Real Estate, News, Information and Homes in Chandler Arizona

Mortgage Tips and Valuable Information on Chandler Home Loans

When buying Chandler Arizona homes most people will need financing for that perfect home. Whether you are selling and buying another home or this is your first time out, if you don’t have enough to cover a full purchase price you will need a home loan in Chandler.

There are a variety of ways to obtain financing and applying for a home loan in Chandler but also various programs depending on your situation. Here are the types of resources for figuring out the best option for your Chandler mortgage purchase.

  • Banks or credit unions

This may be a great place to start whether you choose to go this route or not. Often times banks have special programs for their members and may be able to offer you a better rate. Regardless it always pays to check around for the best rates and fees. Every bank is going to be different so shop around.

  • Mortgage Brokers

Mortgage brokers may cost more up front but the plus side of working with them is their access to literally hundreds of programs, banks and financing options.  Banks and credit unions typically only have their own programs while a Chandler mortgage broker speaks for all of them and will find the right program for you. Of course you will pay up front in fees and possible points but they may be able to offer you much lower rates in the long run. This may actually save you hundreds if not thousands more over the life of the loan.

  • Owner Financing

Typically this is only advisable if you cannot obtain a loan any other way. These owner financing are more in interest due to the amount of risk and may have poorer terms than if you had applied for a home loan in Chandler through a bank. On the other hand this is a good option if you are trying to build your credit back up and just need someone to give you a chance. This should not be a last resort though and all other options should be carefully contemplated.

Once you know where you will get your loan you will need to know what type of loan works best for your situation.

  • Conventional

This is probably the most common and depending on the type of conventional loan you could be asked to put down 20% or more on the home or if it’s a USDA conventional loan there may be a zero down option for the right applicant and home.

  • FHA

These are government programs that require 3% down and include mortgage insurance. This insurance is added to the cost of the home mortgage payment to cover the cost of any potential default on the loan from the borrower.  The type of home you can apply for is also limited to a  Chandler home that meets certain requirements in the inspection department.

  • VA

A Veterans loan  is only available for  those who serve or have served in the military. Certain requirements must also be met on the type of home but typically the seller must pay the closing costs and there are many discounts for the buyer.

Whatever Chandler mortgage you choose, make sure you know all the facts to make an informed decision on your new Chandler real estate.

Your Professional in Chandler Mortgages

Don’t trust your next real estate purchase or sale to just anyone. I have dedicated my career to making sure your home buying or selling process is as smooth and stress free as possible. Finding and applying for a Chandler mortgage can be tricky and I want every part of the process to be easy.  I would love to show you Chandler Arizona homes, vacant Chandler properties or any listing in the entire Maricopa County area. Tell me how I can help make your Chandler real estate vision a reality.
Your Chandler Buyers Agent ~ Ron@theoutbackgroup.com (480) 766-8873