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If you’re considering buying a home in Grand Canyon State, you’re not alone.Arizona is 3.08 million residential unit According to the US Census Bureau, the homeownership rate is 68.7%.
Arizona’s median home price is $376,369 and the national median is $238,600. Even the most expensive county maximums don’t significantly exceed that figure, and some counties are much cheaper.
US News has conducted an in-depth review of leading direct mortgage lenders. The survey is based on program availability and customer satisfaction ratings. Because every consumer’s needs are different, the top products were selected in several key areas.
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Caliber Home Loans of Coppell, Texas offers mortgage products nationwide. Options include conventional, variable rate, jumbo, refinance, Federal Housing Administration, USDA, and Veterans Affairs loans. Caliber has been in business since his 2008 and is dedicated to mortgage products.
Founded in 2007, Carrington Mortgage Services offers a range of mortgage and refinancing options to borrowers seeking traditional or government-sponsored loans. California-based parent company Carrington Holding Co. was founded in 2003 and offers a variety of real estate services. Carrington Mortgage Services is based in California with offices in Arizona, Connecticut, Florida, Indiana and Maryland.
The Department of Defense Federal Credit Union, popularly known as PenFed, offers borrowers access to various types of mortgages. Conventional, floating rate, jumbo, and VA, as well as refinancing loans and home equity lines of credit. The financial institution, which serves 2.5 million members, was founded in 1935 and is based in McLean, Virginia.
Headquartered in Charlotte, North Carolina, Truist Bank was formed following the merger of SunTrust Bank and BB&T Bank in 2019. Truist Bank offers a variety of mortgage products, including refinancing and home equity lines of credit.
Chase, one of the world’s largest banks, was founded in New York in 1799 and offers mortgages and refinancing loans.
AmeriSave Mortgage Corp. is an online lender that has been in business since 2002. He is one of the first companies to offer his customers an offsite digital his mortgage experience. The company says it has financed more than 664,000 borrowers since its inception. AmeriSave is headquartered in Atlanta and provides loans in 49 states and Washington, DC.
Veterans United Home Loans offers home loans in all 50 states and Washington DC and specializes in Veterans Administration loans. Since 2016, Veterans United Home Loans have generated the largest number of VA purchase loans in the country annually. The lender was founded in 2002 and is based in Columbia, Missouri.
PNC Bank is one of the largest banks in the United States, serving more than 9 million customers in all 50 states. A full-service mortgage lender, PNC offers most types of mortgage products.
PrimeLending is a Dallas-based mortgage lender that has been in business since 1986. The company offers multiple mortgage options, including traditional loans, jumbo loans, government-sponsored loans, and refinancing loans. The lender is a subsidiary of PlainsCapital Bank.
Currently, the average home loan interest rate in Arizona is 6.86% Fixed loan term of 30 years.
Here are the interest rates available to Arizona residents looking to buy or refinance a home as of November 1, 2022:
- 30-year fixed purchase: 6.86%
- 30 year fixed rate: 6.75%
- 15-year subscription: 6.09%
Use bank rate
Keeping mortgage rates low today can save you thousands of dollars over the life of your loan. Compare mortgage interest rate offers to national average trends.
Is your dream home within reach? US News’ Mortgage Calculator shows you how much you can afford to buy a home.
Arizona offers only one program, through the Arizona Department of Industrial Development, to help homebuyers in the state.
- Available: Eligible Arizona homebuyers who have completed a homebuyer education course and have a credit score of 640 or higher.
- Income limit: $112,785.
- First time homebuyers only? No.
- Loan options: 30 year fixed rate mortgage.
- advantage: This program combines a HOME PLUS mortgage with a down payment and closing cost assistance of up to 5%. This assistance comes in the form of his second mortgage, which has no interest and is exempt from repayment in three years. If you sell your home or refinance your loan in the meantime, the remaining outstanding balance will be paid. If the loan is not forgiven, it will become due when the home is sold or the loan is refinanced. HOME PLUS mortgages have reduced mortgage insurance requirements compared to traditional conventional loans.
US News selects the best loan companies by evaluating affordability, borrower eligibility criteria, and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about lenders and their loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service rating, interest rates, loan product availability, minimum down payment, minimum FICO score, and online capabilities.
The weight each scoring element receives is based on a national survey of what borrowers want from lenders.
To be rated, lenders must offer eligible loans nationally and have a strong reputation within the industry. Read more about our methodology.
Real Genius is a division of FirstBank, a publicly traded bank based in Nashville, Tennessee. Formerly known as ConsumerDirect Mortgage, Real Genius offers both homebuying and refinancing loans.
New American Funding is a mortgage lender that offers a variety of mortgage options to homebuyers and homeowners nationwide except Hawaii. Founded in 2003 and based in Tustin, Calif., the company has originated $61.9 billion in mortgages to date.
Guild Mortgage is a San Diego-based lender founded in 1960 with a focus on mortgages. Guild Mortgage offers buyers in 43 states a range of mortgage products, including conventional loans, government-backed mortgages and jumbo loans.
Founded in 2011, SoFi is a San Francisco-based online lender that offers fixed-rate mortgages. Refinancing, jumbo loans and home equity loans are also available.
Founded in 1993 and headquartered in San Ramon, California, CMG Financial is a privately held mortgage banking company operating nationwide with localized support. Lenders offer a variety of products, including conventional, government, and specialty mortgages like jumbo loans.
Freedom Mortgage was founded in 1990 as a family business and today operates as one of the nation’s top mortgage lenders. While its products are available to all who qualify, it is specifically focused on helping current and former service members.In 2020, Freedom Mortgage was ranked #1 in the United States by Inside Mortgage Finance veterans affairs lender and #1 Federal Housing Administration lender, serving all 50 states, Washington DC, the U.S. Virgin Islands, and Puerto Rico.
LoanDepot is a mortgage lender with over 200 branches nationwide, offering both a digital experience and face-to-face service. Lenders offer fixed and variable rate traditional mortgages, Federal Housing Administration and Veterans Administration loans, refinancing and renovation loans. The company was founded in his 2010 and is based in Foothill Ranch, California.
Alliant Credit Union is a not-for-profit financial cooperative serving customers in all 50 states. Alliant offers products such as conventional, jumbo, refinancing and home equity credit loans, however certain mortgage products may not be available in certain states.
Rocket Mortgage, the largest mortgage lender in the United States, was founded in 1985. The Detroit-based company is best known for the complete digital experience of buying or refinancing a home. Rocket Mortgage will change its name from Quicken Loans in the summer of 2021.
The Navy Federal Credit Union serves more than 11 million active duty and veterans, veterans, members of the Department of Defense and their families. Founded in 1933 and based in Vienna, Virginia, this not-for-profit credit union offers products ranging from credit cards to auto loans. Navy Federal is the largest credit union in the United States, with $160.5 billion in assets and 349 branches worldwide.
Advertising Disclosure: Some of the loan offers on this site are from companies that are advertising clients of US News. Advertising considerations may affect where offers appear on the site, but they do not affect editorial decisions, such as which loan products are described and how they are evaluated. This site does not include all loan companies or all loan offers available in the market.
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