Great Rates. Mortgage Broker Phoenix
AZ Home License BK-0904081 Branch License BK-0114827
All of our USDA loans are underwritten and closed under one roof so we can provide unbeatable service.
At Academy Mortgage:
We understand that the process of obtaining a home loan can be intimidating, so we strive to make the loan process a simpler and more pleasant process for everyone involved.
We enjoy being able to control the loan application from beginning to end with no middlemen. We work closely with the Official USDA Loan Agency which allows us to ease the stress of our borrowers by having control of the file with the ability to provide critical information at any time.
Our office has in-office underwriting and closing which helps us maintain maximum control over each of their files . Our all- in-house setting provides that we don’t have to outsource or depend on others to get our job done.
We pride ourselves on providing fast and reliable service to each one of our clients.
We understand the importance of clear and concise communication to our borrowers to make our closings go more smoothly.
We can answer all our clients’ questions and concerns because we know the status of each loan at all times.
We are always on the cutting edge of technology and working hard to stay on top of the newest industry demands.
AZ Home License BK-0904081
Branch License BK-0114827
- Financial Services
- Home Mortgages
Phoenix Mortgage Broker: Your Partner in Home Buying
Owning a home remains the cornerstone of the American dream. As you dream of owning a home, you also need to think of how you are going to finance for it. Turn to an experienced Phoenix Mortgage Broker to find the best mortgage options available for you. A mortgage is simply the loan that you get from a lender to buy your house. The house itself is the collateral, or security, on the mortgage loan. A mortgage can assist you in buying your first home, buying a bigger or nicer home than you already have, purchasing investment property (for sale or rental), or looking to refinance your current home.
It's the job of a Phoenix Mortgage Broker to discuss with you the down payment, mortgage principal, interest rates, and mortgage repayment term, and make sure you understand and agree to all terms. The monthly payments vary based on the plan that you choose for your mortgage and the lender who gives you the loan. A mortgage is a commitment for the long term. If you default payments, you stand the risk of losing your home. Therefore it is essential to find the best mortgage deal and get professional help in the process.
PhoenixMortgage Broker: Understanding Your Mortgage
A mortgage is likely to be the largest debt you will ever undertake. Mortgages can last anywhere from 15 to 20 years, and in addition to the cost of your home, you're required to pay interest and other fees. When too many payments have been missed, your home can be seized by the lender and re-sold in an effort to recoup their loss. Before the lender gives you the amount, you have to make an initial payment called the down payment. Once the down payment has been paid, the rest of the money needed to buy the home will come from the lender. Interest is to be paid on this principal amount as monthly instalments. The rate and terms of the loan is based on the down payment figure which could vary from 5% to 20% of the cost of the home. A qualified Phoenix Mortgage Broker will help you find the best mortgage plan by providing you with a number of borrowing options with different interest rates.
Interest rates change quickly and if your credit score is not perfect, you may not get the best rate. Lenders may also charge prepaid mortgage interest points which could help bring down the interest rates. A knowledgeable Phoenix Mortgage Broker will help you understand these interest points and also other points that lenders usually charge. There are certain qualifying guidelines that must be met before an individual can get a mortgage. This includes credit history, income, assets and liabilities in the name of the person applying. Proof of income and assets are to be produced before the loan is sanctioned. If all the right information is provided at the right time, the loan may be processed within 45 to 60 days.
How Does a PhoenixMortgage Broker Help?
A Phoenix Mortgage Broker is the liaison between you and the lender. Brokers are much more knowledgeable about home-buying and lending than the typical layman, and they serve as 'translators' for your lender. The lender wants to make a good impression with brokers, because brokers might have dozens or hundreds of other prospective home-buyers influenced by the broker's opinion. This will help them get the best deal from the lenders which ultimately help the individual home buyer. Brokers work with hundreds of lenders and therefore will be able to check loan options that are available with a number of lenders before selecting the best plan that suits the requirements of a particular client.
One of the most common mistakes that first time house buyers make is to try and skimp on costs by doing away with a broker’s service and approaching banks for a home loan all by themselves. Banks have only one rate for their clients. You, as an individual home buyer, not only do not have much bargaining power and will have to settle for the rate that the bank offers, but you also need to wade through all the paperwork yourself.
Hiring a Phoenix Mortgage Broker allows them to consider mortgage options with lenders you might not even be aware of - and while trying every bank in town will get your credit report checked each time, a broker onl Besides, direct lenders know only about their own products whereas a Phoenix Mortgage Broker who works with different lenders provides a wide array of loan programs. Brokers are licensed and supported by a broad network of lenders, enabling them to gather information and quotes that might take months if done on your own. Brokers are also knowledgeable about loan options not disclosed to the public.
PhoenixMortgage Broker: Flexible Options
A professional Phoenix Mortgage Broker also offers a great deal of flexibility, especially when it comes to finding loans for those home buyers with a less then perfect credit score. They work with lenders that specialize in non-prime markets who have programs designed for such borrowers. Non-prime markets may also offer customized, non-traditional schemes. Direct lenders and banks often have strict limits on the amount of loan they can disburse, loan-to-value comparisons, credit scores and debt-to-income ratios. This may leave their hands tied when considering an application with just one of these factors out of their guidelines. A Phoenix Mortgage Broker look for adaptable programs to provide financing when other direct lenders may only turn down your application.
It is not prohibitively expensive to go through a Phoenix Mortgage Broker. Direct lenders' fees are in the same range as those charged by a broker. Furthermore, the commission paid by the lender also helps the broker reduce their price. They provide a more personal level of service and keep the borrower informed of all issues related to the loan at all times. Brokers are aware and knowledgeable about the loans currently available, and will educate you about them before you make a decision. Once you decide on the best loan option, they will also help you fill all necessary forms and procure all relevant documentation. The broker keeps an eye on your loan's progress and ensures all necessary requirements are met.
Get in touch with your Phoenix Mortgage Broker to make the purchase of your first home a painless experience.