I want to buy a home in arizona, should i start the approval/ loan process here in california before house hunting?

If you are working with a 'big bank', (which I don't recommend), those loan officers can usually lend in different states. Since many states have their own set of lending laws I would suggest working with a lender in the area where you are looking to buy. In my opinion a mortgage bank that specializes in only mortgages is your best bet but a broker may also be able to help you. Click on 'community' in the upper right and look for a lender411 loan officer there. I can also refer you to a few if you'd like.

I would recommend looking for a lender in the area that you're moving to. They'll be experienced with local customs, issues, real estate agents, etc. and will be better prepared to help with any challenges that may come up.

It would be a good idea to contact a lender licensed in Arizona to begin the approval process as soon as possible. This allows you to know your maximum purchase price, financing options and the cost of the financing.

A good loan officer can easily determin local costs and customs so there is no reason not to use a national mortgage lender, it is really up to you. (Brokers usually have more limitations on where they can lend due to licensing issues, and there is sometimes a bit of tension between them and larger lenders - brokers don't like that lenders with the larger institutions can often lend in other states. In my opinion, none of us should ) There are great brokers AND great loan officers with national lenders/banks, but there are defintiely problem cases with both as well. Your choice, it's who you are comfortable working with. A bigger question may be whether you are able to qualify for a mortgage in arizona if you are still working in CA. Good luck!

- submitted too quickly, meant to say in my opinion neither direct lenders nor brokers should make a habit of putting down those who work in the other type of mortgage business - we're all professionals and no professional should put down the competition, just out-sell them.

We issue pre-approvals within an hour. Get into touch with me if you would like to go over your options. P: 888-320-7888 - www.MortgagesforAmerica.org - Ken@MortgagesforAmerica.org - Ken Burrows

The best advice I can give you is to contact a LOCAL mortgage broker in the area you're looking to purchase, and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and intricacies of the area. He will also be a good referral source for other services you might require to purchase your home such as title companies, home inspectors, termite, well and septic inspectors, etc.. Additionally, he works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. Yes it's true that there are nationwide companies that can help you, the level of service you receive form the local broker will far surpass the nationwide company, and the broker will do it for the same pricing or less.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com