See Mortgage Rate Quotes for Your Home
With hundreds of available options, choosing the best mortgage lender in Arizona depends on what kind of financing you need. The long timeframe and large scale of a home loan makes it important to do your research properly. Even dropping one tenth of a percentage point from a thirty-year mortgage rate can save you thousands of dollars over the life of your loan. To help you find the best balance of value and quality, we analyzed dozens of the best mortgage lenders in Arizona.
Best Mortgage Lender for First-Time Homebuyers: Quicken Loans
Quicken's online-only mortgage originations represent the best combination of value and quality for a first-time homebuyer living in Arizona. Quicken's Rocket Mortgage is a nationwide platform for getting a mortgage online, which you can access at your convenience. While brick-and-mortar banks have similar loan offerings available, they don't allow you to modify or view loan application details whenever you choose. The versatility of digital origination provided by Rocket Mortgage provides first-time buyers with more control and better understanding of mortgage details.
Besides the greater affordability of its loans for first-time buyers, Quicken delivers the benefits of a high-quality service experience. While this isn't as easy to measure as mortgage rates or fees, JD Power's latest surveys of mortgage borrowers show Quicken at the top of the scoreboard in consumer satisfaction. The surveys gave the company high marks in loan servicing as well as the origination process, which suggests that you'll have strong support from Quicken both during and after your initial application.
Best Mortgage Lender for Refinancing: loanDepot
We found loanDepot to be the best lender in Arizona for refinancing an existing home loan. LoanDepot's refinance program includes a wide range of options that should fit the bill in most situations, whether you're looking to lower your rate, cash out on home equity or consolidate debt from other sources. One of the most active refinance providers in Arizona, loanDepot provides services from Phoenix to Yuma through its convenient website and on-demand digital loan application.
Broadly speaking, the purpose of refinancing is to change one or more aspects of your mortgage, and loanDepot offers multiple ways to accomplish this. For those who need to cash out on equity or combine other personal debt into a lower-rate loan, loanDepot has a host of fixed- and adjustable-rate mortgages to consider. This lender also participates in FHA and VA refinancing, which benefits those who qualify but haven't taken advantage of these programs previously. LoanDepot is also unique in waiving lender fees and reimbursing appraisal costs for any repeat refinancing.
Best Online Mortgage Lender: Guaranteed Rate
If you aren't buying your first home but still prefer to find information online about Arizona mortgage rates, then Guaranteed Rate is a great place to start your search. This company makes its product and rate information fast and simple to understand, thanks to a well-designed website and tool for inquiring users.
Few online lenders available in Arizona provide as much information as Guaranteed Rate does about your mortgage choices. Guaranteed Rate's array of conventional, government-backed and jumbo home loans ensures that most users will find at least one loan that's worth looking into. Beyond the website's spread of initial estimates, you can create an account to track the progress of your loan application and upload documents at your convenience. For customers who insist on speaking with a person, Guaranteed Rate also has representatives available by telephone.
While Guaranteed Rate didn't always come up with the best mortgage rates on our sample estimates, its rates weren't too far off the mark in any category. This lender's affordability also received a boost from its generous application of lender credits, which compensate borrowers with discounts on their closing costs. Guaranteed Rate's online-only lending model costs the company less to operate, giving it room to cut back on borrower fees. We recommend starting here if you want a quick overview of mortgage rates in your area.
Best VA Loan Lender: USAA
For Arizona's veterans and active duty servicemembers, USAA had the best deal on a zero-down VA loan that we found using our standard criteria. Besides the excellent value of the loan itself, USAA upholds the high level of customer service that's common among mortgage lenders that cater specifically to members of the armed forces. In addition, USAA's selection of other financial products like checking accounts and auto loans make it ideal if you're looking to consolidate your finances in one military-friendly institution.
With no down payment required for qualifying applicants, getting a VA loan from a company like USAA is by far the most affordable path to buying a home as a veteran. For quotes based in Arizona, USAA's VA loan estimate struck the best balance of interest rate and upfront fees. While some lenders estimated a better rate or promised smaller loan fees, the inherent tradeoff between long-term and short-term cost means that lenders generally can't deliver savings on both ends. USAA's VA loans seem to control the rate without causing fees to skyrocket.
