How to find a great deal on mortgage loans in Mesa, AZ? The key is knowing plenty of options. It allows you to spot the one that best suits your financial situation. You are a unique borrower, and there is one or two that match your capability to pay off loans. A well-informed decision allows you to get a loan without putting so much stress on your finances.
To expand your options, here are some types of mortgage loans in Mesa, AZ, you may add to your list:
Conventional loans – are ideal for a borrower with good credit scores. They come in two options: (1) conforming and (2) non-conforming loans. The first one meets the standards for purchase and sale by the government-sponsored enterprises Fannie Mae and Freddie Mac. The second one is simply the opposite.
Government-backed loans – we also call them government-insured loans. In other words, government agencies back these loans.
In particular, they are:
- Federal Housing Administration (FHA loans)
- US Department of Agriculture (USDA loans)
- US Department of Veterans Affairs (VA loans)
(Please talk to a highly-qualified broker to learn more about these options.)
Jumbo loans – are intended to cater to loan applications falling outside FHA limits ($331,760 for a single-family residence in Arizona – as per our latest data gathered). Jumbo loans are more common in states with higher-cost areas such as Los Angeles, San Francisco, New York City, and the state of Hawaii. If you intend to purchase a home in the areas mentioned, you might consider applying for jumbo loans.
Fixed-rate mortgages – as the name suggests, these are mortgage options that maintain the same interest through the whole duration of your loan. It means to say that the monthly payment is always the same. The most common terms for fixed loans are 15 and 30-year durations.
Adjustable-rate mortgage loans (ARM) – are just the opposite of fixed-mortgage; that is, the interest fluctuates based on the market conditions. It can go up or down at any given period throughout the life of the loan. Note that, with refinancing, you can change from fixed to adjustable mortgage and vice versa.