Buying a home in Phoenix can be overwhelming. You're looking for neighborhoods within your budget and that have a low crime rate and high-ranking school district. A mortgage lender can make the process easier. The right mortgage company combines the financial services you need with customer service you can count on. These best mortgage lenders in Phoenix can help you start finding and financing your dream home.
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
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.
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.
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 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.
Since 2002, AmeriSave has been focused on helping people take the first step toward their dream of home ownership. The company has mortgage loans for buying a new home or refinancing your existing one, including fixed-rate loans, FHA loans, HARP loans, VA loans and USDA loans. Reviewers report the online applications process is simple and easy, and loan officers are friendly and helpful.
American Financial Lending, Inc.
American Financial Lending, Inc. has made it their mission to treat customers like individuals rather than just another number. The company offers mortgage loans for buying or refinancing your home, working with conforming and non-conforming loans. Customers like the high quality customer service as well as the understanding, knowledgeable staff.
Fairway Independent Mortgage
Fairway Independent Mortgage strives to treat customers like a member of the family, providing exceptional customer service, speed and support. The company offers conventional loans, fixed-rate mortgage loans and refinancing options. Phoenix customers said they loved the level of customer service and how the team at Fairway was in tune with their needs.