General FAQ

There are a number of questions that we hear from our customers on a regular basis about Arizona Mortgage Group, mortgages and the mortgage process. The purpose of this section is to help answer those questions and clear up any issues that our website visitors might be unsure of regarding Arizona Mortgage Group, mortgages and the mortgage process.

List of General FAQ

  1. Is Arizona Mortgage Group a mortgage banker/broker/lender?

  2. What are the advantages to working with Arizona Mortgage Group?

  3. What is Arizona Mortgage Group's loan process?

  4. I have some issues with my credit. Can I still qualify for a purchase or refi mortgage loan?

  5. I don't have a lot of money available for a down payment or closing costs. Can I still qualify for a purchase or refi mortgage loan?

Answers to General FAQ

1. Is Arizona Mortgage Group a mortgage banker/broker/lender?

No. Arizona Mortgage Group is a team of loan originators who work as independent contractors for a mortgage company based in Scottsdale, Arizona. We specialize in Arizona mortgage loans, and we do the majority of our business in the greater Phoeix area.

As loan originators, there are two components to our job. First, to find people who are looking for a mortgage loan. Second, to help those people select a mortgage loan and take them through the mortgage process until the loan has closed and the funds are available.

2. What are the advantages to working with Arizona Mortgage Group?

Arizona Mortgage Group is not just another mortgage site on the web. Our goal is to build a large, referral-based business by providing our customers with the best mortgage experience that we possibly can. We offer a number of unique advantages to our customers, which are listed below:

  • Low mortgage rates

  • Creative mortgage loan solutions

  • Fast, convenient loan process

  • Match or beat policy

  • Exclusive privacy policy

  • No bait-and-switching

  • No high-pressure sales tactics

For more information about the advantages we offer our customers, click here.

One of the most important advantages that we want our customers to be aware of is our privacy policy. Unlike many mortgage sites on the Internet, we never sell our customer's contact information as "mortgage leads". In fact, we never sell or distribute our customers' information to anyone.

This means that you never have to worry about filling out a contact form or loan app and being contacted by 5 or 8 or more different mortgage companies and loan originators. If you fill out a form on our website, you will be contacted by us and by no one else.

3. What is Arizona Mortgage Group's loan process?

Our loan process is designed to be as quick and convenient as possible. The basic steps of the process are listed below. For more detailed information on our loan process, click here.

Note: The loan process explained below is our general loan process, which is the same for any loan: purchase, refi, fixed rate, adjustable rate, etc. For specific information about the purchase process, please see our Buyers Tutorial. For specific information about the refi process, please see our Refi Tutorial.

  • First, fill out our Quick Application.


  • One of our loan originators will then call you within 1 business day, answer any questions you might have and help you select the best mortgage loan for your unique situation.


  • Once a loan has been selected, then you can fill out a 1003 mortgage loan application. The 1003 application is the standard, 4-page mortgage application.


  • Once you have completed the 1003 application, then your loan originator will collect any additional documents that are required by the selected loan program (W2's, bank statements, pay stubs, etc.) and submit the loan to processing.


  • If any issues arise while the loan is in processing, one of the processors will contact you, let you know what the issues (s) are, and help get them resolved.


  • Once the loan is through processing and ready to fund, then you can simply go to a local title company, sign the loan docs, and the funds will be available shortly afterwards.

4. I have some issues with my credit. Can I still qualify for a purchase or refi mortgage loan?

In general, yes. There are many loan programs in today's mortgage market designed for people with credit issues. To make them easier to qualify for, these loans have more flexible credit and income requirements than normal loans.

These loans typically have higher interest rates than regular loans, because they have a higher chance of default (foreclosure). However, they allow people who would not otherwise be able to qualify for a mortgage the chance to get into a home or refinance their current home. For more information about these loans, click here.

5. I don't have a lot of money available for a down payment or closing costs. Can I still qualify for a purchase or refi mortgage loan?

In general, yes. For refis, lenders don't require a down payment. Instead, they require borrowers to have a certain percentage of equity in the home, typically at least 5 to 10 percent. In addition, lenders typically allow borrowers to finance all closing costs associated with a refi by wrapping those costs into the total loan amount. This means that a borrower can refinance their home with no money out of pocket.

For buyers, there are many loan programs in today's mortgage market that allow borrowers to finance the entire purchase amount of a home, instead of paying a down payment up front and financing the rest of the purchase amount. These specialized loans are called zero down mortgage loans, and they are available as both fixed rate mortgage loans and adjustable rate mortgage loans.

Zero down mortgage loans typically have higher credit requirements than regular mortgage loans, because there is a higher risk of default (foreclosure) with a zero down mortgage loan than there is with a conventional mortgage loans. However, there are many different types of zero down loan programs available today including zero down mortgage loans for those with perfect credit and zero down mortgage loans for those who have some credit issues. Although zero down mortgage loans do not require the borrower to make a downpayment, they have similar interest rates to regular loans.

Calculators

Mortgage Calculator
Our mortgage calculator can calculate principal and interest payments, calculate total monthly payments and display an amortization report.

Refinance Calculator
Our refinance calculator can calculate whether it would save you money to refinance your existing mortgage loan (s).

Local Information

We specialize in loans for borrowers in the greater Phoenix metropolitan area. Click a link below for more information about a particular town:

Scottsdale

Tempe

Chandler

Mesa

Gilbert

Cave Creek