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Arizona Mortgage Loans

When searching for the best Arizona mortgage loans to purchase a new home, I can't stress enough how important it is to find a reputable experienced mortgage broker. In my experience the most stressful portion of purchasing a new home is the financing. The lending process is also the number one reason that real estate deals fall through. Every real estate transaction I have been a part of that has fallen through at the last moment has always been because of a problem with the mortgage funding.

Be brutally honest with your mortgage broker. They are going to dig into your credit report, tax records, pay stubs, and bank statements. A good Arizona mortgage loan broker is going to be able to instruct you in how to best deal with any issues.

If you find a good mortgage broker that is experienced with Arizona mortgage loans leave me some feedback with the reasons why they were so fantastic for you.

If you don't know a great Arizona mortgage loan broker, then I recommend you ask other people you know and trust who they have used in the past. Find out from your family and friends who they have had a good experience with and interview those mortgage brokers. I have run across my fair share of good and bad mortgage brokers also. You can view our trusted Arizona business partners to find out who we recommend.

Current Interest Rates

The rates listed on the right here are the result of a weekly survey done across the nation. Freddie Mac is a government agency that purchases loans from lenders. They don't sell any mortgages so their data is recognized as a reliable representative source of mortgage rate trends. You can open a new window and read more about Freddie Mac's Primary Mortgage Market Survey® here.

Pre-Approval versus Pre-Qualifying

I know these two terms sound like they mean the same, but in the real estate world they don't. A pre-qualification is only meaningful to you. It is an estimate to help you understand how much home you can afford. None of your income, credit scores, assets,or liabilities have been looked at for a pre-qualification.

A pre-approval provides more peace of mind for everyone else involved that you are actually capable of purchasing the home you are interested in. Most home sellers will not accept an offer from a buyer that doesn't have a pre-approval letter from their lender. To obtain a pre-approval letter you have to actually begin the application process. Your credit scores have been pulled, but the lender typically relies on your honest statements about how much money you make.

I've heard others say that a pre-approval letter is a lot like a pre-approval for a credit card. There is a pretty good chance you are going to receive the loan, but you can't actually buy anything until you have approval. Nothing is 100% official until you have an approval.

Types of Arizona Mortgage Loans

Conventional Loans

Conventional loans are the most common type.
They have the largest variety of programs.
glassy bulletFHA Loans
FHA stands for Fair Housing Administration. These loans are often used by first time home buyers.
glassy bulletVA Loans
VA is short for verteran's affairs. If you aren't a veteran, the only way you a VA loan is if you assumed it.
glassy bulletSeller Financing
The least common of all mortgages is a seller carry back. This is when the seller of a home is willing and financially able to accept payments from you to purchase their home.

If you are looking to obtain more information about Arizona mortgage loans feel free to contact me directly and I can put you in touch with a great mortgage broker or two for you to interview. The mortgage process is so important to the entire Peoria real estate transaction.

Return to the Peoria Real Estate Info home page to continue researching Peoria AZ real estate.

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