Home Loans-Mesa, AZ
Just east of Phoenix is the smaller city of Mesa, AZ. This unique location is a great place for families to invest in their next dream homes. Though it is the third largest city in the state, it is spread out enough for residents to have plenty of room.
Is affordability an obstacle to you owning a house in Arizona? Personalized service from the District Lending team is the key to choosing home loans in Mesa that will turn your dream of homeownership into a reality.
Home Loan Programs
FHA LoanFor example, an FHA loan is insured by the Federal Housing Administration to allow buyers with lower credit scores and higher debt-to-income ratios to afford houses.
VA LoanAdditionally, a VA loan is only available to veterans, active-duty service members, and surviving spouses, eliminating the down payment requirement and mortgage insurance premiums.
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What Impacts the Monthly Payments and Loan Amount?
The Mesa lender you choose will have an impact on the mortgage rates that are available to you. Each lender may have distinct mortgage programs to choose from, as well as varying interest rates depending on the Arizona real estate market. Plus, payment assistance programs can come into play if the lender you choose offers them, such as the Mesa HOME Program. This initiative makes homes more affordable for low-income families with a partial subsidy and $1000 grant if certain conditions are met.
The interest rate affects how much more a loan will cost than the purchase price of the home itself. A higher rate means you will pay more money over the life of the loan. You can be eligible for a more competitive interest rate if your credit history is strong.
Mortgage rates are highly dependent on the down payment you can make. The more cash you can pay upfront, the lower the monthly premiums and total mortgage amount will be for your Mesa home loan. In this state, first-time homebuyers may qualify for the Home Plus program which provides down payment assistance if certain income and credit standards are met.
When the time comes to sign the contract and purchase your first home, the fees associated can be surprising. There will be fees paid to the realtor, the lawyer, the local government, and other parties before you can officially own your Mesa home.
Being informed about these closing costs is important, and you can expect to pay 3-6% of the total price of the home in additional fees at closing.
The Mesa, Arizona Market
The market will also impact how much mortgages can cost in the area. Mesa, AZ is a lively market, and prices will shift depending on the number of buyers and sellers in the area and home values. Many young families take advantage of the amazing schools here, and the city is a popular location for retirees as well, making the area a highly competitive market.
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Serving the community of Mesa, AZ and the surrounding area