Mortgage Solutions in the State of Arizona
Our team of mortgage lenders and home finance experts is equipped to help you learn more about purchasing a home in the state of Arizona. We're here to educate borrowers about the best home loan options and lenders in the Grand Canyon State. In Arizona, home prices have increased significantly in the last few years, with the median home selling price sitting at $248,400, which is just a little bit more than the national median selling price of $232,300.
Right now, Scottsdale is the most expensive city in which to purchase a home, with an average home listing price of $416,300. This is more than $150,000 higher than the statewide average. Other popular places to live in Arizona include Chandler, with a median home sale price of $293,600, and Gilbert, with an average home price of $310,000. Less expensive major cities include Phoenix, with a median home sale price of $239,700, and Tucson, with a median home sale price of $177,900.
At home.loans, we want to help you make an informed decision about buying a home in Arizona. Whether you're a first time home buyer, you want to get an energy efficient mortgage, take out a FHA loan or VA loan, or get home equity loan or HELOC, we have the information and experience to guide you on your journey to home ownership.
Best Arizona Mortgage Lender: Fairway Independent Mortgage Corporation
A rapidly growing name in the national home finance industry, Fairway Independent Mortgage Corporation is one of the best options for conventional, FHA, and VA financing across the country. Home buyers will agree that it’s actually pretty easy to find a Fairway location when its time to get a home loan. Beyond that, their customer service is well known to be top notch.
Fairway Independent Mortgage Corporation has stunning reviews from its client base over the years. One thing they seem to excel in is cutting down the closing costs that borrowers are expected to pay at the end of a mortgage transaction, as well as facilitating a faster closing.
Fairway may very well be the best option for first time home buyers on this list. Their attention to detail and completely transparent methodology is perfect for obtaining a mortgage loan at a great rate in a stress-free environment.
Best Arizona Mortgage Refinance Lender: Academy Mortgage Corporation
Academy Mortgage Corporation has been around since 1988, and has made a name for themselves on a national scale. The company is committed to responsible lending practices, especially with the ever-changing economy of today.
Unlike many mortgage brokers around, Academy Mortgage Corporation has the advantage of being a direct mortgage lender. This means that they handle all loan processing, underwriting, closings, and funding at their local branch offices.
Being a direct lender, means being able to close mortgage refinance transactions as efficiently and quickly as possible, sometimes even in a matter of days! With the security and efficiency of their in-house loan origination and management, they are one of the best when it comes to speedy and affordable home financing!
Best Arizona FHA Mortgage Lender: Arizona Wholesale Mortgage
While local lenders have always been the go-to for home buyers looking to avoid the inflexibility of larger banking institutions, some of the lesser known banks truly outshine their more famous competition.
Arizona Wholesale Mortgage is a perfect example of such a feat, as they are not only incredibly flexible in terms of borrower eligibility, but they stop at nothing to provide the best possible home loans for their clients. Their team makes it near impossible to miss out on the most affordable loan options.
Their highly patient and knowledgeable loan officers make mortgage transactions as laid-back as possible and are prompt with helping out clients in need. In addition, they actively inform and connect borrowers with any available down payment assistance programs, to help increase affordability and by extension, home buyer confidence.
Best Arizona VA Mortgage Lender: Amerifirst Financial Inc.
Amerifirst Financial has been in the mortgage business for over 25 years. Their main goal has always been to help people achieve the ultimate dream of homeownership.
Amerifirst’s loan officers are highly skilled at working with borrowers from any financial background and securing just the right financing within their range of affordability. Their high-end dedication to customer service has won them many glistening reviews from past clients.
The Amerifirst mortgage experience is one to marvel at, with lower than average rates and fees, and loans closed quicker than to be expected. They make home buyers feel as though they are their top priority all the time.
Best Arizona Home Equity Lender: Bank of America
A veritable banking giant, Bank of America is typically one of the first places any home buyer would discuss when financing a home purchase, second mortgage, or refinancing a mortgage. Even so, it is incredibly rewarding when such a large company can still focus on the wants and needs of each individual client, and get them the perfect loan product.
Home Equity transactions are an unspoken specialty of Bank of America. While they choose to only offer Home equity lines of credit and not home equity loans, they are still easily one of the best lenders around when it comes to accessing home equity.
Eligible borrowers who meet the credit score requirement of 660 (they are flexible depending on each individual borrower) can take out a HELOC with an LTV of no less than 85% with a minimum figure of $25,000 and a maximum of $1 million. HELOCs through Bank of America come with some interesting benefits, like being able to lock down an interest rate at any point in the payment period, and rate discounts for BoA account holders.
Bank of America would not be where it is today if it was lacking in such things as customer care or knowledgeable loan officers. They even have an ever evolving online platform that can cut application time down to just 15 minutes! Interestingly, Bank of America is able to combine its impressive clout in the finance industry with personalized consultation, round-the-clock service, and vast resources of both funding and information.
The result? A mortgage or refinance transaction that is as painless as one can be, and a second mortgage product that is just the right fit.
Shop Around Before You Get an Arizona Home Loan
Our picks for the best mortgage lenders in Arizona may not necessarily represent the best lender for your financial situation, goals, and desires. Everyone’s story is unique, and sometimes the best mortgage terms can be found in the most obscure places. Regardless of experience or lack thereof, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal mortgage solution that comes with the terms and affordability that best suits any particular financial situation.
While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best mortgage lender in your area, don't hesitate to contact a home.loans mortgage expert!