AZ Lending Experts | Phoenix VA Loans AZ Lending Experts

Phoenix VA Loans AZ Lending Experts

Phoenix VA Loans AZ Lending Experts
Phoenix VA Loans AZ Lending Experts

If you are eligible for a VA Loan, you are have an advantage that most people don’t have.  The Phoenix VA Loans AZ Lending Experts program is the most powerful home loan program available, and it’s only available to veterans, service members and military families.  If you fit this description, you have a great option for a home loan.

Most anyone that purchases a home applies for a home loan. So, how is a VA loan different from your basic home mortgage loan?

VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.

What sets this type of home mortgage apart from the rest is the great advantages only found in a VA loans.  Some of the advantages are:

  1. No Down Payment

Service members may find it difficult to save money and build credit when serving our Country.  With a VA Loan, qualified borrowers can finance 100% of the home’s value without having to make any down payment.

  1. No Private Mortgage Insurance

Many conventional lenders require the borrower to pay private monthly mortgage insurance unless they are able to put at least 20% down when closing on the home mortgage.  This can be difficult for many veterans.

With a VA Loan, there is no private mortgage insurance.  This saves you money on your monthly mortgage payment.  The federal government backs all VA Loans and assumes the risk on behalf of the borrower.

  1. Competitive Interest Rates

Not only can you get a home with no money down, and forego the payment of mortgage insurance, but with a VA Loan, you can still get great interest rates.  Interest rates are based on risk, and with the Government assuming much of the risk, financial institutions can offer very competitive interest rates.

  1. Basic Allowance for Housing

Basic Allowance for Housing (BAH) is a significant benefit for those who are qualified to get a VA Loan.  Lenders can count your basic housing allowance as effective income, which means they will include this in your debt to income ratio because they know you can use this to pay your monthly mortgage.

There is a one-time funding fee that can vary based on the down payment and type of veteran. Overall though, VA loans can offer significant savings, both up front and each month thereafter. For Phoenix VA Loans AZ Lending Experts will make sure that if you are a veteran or other eligible borrower under the VA Loan program, that you will receive the full extent of the VA benefits allowed. You can find Frank here.

Almost all veterans qualify for the program. But, there are others that can utilize a VA loan program.

Most members of the military, veterans, Reservists and National Guard members are eligible, as are spouses of military members killed in action. Active duty members are eligible to apply after about six months of service. Potential borrowers must obtain a certificate of eligibility before applying for a loan.

VA Loans can also be used to refinance a primary home. However, a VA loan cannot be used for vacation or investment properties. An eligible borrower can refinance up to one hundred percent of the home’s value without paying mortgage insurance. Borrowers that have sufficient equity and an existing VA loan can also do a cash-out refinance through the VA loan program.

For Phoenix, Arizona veterans looking for Phoenix VA Loans AZ Lending Experts is the perfect place to lead you through the mine field that is home mortgage loans.

Don’t forget that the most detailed information about AZ Lending Experts you can always get on the official web-site, in the company’s office or by calling by phone↓

Address: 4500 S. Lakeshore Dr., Suite 650, Tempe

Phone:4806493825
Other means of contact: info@azlendingexperts.com, rsimon@azlendingexperts.com

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AZ Lending Experts | Phoenix Mortgage AZ Lending Experts

Phoenix Mortgage AZ Lending Experts

Phoenix Mortgage AZ Lending Experts
Phoenix Mortgage AZ Lending Experts

There are several important factors to getting a home mortgage.  The lending institution will take into consideration your income, debt to income ratios, home appraisal, your credit score, as well as other factors.  If you live in Phoenix, Arizona, you may want to consult an experienced Phoenix mortgage company like AZ Lending Experts.  An experienced Phoenix Mortgage AZ Lending Experts can help explain different options for obtaining a home mortgage.  They will know lenders who are less stringent on certain aspects of the loan criteria, allowing you to get approved for a loan, whereas other lending institutions would turn down your application.

In looking to get a home loan in Phoenix, AZ, you should work on getting yourself ready for the home loan.  A credit score is a number based on a statistical analysis of a person’s credit files.  According to theory, it represents the creditworthiness of a borrower – the probability they will pay their bills. For the most part, a credit score is based on credit report information, typically from one of the three major credit bureaus: Experian, TransUnion, and Equifax. Income is not considered by the major credit bureaus when calculating a credit score.

