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  • Home Loans-Chandler, AZ

    What is it like to live in the city of Chandler, Arizona? You can find out for yourself by purchasing a Chandler home in a community that is just southeast of Phoenix. Many of the homes in this area are selling for the original listing price or even 1% below, so you can avoid drawn-out bidding wars for most properties.

    Most homebuyers cannot afford to pay for a property outright. Fortunately, you can take advantage of home loans in Chandler, AZ, from District Lending, the ideal lender to help you secure your dream home.

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  • What Loans Can You Obtain From a Mortgage Lender?

    Mortgage lenders like District Lending help borrowers complete their home purchases with various loan programs. Depending on your income and life circumstances, you may want to shop through the following options to see what you qualify for.

    Conventional Loan

    A conventional mortgage is the most basic type of home purchase loan. It is available to any borrower that has a credit score of at least 620 and a decent debt-to-income ratio, such as 36% or less, though exceptions can be made. However, if you want to qualify for a jumbo loan, which is any amount above the loan limits set by Fannie Mae and Freddie Mac, then you will need a higher credit score and lower DTI.

    FHA/VA/USDA Loan

    Another type of loan that you can borrow for your first home is one that is backed by a government entity.

    FHA Loan

    This type of mortgage is to help buyers with limited resources and/or lower credit scores to hope for a future with a new home.

    VA Loan

    Are you a veteran, active-duty service member, or surviving spouse? Those who have been in the armed services can qualify for favorable home loan options backed by the Department of Veterans Affairs.

    USDA Loan

    If you have limited resources and want a home in a rural location outside of Chandler, AZ, then a USDA loan can help you afford to shop for a rural property despite your income.

    Refinance

    Current homeowners may want to refinance their current home loan. Refinance rates depend on the home’s equity, the current market, and the type of refinancing you are doing.

    Cash-Out Refinance

    You can speak to District Lending mortgage advisors about a cash-out refinance and what kind of refinance rates you would be eligible for. This is one of several fast funding options that lets you gain cash to invest in home improvements.

    Cash-In Refinance

    Refinancing often allows you to save money by lowering payments, and a cash-in refinance does exactly that. By putting in more money, you can access favorable rate comparisons for the refinance loan.

    The best rates come with the best deal.

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    Figuring Out Monthly Payments

    Many factors play a role in determining the cost of a home purchase loan, individual mortgage terms, and monthly premiums.
    • Down Payment

      When you evaluate your ability to afford a house in Chandler, Arizona, the down payment has a significant impact on the pay structure. A larger down payment will lower the total loan amount as well as the monthly premiums. Plus, if you cover 20% of the home price upfront for a conventional loan, you will not have to pay for private mortgage insurance. Down payment assistance is available in this city through the statewide HOME Plus program.

    • Interest Rates

      Interest rates, often referred to as mortgage rates, are what you pay to acquire the loan on top of the cost of the home. Mortgage lenders, whether they are a bank or private firm, charge interest to reduce the risk of a borrower defaulting. Mortgage rates are determined by the market, but you will have access to more competitive rates if you have a strong credit history and sufficient capital. A lower interest rate is also an incentive to refinance with the right lender if you are a current homeowner. Current rates in Chandler average around 7.3% for a 30-year fixed mortgage, 6.5% for a 15-year fixed, and 6.7% for a 5-year adjustable rate.

    • Mortgage Insurance

      Insurance is a tool that a mortgage lender may leverage to protect themselves from riskier buyers. If you cannot afford a down payment of 20%, then you will likely be covering insurance premiums each month on top of your regular monthly payment.

    • Closing Costs

      When you are signing the final documents and finishing the purchase, you will have to pay closing costs. If you are a first-time homebuyer, it is easy to be surprised by these fees. Count on the closing costs being equal to 3-6% of the total purchase price. Closing costs can be wrapped up in the loan in some cases, so be sure to discuss this option with District Lending.

    • Length of the Loan

      Mortgage lending firms will offer multiple options for the length of a home purchase loan. You could sign an agreement to pay back the loan for the next 10, 15, 20, or even 30 years. The length will directly impact how high your monthly premiums are.

    District Lending Stands Above Other Mortgage Lenders in Chandler, Arizona

    Free Quote
    When you want a house in Chandler but aren't sure if you have the money to pay for it, you need to make sense of how mortgages work. Before you shop around or make a first offer, secure a free quote from District Lending to better understand the entire process for affording a loan. If you think you cannot afford a home in this market, we can talk about the First-Time Homebuyer's Program in Chandler for low-income families that reduces property costs.
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    Pre-Approval
    The approval process for a home loan can take a while. This can put you at a competitive disadvantage when competing with other buyers as you shop for a home. Getting pre-qualified makes the most sense to help you achieve your dream faster, and with Chandler homes only being on the market for an average of 33 days and a low supply, moving quickly is essential.
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    Mortgage Calculator
    There is a reason why District Lending is the right lender for you. We provide easy tools like our mortgage calculator that can help you envision the cost of a home purchase loan, playing with rate comparisons, down payment amounts, and pay structure. No need to shop around for endless quotes, just plug some numbers into the calculator.
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    Serving the community of Chandler, AZ and the surrounding area

    • Phoenix
    • Tucson
    • Scottsdale
    • Sedona

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