Don’t let yourself get taken by being careless or working with an unseasoned loan professional.

Living in AZ is hot enough without adding to the heat with the pressure of a refi. I worked in the refi and mortgage area for several years, 14 to be exact. I have seen a lot of less than ethical loan officers doing what was best for them and not the customer. One of the main things to remember is to get ALL of the required AZ Refi disclosures that by law you must be given.

Fortunately for you the borrower, there is an agency call HUD (Housing of Urban Development) that exist for the protection of you the consumer. HUD has set forth several disclosure guidelines that lenders and loan officers have to abide by in order to be compliant and keep themselves out of hot water.

Mortgages and loans are complicated enough as it is, you should be completely informed of all of your rights and obligations when doing an AZ Refi. I think it is such an injustice to a borrower for a loan professional to try and slip fees and important information past them in an effort to hide how much they are making and how much everyone involved is charging.

So here are the top 10 mistakes to avoid when doing an AZ REFI:

1. Don’t sign anything until you are completely comfortable and have read everything.

2. Don’t allow your loan officer to get around explaining each document and disclosure.

3. Always get and review a Good Faith Estimate (GFE) and a Truth In Lending disclosure (TIL).

4. Have your loan or mortgage consultant explain the deference between loan rate and APR.

5. Never accept a pre-payment penalty rider.

6. Never pay an application fee or other fees upfront.

7. Never assume that the fees are not negotiable.

8 ) Always shop around for the best rate and terms, however be sure the lender can deliver that rate before the close of escrow.

9. Never let the mortgage officer or processor sign anything for you even as a courtesy.

10. When in doubt always ask questions and don’t be pressured into signing documents your not fully comfortable with.

Well I hope this helps you in your AZ Refi and be sure to make decisions that are right for you and your family.