There are different methods of calculating credit scores. The most widely known type of credit score, the FICO score, is a rating devised by FICO (Fair Isaac Corporation). Many mortgage lenders that use a risk-based system to determine the possibility that the borrower may default on financial obligations use this credit score. All credit scores must be subject to availability. The credit bureaus all have their own credit scores. For a borrower looking for a Phoenix mortgage, AZ Lending Experts can efficiently and expertly navigate the credit score mine field.

Studies have shown credit scores to be an accurate predictor of risk in the underwriting of both loans and insurance. Some studies suggest that, because of the use of credit scores, many consumers may be the beneficiaries of lower credit costs and insurance premiums.

Americans are entitled to one free credit report in every twelve month period from each of the three credit bureaus, but are not entitled to receive a free credit score. The three credit bureaus run Annualcreditreport.com, where users can get their free credit reports. Credit scores are usually available as an additional paid feature of the report. If the consumer disagrees with an item on a credit report obtained using the free system, under the Fair Credit Reporting Act, the credit bureaus have forty five days to investigate, rather than 30 days for reports obtained otherwise.

However, consumers or borrowers that want to obtain their credit scores can, in some cases, purchase them separately from the credit bureaus or can purchase their FICO score directly from FICO. Credit scores are also available free by subscription to one of the many credit report monitoring services available. It is a good idea to know what is on your credit report, so that if there is any inaccuracies that are causing you to have a lower FICO score, you can challenge this information and hopefully get it removed, which will raise your FICO score and possibly make more mortgage options available to you, or allow you to enjoy lower interest rates on your mortgage.

Under the Fair Credit Reporting Act, a consumer is entitled to a free credit report (not a free credit score) within sixty days of any adverse decision taken as a result of their credit score. This would include being denied credit, or receiving substandard credit terms from a lender. Under the Wall Street reform bill passed in July of 2010, a consumer is entitled to receive a free credit score if they are denied a loan or insurance due to their credit score. The generic or classic FICO credit score ranges from 300 and 850, as does a Vantage Score credit score.

Credit scores can be a tricky proposition when applying for a mortgage loan. For expert assistance for a Phoenix mortgage AZ Lending Experts can help.

Don’t forget that the most detailed information about AZ Lending Experts you can always get on the official web-site, in the company’s office or by calling by phone↓

Address: 4500 S. Lakeshore Dr., Suite 650, Tempe

Phone:4806493825
Other means of contact: info@azlendingexperts.com, rsimon@azlendingexperts.com

AZ Lending Experts | Mortgage Broker Phoenix AZ Lending Experts

Mortgage Broker Phoenix AZ Lending Experts

mortgage broker phoenix AZ lending experts
mortgage broker phoenix AZ lending experts

A mortgage broker  acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses.  An experienced mortgage broker is crucial to you obtaining the best home mortgage for your individual situation.  An experienced mortgage broker can find competitive home mortgages for those with less-than-premium credit or income situations, and also provide many options for those with great credit and income.  Mortgage brokers phoenix AZ lending experts  will be well adverse to the laws in your State.  If you live in Phoenix, Arizona, finding an experienced mortgage broker in Phoenix can quicker the closing process and save you thousands over the life of the loan, by researching all the options from different lenders, to make sure you are getting the best mortgage for your situation.

Usually in the past, banks and other lenders sold their own products. As markets for mortgages have become more competitive, however, the role of the mortgage broker phoenix AZ lending experts has become more important because they are aware of all the different lenders, and which lenders would be best for your individual situation.

Today in many mortgage markets, mortgage brokers can be one of the largest sellers of mortgage products for lenders.    As an outstanding mortgage broker Phoenix AZ Lending Experts has the acute knowledge and experience to get your loan completed and has the outstanding service to match.

Mortgage brokers exist to find a bank or a direct lender that a borrower is looking for with a specific loan the individual is seeking. Most mortgage brokers are regulated to ensure compliance with banking and or finance laws in the jurisdiction of the consumer.

The banks have used brokers to subcontract the job of finding and qualifying borrowers, and to also outsource some of the liabilities for fraud and foreclosure onto the originators through legal agreements.  During the process of loan origination, the broker gathers and processes paperwork associated with mortgaging real estate.

For residents in Phoenix, Arizona, a Phoenix mortgage broker works as a link between the buyer and the lender; the loan officer typically works directly for the lender.  Arizona requires mortgage brokers to be licensed.  The state of Arizona regulates lending practices and licensing. Most have a license for those who wish to be a ‘Broker Associate’, a ‘Brokerage Business’, and a ‘Direct Lender’.  Working with a licensed mortgage broker, assures that your loan will not come back due to the incompetency of the broker.

