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Michael Terace

Mortgage Specialist
809 W Riordan Rd, Suite 207, Flagstaff, AZ 86001
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NMLS: 375606
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We were very pleased with our loan office Michael Terrace. My wife and I would definitely use your services again. Thank you for a great job.

Marie M. - Port St. Lucie, FL | FEB 2017

This was the most streamlined refinance process we have ever participated in. All contact with Guaranteed Rate was handled professionally and our questions were answered quickly. We will definitely be recommending Guaranteed Rate to others!

Melissa T. - Alvarado, TX | DEC 2016

We want to tell you all “Thank you!” so much for all you did to make it possible for us to refinance our home loan. We realize there are many steps and processes and probably many others involved that we don’t know, so our thanks goes to everyone. The experience with Guaranteed Rate was so professional and streamlined and we are extremely grateful. The closing agent at Stewart Title also sang your praises by letting us know how easy Guaranteed Rate was to work with and how friendly you all...

Melissa T. - Alvarado, TX | DEC 2016

This is our third loan with Michael Terace, just love him!

Georgianna B. - Venice, FL. | OCT. 2016

Great people!! Super easy!!

David T. - Williamsport, MD. | OCT. 2016

Michael Terace and Margie we of great help and quickly responded to all my emails.

Christopher C. - Mesa, AZ. | NOV. 2016

All form submissions were all electronic. The whole process was very easy and straight forward. Would do business again.

Chad C. - Winchester, VA. | NOV. 2016

We thought the process went very well and quick. Thank you!

Maryann D. - Lynn, MA. | DEC. 2016

Michael Terrace was a real pleasure to work with, he was patient and answered all my questions, and I had a lot! He made it very understandable and smooth.

Patrick S. Bainbridge, IN | DEC 2016

Michael Terace and his team were excellent to deal with. Communication was fantastic and very fast. He made the entire process as painless as possible.

R B. - Plano, TX | NOV 2016

Michael Terace and his support team made it all easy and smooth.

Jacek J. - Dublin, CA | AUG 2016

I was impressed with all the people I dealt with, from Michael to Michelle and Michael (yes, I had two Michael's that I worked with) all of them were fantastic and made this entire process easy to work with. I extended my praise to them throughout this whole process and I would highly recommend them to all my friends.

Charles G. - PEORIA, AZ | JUL 2016

I was impressed with all the people i dealt with, from Michael to Michelle and Michael, yes, i had two Michael's that i work with.. all of them were fantastic and made this entire process easy to work with. I extended my praise to them through out this whole process and i would highly recommend them to all my friends.

Charles G. - Peoria, AZ | JUL 2016

This is what I like about your team..Michelle was able to set this up and assist my family and I in staying in the area of our annual vacation camping trip. I consider this ABOVE AND BEYOND the call of duty. You team is AWESOME and I appreciate all that they and you have done to complete this process. I do want to remind Michelle to try to get a direct deposit/wire transfer set up for my portion to go straight to my acct. Thanks again. I will recommend this company to all my friends.

Charles G. -Peoria, AZ | JUL 2016

Our team was fantastic! They always responded immediately to phone calls and emails and were very patient with our every question. The process was smooth and quick from start to finish.

Shannon W. -Konxville, TN | MAR 2016

Michael Terace and his team are the best. They went above and beyond to help us. Michael explained every step of the way. His whole team was wonderful. I give them an A++ rating. I would recommend Guaranteed Rate to all my friends.

Ralph F. – Jackson, NJ | Feb. 2016

About Michael

My father was a commercial mortgage banker and he always told me "A man should always be able to pay his bills and live." So I got an undergraduate degree in finance - started off my professional career as a financial consultant and later went into mortgage banking. I've been in the industry for 15+ years and enjoy helping others learn the value of fiscal management.

Michael interview Q&A

How long have you been in the mortgage business and what inspired you to get into it?
15+ years // My father was in commercial banking
Who is your typical customer and what questions do they typically have?
My typical customer are residential home owners. They mostly ask "how can I reduce my monthly expenses?" I also cross first time home-buyers who ask "How can I qualify for a home?"
What specific steps do you use to help your customers find the best home loan for them?
1. I ask if they have picked out a home yet. 2. The price of the home. 3. Review their amount in savings and gross annual income. 4. I ask what their current monthly housing expense. 5. Formulate a financial game plan that meets their needs.
How long have you been in the mortgage business? What awards have you won?
I have been in the mortgage business 15+ years and have been a part of the Diamond Club, Presidential Club, and Rated Top Banker continuously through out my mortgage career.
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
Fixed rate mortgage benefits mostly long term ownership of your home. if you feel you'll sell the home within 7 years then the hybrid ARM are superior.
What can borrowers do to insure a smooth mortgage underwriting process?
This is very important for the loan officer to set the proper expectations of what is needed by the underwriter: 2 years tax returns, W2s, pay stubs for the current month, mortgage statement, and HOI. This will allow for smooth transition.
Are you active in any local associations or community groups, and at what level? What goals and/or success have you helped these groups achieve?
I am blessed to be a Christian and I donate my time and financial knowledge with assisting my church. Everything from Sunday ushering, budgeting, and sharing the word.
Tell us something that makes you unique or something wacky, yet interesting about you?
I love to be out in nature where there are no cell phones and computers, just to enjoy the beauty that abounds.

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