Find the Best Mortgage Lenders in Phoenix, AZ

How to choose a mortgage lender in Phoenix

Choosing a mortgage lender in Phoenix can be hard with so many factors to consider, such as real estate market trends for the neighborhoods you are considering. Understanding the market is key to knowing when the best time is to refinance or purchase a new home. Getting a mortgage loan is easiest in a stable real estate market.

A recap of recent Phoenix market trends:

• 2004 to 2006 the housing market boomed, inflating prices and home sales
• 2010 to 2012 foreclosures climbed and prices plummeted
• 2018 saw a rebound of home prices

Currently, many neighborhoods in Phoenix have bounced back from the price plummet. The median price of a home in Phoenix is $235,000 and steadily increasing.

Phoenix is considered a relatively stable housing market. Only 8.7 percent of those with a mortgage loan in Phoenix have negative equity, which means they owe more than what they’re house is worth. That is slightly lower than the national average of negative equity, which is 9.1 percent.

The main consideration when looking for a new home is which neighborhood is best for your lifestyle and budget. The price of a house impacts the type of mortgage loan you need, and that will better help you choose which mortgage lender to work with.

Best neighborhoods in Phoenix to buy a home

Arcadia/Biltmore

With an incredible location near Downtown Phoenix, Arcadia/Biltmore is one of the most desirable locations. Since this area is between Phoenix and Scottsdale, parents have many school options for their kids from charter schools to top-rated public schools. In Arcadia, the median home price is $550,000. In Biltmore, median prices sit around $485,000. If you choose an expensive home, find a mortgage lender that offers non-conforming loans.

Ahwatukee

If you’re looking for a home close to nature and recreation, the Ahwatukee neighborhood is a good choice. Young families here love the low crime and high graduation rates. Ahwatukee is a growing area and this suburban feel means affordable housing with median prices sitting at $250,000. You’ll want to find a mortgage lender offering FHA loans and ARM loans that might be ideal for shopping in this neighborhood.

Gilbert

Rated as Phoenix’s safest suburb, Gilbert has seen considerable growth linked to its rapidly expanding healthcare industry, as well as low crime rates and consistently high-performing public schools. It is also one of the least expensive neighborhoods with a median price of $237,000. Conventional mortgage loans can work well for this neighborhood.

Paradise Valley

Paradise Valley offers luxury estates with a small-town feel. The population is about 14,000 and is named one of Phoenix’s safest neighborhoods. Big homes on large lots are the staple of Paradise Valley, but that comes with a median price tag just over $1.3 million.