A Phoenix mortgage broker is registered with the state of Arizona, and personally liable for fraud for the life of a loan.  A loan officer works under the umbrella license of their current institution, typically a bank or direct lender. Both positions have legal, moral, and professional responsibilities as well as liabilities to prevent fraud and complete disclosure of loan terms to borrower and lender. Also, agents of mortgage brokers may refer to themselves as loan officers.

Mortgage brokers must also be licensed through the Nationwide Mortgage Licensing System and Registry. The purpose of the Nationwide Mortgage Licensing System is to improve and mortgage industry supervision, create better communication, and to create consistency in licensing requirements and automate the licensing process to the greatest degree possible. Loan officers that work for a depository institution are required to be registered with the NMLS, but not licensed.

When a borrower is in need of a professional, experienced mortgage broker in Phoenix, AZ Lending Experts is a perfect choice to help you find the perfect loan for your individual situation.  Whether you have imperfect credit, or great credit, an experienced mortgage broker can find the best options for your home loan, and take much of the stress and work out of the process. 

. Don’t forget that the most detailed information about AZ Lending Experts you can always get on the official web-site, in the company’s office or by calling by phone↓

Address: 4500 S. Lakeshore Dr., Suite 650, Tempe

Phone:4806493825
Other means of contact: info@azlendingexperts.com, rsimon@azlendingexperts.com

AZ Lending Experts | Arizona Mortgage Rates AZ Lending Experts

Arizona Mortgage Rates AZ Lending Experts

Arizona Mortgage Rates  AZ Lending Experts
Arizona Mortgage Rates AZ Lending Experts

When looking for a home mortgage, there are many options a buyer might be interest in.  One might desires an interest only loan, or an adjustable rate mortgage, but the question that everyone will ask, is “what will the mortgage interest rate be on my home loan”.  Mortgage interest rates are typically set by the following factors:

  1. Movement of the 10-year Treasury bond yield

Although there are many factors that affect the interest rate, it is commonly thought that the 10-year Treasury bond yield is the best indicator in determining whether mortgage interest rates will rise of fall.

Most mortgages are the conventional 30-year fixed mortgage, but the average mortgage is paid off or refinanced within 10 years, so the 10-year bond is a great determiner of interest rate changes.

Typically, when bond yields go up, interest rates go up.  When bond yields go down, interest rates also go down.

  1. Economic activity impacts mortgage rates

Mortgage rates can also be impacted by economic activity.  Job reports, the consumer price index, gross domestic product, home sales, consumer confidence and other data can move mortgage interest rates.

  1. Supply and Demand

If loan originations skyrocket, the supply of mortgage-backed securities may rise beyond the associated demand and prices can drop to become attractive to buyers.  This means the yield will rise, and mortgage rates will also rise.

Timing is important.  Although mortgage interest rates can rise very quickly, they usually go back down in a slow, calculated manner to protect lenders from rapid market shifts.  Mortgage rates are still at an all-time low, but indicators could be in place where mortgage rates will go up, and could take years before they return back to the present rates.  Although anything can happen, the forecast for future movement of mortgage interest rates is that mortgage rates are projected to go up.  It is forecasted that in 2015, the mortgage interest rates will not go up by a lot, and that in 2016, although not a lot of movement will take place, the interest rates will continue to go up.  If you are looking for a home mortgage and concerned that the Arizona mortgage rates will rise, the time to close on your mortgage is now.  An expert on home mortgages and Arizona mortgage rates is AZ Lending Experts.  They are a licensed Arizona mortgage broker who are experts in reading Arizona mortgage rates, and determining the best options for your home mortgage.  If you see that mortgage rates are rising in Arizona, see Arizona mortgage rates AZ Lending Experts to lock in your rates.

There are seven primary determining factors for your mortgage interest rate.  Like most people, you want to get the lowest interest rate available in Arizona.  Although the interest rate is ultimately determined by the Fed, typically determined by the movement of the 10-year Treasury bond yield, having knowledge on the factors that determine the interest rate that a lending institution will offer you on a home mortgage can allow you to plan and set yourself up for the best interest rates for your home loan.  The main determining factors are:

  1. Your Credit Score

Obviously, your credit score plays a key factor in determining the interest rate that the lending institution will give you on your home mortgage.  You should get a copy of your credit report from all 3 credit reporting agencies to make sure any inaccurate information that could lower your credit score is removed.

