Cell: 928-300-0690
Sedona Real Estate – Mortgages
Actually we generally don’t have mortgages in Arizona, we have Deeds of Trust. For practical purposes, however, everyone including the lenders, seems to use the term, mortgage, for simplicity’s sake.
You can access some national mortgage sites on the Net, get the rates instantly, and make an application on-line if you wish. At the risk of incurring their wrath, though, I strongly urge you to use the on-line sites for information and then apply locally with a real flesh and blood mortgage broker or lender. They’ll at least match what you can get on-line and we’ll have an accountable live person as a problem solver when we encounter the snags that seem to plague the lending process. Those problems multiply when an out-of-town lender is involved.
Here is a useful site for mortgage information and mortgage calculators. You’ll find current rates there, but I’d forgo using one of their lenders and look below for a reputable mortgage broker for Sedona real estate.
Locally, try the following mortgage brokers. We have personal experience with each of them and have found them all to be committed to the highest standards of professionalism and integrity. They all offer rates and programs that will beat or match anything you will find elsewhere. They have each passed our test for the Best in the Business and we recommend them without reservation.
Strangely enough, I am no longer recommending the big national banks. They seem to be behaving absurdly irrational. Bank of America is particularly on my black list after having put two recent clients through ridiculous hoops and then turning down the loans for inane reasons despite huge down payments. BofA requires a loan application for any buyer purchasing a BofA REO. They can’t force you to finance through them, but this allows them to put out teaser incentives like free appraisals. Not worth the head and heart aches.
I’ve been hearing complaints, too, about Wells Fargo.
Linda Rogers
Primary Residential Mortgage Inc.
Senior Loan Officer
Direct Line 928-203-0695 x 3
Cellular 928.301.0822
Efax: 888-600-1346
Email:lrogers@primeres.com
www.primaryhomeloans.com
Also one of the perennial first-rate pros in her field, Linda was my choice for my last mortgage refi. She’s smart, tough, and goes the extra mile for her clients. If anyone in Sedona can get the job done, it’s Linda. Now with Primary Residential Mortgage, she has the clout of a major regional company that is affiliated with Russ Lyon Sotheby’s International Realty (not that that matters).
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Howard Bos
Mortgage Banker
The Lending Company
Toll Free: 877-609-9494
Direct Line 928-203-9494
Cellular: 928-300-1150
HBos@NPGcable.com
www.mortgagesinsedona.com
A longtime veteran mortgage banker, Howard is, again one of the top pros in the Sedona real estate lending. In fact, Howard has been voted, “Sedona’s Best Mortgage Lender” for the past three years. His affiliation with The Lending Company also gives him the resources of a large regional institution offering direct loans as well as mortgage brokerage (shopping other lenders). That gives his clients a great combination of the leverage of a large lending institution and local personal attention and advocacy.
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More Advice…
Again, my suggestion is to do your loan research on one or more of the national mortgage sites and then contact someone locally and challenge him or her to match your best quote. My experience has been that using a local broker or lender with personal connections and knowledge of Sedona real estate versus an out-of-state institution eases the whole process and ensures timely escrow closings.
Keep in mind, by the way, that shopping for a mortgage is a very tricky business. It’s extremely easy for less-than-ethical mortgage brokers to stick even very sophisticated borrowers with hidden costs and junk fees while quoting rates that appear attractive. There are innumerable elements that go into a proper rate quote and it’s important to be comparing apples to apples. My best advice is still to choose someone that you know will do right by you rather than too-good-to-be-true rates with hidden charges.
Frankly, we’ve had rotten luck with several transactions which involved out-of-state lenders, ranging from unnecessarily delayed closings to outright unethical practices which have cost my clients money and major headaches.
The biggest headache lately, though, has been become common with not only out-of-state lenders, but big out-of-town institutions with no local offices. These lenders tend to hire appraisers from Phoenix and Prescott rather than local appraisers who actually have a clue about the local Sedona real estate market. It’s VERY different from other parts of the state. A number of otherwise sound deals have been killed by these incompetent appraisers who simply don’t unerstand Sedona real estate values.
If you do decide to use someone other than a recommended local mortgage broker or banker, please make sure that you have a well established personal and professional relationship with that person or institution. There is way too much funny business going on with that industry and way too many fly-by-night charletans in that business to trust someone you don’t know or hasn’t been recommended to you. That is especially true of many of the on-line mortgage companies. Lots of horror stories there.
LAND MORTGAGES are hard to come by these days, but they DO exist. Call us for the latest on that.
Final bit of advice: Get loan Pre-Approval before you start shopping for Sedona real estate. You’ll put yourself in a much stronger bargaining position and save yourself some money. Plus the whole process can be sped up that way. A third of the real estate buyers in Sedona pay cash and pre-approval puts you in almost the same position as they are in. Sellers love buyers with cash or loan pre-approval.
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