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.

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Home Loan Programs

The District Lending team offers multiple types of loans that can help you with your Mesa home purchase and we are committed to guiding you through the process. First, browse through the mortgage options to educate yourself about the differences and which programs you may be eligible for.

Conventional Loans

A conventional home loan is the most common type given out by the average mortgage lender. If you are searching for a new home in Mesa, Arizona, and you have a decent income and a good credit history, then you will likely qualify for a conventional mortgage for your first home.

VA/FHA Loans

Many loans are backed by government entities, making it easier for certain buyers to afford a home purchase.

FHA Loan

For 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 Loan

Additionally, a VA loan is only available to veterans, active-duty service members, and surviving spouses, eliminating the down payment requirement and mortgage insurance premiums.

Refinance

If you are already a homeowner, then you may want to look into refinancing your current home. A refinance can provide you with cash to make improvements to the property. You can also lower your monthly mortgage payments with a cash-in refinance. Either way, you are securing a new home loan to take advantage of the equity you have built in the home.

The best rates come with the best deal.

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What Impacts the Monthly Payments and Loan Amount?

The real estate business is an industry built on borrowers who go through the home loan process to finance their purchases. A mortgage allows the customer to obtain the home while agreeing to pay back the loan amount plus interest. Let's talk through the factors that affect monthly mortgage payments over the life of the home loan.

Mortgage Lender
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.
Interest Rate
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.
Down Payment
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.
Closing Costs
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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Free Quote, No Credit Check

Before you are committed to the loan process, you should be patient and have as much information as possible. We encourage every client to request a free quote to review your needs for mortgages in Mesa, Arizona, without damaging your credit score.

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Fast Pre-Approval

Mesa can be a competitive market, and any good real estate agent will tell you that pre-approval for a mortgage speeds up the loan process and gives you an advantage with sellers. Our team can get each customer pre-approved quickly with efficient communication.

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