  1. Home location

Many lenders have slightly different rates depending on where you live.  Sometimes a home in a rural area may have slightly different rates offered by the lender.

  1. Down payment

In general, the more you put down on your home, the lower your interest rate will be.  Lenders see a lower risk when you have more stake in the property.

  1. Loan term

A shorter loan, such as a 15 year loan instead of a typical 30 year loan, can often result in lower interest rates.

  1. Interest rate type

Interest rates basically come in two forms:  (1) fixed interest rates, and (2) adjustable interest rates.  You can usually get a lower initial interest rate with an adjustable rate loan, but that rate might increase significantly later in the life of the loan.

  1. Home price and loan amount

Obviously the home price and the amount of your loan amount can be a determining factor.  If you have a jumbo loan, or a very small loan amount, the rates can be slightly higher.

  1. Loan type

When looking for a home loan, your mortgage broker should provide options to you which include VA loans, FHA loans and conventional loans.  Rates can vary significantly depending of the loan type that you choose.

Two basic types of amortized loans are the fixed rate mortgage (FRM) and adjustable-rate mortgages, commonly called ARM’s.  Fixed rate mortgages are the norm, but floating rate mortgages are also relatively common. Combinations of fixed and floating rate mortgages are also common, whereby a mortgage loan will have a fixed rate for some period, for example the first five years, and vary after the end of that period. For home buyers looking for the best Arizona mortgage rates AZ Lending Experts is a smart choice.

In a fixed rate mortgage, the interest rate stays fixed for the term of the loan. In case of an annuity repayment plan, the periodic payment remains the same throughout the loan. In case of linear payback, the periodic payment will gradually decrease.

In an adjustable rate mortgage, the interest rate is generally fixed for a period of time, after which it will periodically, usually annually or monthly, adjust up or down based on a specific market index. Adjustable rates transfer part of the interest rate risk from the lender to the borrower, and thus are widely used where fixed rate funding is difficult to obtain or exorbitantly expensive. Since the risk is transferred to the borrower, the initial interest rate may be, for example, 0.5% to 2% lower than the average 30-year fixed rate; the size of the price differential will be related to debt market conditions.

Don’t forget that the most detailed information about AZ Lending Experts you can always get on the official web-site, in the company’s office or by calling by phone↓

Address: 4500 S. Lakeshore Dr., Suite 650, Tempe

Phone:4806493825
Other means of contact: info@azlendingexperts.com, rsimon@azlendingexperts.com

AZ Lending Experts | Arizona Mortgage Brokers AZ Lending Experts

Arizona Mortgage Brokers AZ Lending Experts

Arizona Mortgage Brokers AZ Lending Experts
Arizona Mortgage Brokers AZ Lending Experts

AZ Lending Experts is the premiere source for all of your Arizona mortgage lending needs. We are a full service mortgage company specializing in Conventional, VA, FHA, USDA and Jumbo residential mortgages. As one of Arizona’s top mortgage brokers, AZ Lending Experts has greater control over your transaction and is able to quickly approve and close loans. In many cases, we are able to fund loans that other lenders might deny.

There are always several mortgage options available, and comparing all of them can be confusing. Your new mortgage is an important long-term decision, and without an honest mortgage expert acting on your behalf, you could be stuck in a very bad situation for a long time. We take the time to carefully listen to you and understand your goals, and then provide a consultative approach to helping you find the right loan. That’s why we offer a vast array of loan programs that most other lenders can’t match. It’s all about finding the right loan for you.

We offer a variety of home loan solutions including Phoenix first-time homebuyer programs with down-payment assistance, FHA and VA, conventional, jumbo and super jumbo, reverse mortgages and more! This means you can rest assured that we’ll provide you with a competitive loan that meets your unique needs. Arizona mortgage ratesAZ Lending Experts, Arizona mortgage brokerAZ Lending Experts, Phoenix mortgageAZ Lending Experts, Mortgage broker phoenixAZ Lending Experts, Phoenix VA loansAZ Lending Experts, Phoenix mortgage brokersAZ Lending Experts, Mortgage companies in phoenixAZ Lending Experts, Phoenix mortgage lendersAZ Lending Experts, Phoenix home loansAZ Lending Experts. Don’t forget that the most detailed information about AZ Lending Experts you can always get on the official web-site, in the company’s office or by calling by phone

Address: 4500 S. Lakeshore Dr., Suite 650, Tempe

Phone:4806493825
Other means of contact: info@azlendingexperts.com rsimon@azlendingexperts.com