But buying a home can be complicated, especially with the amount of money involved. Affordability is a big question for buyers since most people cannot pay for the complete listing price of a property.
Fortunately, there are ways to pay for your next house in Arizona. They are known as home loans. Home loans allow prospective buyers to borrow money in order to pay for the price of a house. The cost of borrowing the money is paid to the lender via the interest rate. The total amounts of home loans are paid back via monthly installments for set periods, often 15, 20, or 30 years for the mortgage terms. The size of each monthly installment will depend on factors like the down payment, interest payment, closing costs, mortgage insurance, and the mortgage lender.
Secure a Mortgage Loan for Your Next Property
Home Loan Factors
To get a more competitive interest rate and qualify for beneficial mortgage loan terms, a strong credit score can bring you closer to affording your next home.
Current Financial Picture
Your debt-to-income ratio (DTI) is a number that determines what type of mortgage loan you can qualify for. The lower the DTI ratio, the better the loan programs you can access for a mortgage. Lower-income buyers may qualify for a government-backed mortgage known as an FHA mortgage.
The size of the down payment that you can afford directly affects the loan amount as well as the monthly payments. Additionally, a large enough down payment prevents the need for mortgage insurance premiums.
If you are an active-duty service member, veteran, or surviving spouse, then you qualify for a different kind of mortgage called a VA loan. This mortgage comes with a lower down payment requirement because it is insured by the Department of Veterans Affairs.
District Lending Benefits
Unsure if you can afford the down payment or monthly payments for your mortgage loan? Your mortgage loan officer will talk through down payment assistance and other options for covering your bills.
Free Quote with No Credit Check
Perhaps you want to test the waters and see what kind of mortgage loan you could afford. We offer a free mortgage quote without conducting a credit check so that you do not have to feel obligated to commit.
Various Loan Programs Available
District Lending can provide mortgage loan options for all types of buyers. FHA home loans, VA loans, conventional loans, and jumbo mortgages are all available depending on your circumstances.
Maybe a few years into your mortgage term, you plan to refinance and save some money. We are proud to be a lender that can help with that too. Shorten your term, lower your payments, or cash out with a mortgage refinance.
Competitive Interest Plans
Between the annual percentage rate and the interest rate, the cost of borrowing can be substantial. We work hard to make our rates compete favorably with other lenders to provide better terms for our clients. Whether you want a fixed-rate mortgage, an adjustable-rate mortgage, or an interest-only payment mortgage, our loan officers will work with you to find a favorable interest rate.
Including Closing Costs
Closing costs are extra fees that are required at the time of signing the contract for a home purchase. They often include real estate agent fees, attorney fees, the cost of the title deed, and more. Closing costs can be covered by the down payment or wrapped up into the total mortgage loan estimate, making it easier to reduce upfront costs.
Personal Loan Officers
When taking on something as important as buying a home by taking out a mortgage, you need all the help you can get. A personal mortgage loan officer will work with you from start to finish to ensure you have everything you need and are satisfied with the terms of your mortgage loan.
Pre-approval on a mortgage can give you a competitive advantage over other buyers in the real estate market, demonstrating that you are ready and willing to buy a home. Take advantage of our fully online process to secure pre-approval for your loan. Home loans can get pre-approved in just a few hours with District Lending.
Home loans are expensive. It can be difficult to envision exactly how much you can afford on a mortgage. Our loan calculator allows you to compare variables like the down payment, interest rate, fixed-rate mortgage versus adjustable-rate mortgage, mortgage insurance premiums, and your estimated monthly payment.
Let District Lending Help You Achieve Your Homeownership Dreams
We believe in helping people discover the joys of owning a home. Each mortgage loan officer on our team is committed to providing you with all the information you need to make an informed decision and find the right home loans for your needs. They will talk through all the contributing factors with you, from your credit report to the down payment to which home loans are available based on your circumstances.