Best Mortgage Lender for Poor Credit: NOVA Home Loans
If you're in Arizona and your credit score is getting in the way of mortgage approval, NOVA Home Loans may be the best place to look next. NOVA's participation in the government-insured FHA loan program makes it just one of many lenders where you can secure financing with a credit score as low as 680. What makes NOVA our recommendation is its high level of FHA origination activity in Arizona, combined with an excellent record of borrower satisfaction—NOVA customers have lodged just 20 official complaints with the CFPB since 2012.
The benefits of getting an FHA loan with NOVA aren't limited to lower credit requirements. Because NOVA is not only a mortgage lender but also a broker, it may be able to find you a better deal from other lenders if NOVA's offer doesn't work for you. Since brokers are paid to help borrowers find the best possible loan, NOVA is still incentivized to make sure that you get the best possible mortgage, even if the company doesn't originate the loan in-house.
The Best Mortgage Rates in Arizona
Arizona's top lenders can also be compared based on the interest rates they offer on their mortgages. To find the lowest mortgage rates in the Grand Canyon State, we compared dozens of local and national lending options and sorted through them based on their online estimates. We've included the top five rate offers for a theoretical home purchase of $200,000 in Phoenix, with a down payment of 20% and a credit score of 740.
Mortgage Rates Provided by Bankrate.com
While we've made this information available for those who prefer to shop home loans by rate, we didn't rely purely on one number to identify the best mortgage lenders. Our analysis also included an examination of lenders' customer service ratings and the availability of unique products or features. Looking at such elements enabled us to choose a number of Arizona-based mortgage providers that each make sense for different types of borrowers.
How We Chose the Best Mortgage Lenders in Arizona
Interest rates were only one part of the picture when it came to choosing Arizona's best mortgage options. Given the fact that mortgages involve hundreds of thousands of dollars and multiple decades of repayments, it's very important to find a lender that is capable of managing your loan fairly and consistently at every stage. To make sure we chose the right companies for each of the profiles above, we evaluated every lender in three major areas:
- Cost: Closing costs and interest rates
- Servicing: Transparency, customer ratings and complaint data
- Options: Loan types, features and lender flexibility
We began our process with a look at the fees and interest rates involved in a lender's mortgage options, since those factors determine the financial cost of the product. Then we took into account the lender's policies and reputation with regard to customer satisfaction. This involved an examination of the CFPB's public complaint data and a dive into the user features available on each lender's website. Finally, we rated the lender for the depth of loan options it offered, and whether they granted enough flexibility for different borrowers to get the financing they would need.
Most Popular Home Loan Companies in Arizona
In the course of our research, we also found data on the largest mortgage lending companies active in Arizona. While these companies are among the most successful and well-known options for a home loan in the state, not all of them made our list of the best lenders. We've included information on these biggest lenders in case you haven't found what you're looking for among the choices we've described above.
Top 5 Arizona Residential Mortgage Lenders, 2013-2018
|Rank||Company||Mortgage Originations||Average Mortgage Amount|
|4||NOVA Home Loans||50,166||$188,699|
|5||Bank of America||45,933||$285,450|
In every state, names like Wells Fargo and Bank of America appear often in our listing of the most active mortgage lenders. However, our recommendations tend to factor in more specific features and qualifications that make a company the best choice for a fairly specific type of borrower. Use this table as a guide to finding more lender choices in Arizona, but keep in mind the criteria we've discussed when evaluating whether they make sense for you.
Mortgage Brokers Near Me in Arizona
Mortgage brokers are licensed professionals who are paid to obtain a mortgage on your behalf. They usually obtain rate quotes from several different lenders to find you a suitable loan, based on documents and financials that you provide. Hiring a mortgage broker adds to the cost of your home loan, but it may be worthwhile if you find that it's too difficult or time-consuming to shop for mortgages on your own. We've included a brief list of brokers around Arizona's biggest cities to help you get started.
|Mortgage Broker||Address||Phone Number|
|Orion Mortgage Corporation||(602) 912-0222|
|Fairway Independent Mortgage Corp||[list on_current="true" format="plain"||9308 E Raintree Drive, Suite 100 Scottsdale, AZ 85260||(602) 483-1436|
|Evolve Bank & Trust||(602) 568-7854|
|Platinum Home Mortgage Corp||(520) 548-7241|
|Lending Arizona LLC||(520) 886-7283|
|CNN Mortgage||(928) 776-2938|
|Midwest Financial Mortgage Services||(928) 706-5626|
|Academy Mortgage||(928) 247-9089|
|Wallick & Volk||(928) 556-0600|
|Nova Home Loans||(520) 803-0309|