Financing an active adult home?
When you’re financing an active adult home in Arizona you have many choices but are they all the best one for you? After years of working with clients we’ve learned this is one of the single biggest decision you have and getting this one wrong can cost you thousands of dollars. Here are just a few of your options:
- Conventional Loan
- FHA Loan
- VA Loan
- Reverse Mortgage
Lending practices can be very different from lender to lender as well as state to state. It’s super important that you choose to work with someone that is very familiar with the Arizona contract and the special contract documents that refer to your contingencies. We’ve heard horror stories of clients choosing lenders based on criteria like the lowest interest rates or closing costs only to have last minute issues that have cost them thousands of dollars.
What’s the answer? Be very select who you choose to work with and usually the best option is the lender your agent suggests. Here’s just a couple of reasons this can be the best way to go:
- The lender has a relationship with the agent and relies on their referrals. Meaning the lender doesn’t get a chance to make mistakes or take advantage of a buyer. Doing this would mean they no longer get referrals from that agent.
- That lender is very familiar with the procedures that ensure a smooth transaction and doesn’t have last-minute issues with the loan.
- The lender understands the buying process of retirees and second home buyers. They can walk you through all your options, not just the few a bank or out of state lender has.
- And worst of all is if you use a bank or lender not located in Arizona if there is a problem you are totally on your own. Most out of state banks/lenders will not even talk to the real estate agent so they are no help, meaning you will have to clear up the issue or risk losing the house and your earnest money deposit.
Here are a few that we know have a proven record of client services above and beyond the average lender.
Mortgage Power – Randy Howell
Randy Howell began his mortgage career in 1993 after retiring from the US Army. Yearning to best serve his clients, Randy became one of the first to earn the prestigious Certified Residential Mortgage Specialist (CRMS) and Certified Mortgage Consultant (CMC) designations in Arizona.
Please give Randy a call at 623-888-9050 to help with financing an active adult home or email Randy at: randy@mortgagepowerinc.com
Also you can start the application process through this link- https://randyhowell.zipforhome.com/
Mortgage Power, Inc | NMLS# 1770856 | Licensed to Do Business in the State of AZ | AZ MB 0949189