Mortgage Broker Phoenix, AZ

The east valley

For flexible underwriting and assistance with a down payment, call The Potempa Team today. We are the only mortgage broker in Phoenix, AZ, to offer custom loan terms and costs based on your affordability. Call us today to get started.

Difference between mortgage pre-approval and prequalification

Although both the terms may seem identical, they have major differences. Prequalification paints you with a rough estimate of what you can borrow while a preapproval gives you an exact loan amount that you are allowed to borrow. Prequalification does not require any documentation, as the lender will just take your word for the process. However, for loan preapproval, your lender will require up-to-date documentation.

For preapproval, your lender will check your credit history. For prequalification, the expert will not probe much on your credit score or other financial information. This is just a way to get the ball rolling before you buy a home loan mortgage. Call us for home loans and mortgages.

How soon after a pre-approval, can I shop around for mortgages?

Most borrowers take time to shop around for mortgage lenders, even after getting a preapproval from a lender to see if there are better ways to get the best deal on mortgages. Shopping for mortgages after receiving preapproval equips you with the power to negotiate with your lender on cost, down payment and settlement fees.

Moreover shopping for mortgages will not affect your credit score if you do it within 45 days of your first preapproval. Ultimately, your purpose should be to get the best mortgage deal at the lowest cost. We are the least expensive mortgage broker in Phoenix, AZ. Call us for complete information on our mortgage costs.

Should I try to get pre-approved from more than one lender?

If you are considering mortgage preapproval, we recommend you do it with more than one lender within 45 days. This way, you will make an informed decision after comparing the loan types that each of the lenders offers, costs, customer service, etc.

Having said that we also do not recommend getting a loan pre-approved from more than three lenders because that could only result in a waste of time and money. The home loan generally varies to a minimal extent from one lender to another. Call us for a loan pre-approval today.

USDA Loan Eligibility

To qualify for a USDA loan, the applicant should be a U.S. citizen or must be a permanent resident in the US. He/she should present a credit score of at least 640 and should have a stable job with a steady income. Furthermore, the property should be the applicant’s primary place of residence, preferably in a rural area.

Besides, your adjusted household income should be equal to or less than 115% of the median income. As the most reputed mortgage broker in Phoenix, AZ; The Potempa Team has been providing affordable mortgages for over 25 years now. We can make your dream of a home purchase a reality. Get in touch with us.

cta call b

RECENT ARTICLES