Your home isn't just a place to live, it's an investment and a future for you and your family.
Our products page is available to inform you of the various loan options we offer. Our Arizona licensed loan officers are available to provide tailored advice about our mortgage loan products to fit your personal financial needs. Research Fairway Independent Mortgage Corporation's Arizona loan offerings to see what services we offer and if you have any questions, don't forget our loan officers are ready to help.
Every mortgage is different and has its own style. The Fairway Team in Arizona is here to help assist you in navigating through all product offering. We understand it can become confusing and our loan officers can assist when determining what is right for you and your family. Finding a loan for an individual or couple is a process of matching the right programs with the borrower’s needs. We simplify the process and our goal is to save you time and money.
Mortgage Loan Comparison Chart
Adjustable Rate Mortgage
Fixed Rate Mortgage
Arizona Down Payment Assistance Programs
Mortgage Loan Options Overview
• FIXED RATE MORTGAGES
A fixed rate mortgage, the most common type of mortgage today, is a mortgage that has a fixed interest rate for the entire term of the loan. The benefit of a fixed-rate mortgage is that the interest rate and monthly loan payments will stay the same, eliminating any concerns about varying loan rates and payment amounts that fluctuate with interest rate movements, especially when interest rates are expected to rise. Fixed rate mortgages most commonly come with 15- and 30-year terms, although other options are available.
• ADJUSTABLE RATE MORTGAGES
An adjustable rate mortgage is a mortgage that has an interest rate that can change periodically after the initial fixed rate period, typically each year, which in turn can also affect the monthly payment. The initial interest rate is fixed for a set period of time (typically 3, 5, 7 or 10 years) before it is susceptible to annual increases or decreases based on market fluctuations. The benefit of an adjustable rate mortgage is when interest rates are expected to fall, a homeowner could potentially lower their monthly payments with the lowered interest rates.
• CONVENTIONAL MORTGAGES
A conventional mortgage refers to any loan that is not insured or guaranteed by the federal government, as opposed to government insured loans such as FHA (Federal Housing Agency) and VA (Veteran’s Administration). Conventional mortgage loans can be either fixed mortgages or adjustable-rate mortgages, including hybrid ARMs. Conventional mortgages (whether conforming or not) typically have a slightly higher down payment than government loans. However, conventional mortgages normally provide more flexibility and lower interest rates for buyers with good credit and the ability to afford a slightly higher down payment.
• VA LOANS
Home loans backed by the Department of Veterans Affairs (VA) provide affordable home financing options for eligible Service Members, Veterans and surviving spouses. Since VA loans often require no down payment* with lower closing costs, you can help keep your savings secure. In order to be eligible for a VA loan, you must first obtain a valid Certificate of Eligibility (COE). Your COE is based on length of service or service commitment, duty status and character of service.
• FHA MORTGAGES
The Federal Housing Administration (FHA) is a federal agency within the US Department of Housing and Urban Development (HUD). The FHA offers both fixed and adjustable rate mortgages. FHA's objective is to assist providing housing opportunities and is widely used for first-time home buyers. FHA loans are also available for refinancing a home. The advantages for the FHA loan include, but are not limited to: great for 1st time home buyers, lower down payment than a conventional loan, down payments can be a gift from a family member, non-profit organization or government instrumentality.
• USDA/RURAL DEVELOPMENT MORTGAGES
Offered through the United States Department of Agriculture, the USDA Guaranteed Loan Program provides borrowers in rural areas the opportunity for home ownership. This is an excellent product and benefit for those individuals that qualify. The USDA Guaranteed Loan Program also offers 100% financing opportunities for those who qualify.
Rural areas are defined as towns, cities or places with populations of 10,000 or less, and towns and cities that are not part of a Metropolitan Statistical Area (MSA) with populations between 10,000 and below 20,000.
• JUMBO LOANS
A jumbo loan, or non-conforming mortgage, allows you to purchase more expensive homes with a loan amount above the conforming limit set by the Federal Housing Finance Agency. In most areas of the country, the conventional conforming loan limit is $424,100; however, the limit is $636,150 in higher cost areas.
Refinancing a home mortgage can accomplish many things, including potentially lowering an interest rate and monthly payments, but ultimately restructuring the mortgage to fit the borrower’s current financial situation and goals. If a borrower is in a situation where their mortgage is more than their home is worth, the Home Affordable Refinance Program, known as HARP, may be able to help. HARP is a federal program of the United States, set up by the Federal Housing Finance Agency in March 2009 to help underwater and near-underwater homeowners refinance their mortgages.
• RENOVATION MORTGAGES
When shopping for a home, you may come across properties that aren’t quite what you’re looking for but have the potential to be your dream home with some repairs or renovations. With a renovation loan, you can roll the cost of financing or refinancing a home and repairs into one loan – saving you time and money.
• REVERSE MORTGAGES
A reverse mortgage is a way to turn the equity in your home into cash which is usually tax free* without having to make monthly mortgage payments. Instead of monthly payments, the loan is taken against a senior’s home equity and repaid in one lump sum when the last borrower leaves the home. As part of the loan, the borrower is required to continue paying property taxes, insurance and maintenance (and HOA fees, if applicable). These loans can potentially help seniors gain financial independence from increasing living expenses.
*This information does not constitute tax advice. Please consult a tax advisor regarding your specific situation.