If you are planning to buy a new home in Phoenix or refinance your current home loan, you are probably looking for the best Phoenix mortgage company. To help you choose the company that is right for you, here is some information about the mortgage options available in Phoenix.
All mortgages are loans secured by a home. However, the terms of different mortgages vary considerably. Features of mortgages that may vary by lender and program include:
- Interest rate – Interest rates may be fixed or variable. They also vary considerably in value.
- Length/Term – Most mortgages are 15 or 30 years in length, but other loan terms may be available.
- Mortgage insurance – If you are making a downpayment of less than 20 percent of your home’s purchase price, mortgage insurance may be required, which raises the cost of your loan.
- Other terms – Other mortgage requirements and stipulations may vary as well. For example, some mortgages may not allow you to pay off the mortgage early without also paying a penalty, while other mortgages welcome early payments.
Choosing a Program
A variety of different mortgage programs are available to meet the needs of consumers. Some of the most common examples include FHA loans, conventional loans and VA loans. Each of these programs offers different advantages and disadvantages. The best way to find out which of these programs is best for you is to talk to an experienced mortgage lender.
Not all mortgage lenders are created equal. When you are searching for a lender, comparing available programs, interest rates and other options is essential. However, it is also important to think about the level of service you will receive with different lenders. Here at Starboard Financial, we truly believe we are the best Phoenix mortgage company. Our clients come first, and we are always available to answer any questions you may have. Contact our office today to learn more about the mortgage programs we offer.