Mortgage Broker in Arizona Helping Homeowner's Lower Their Home Loan Payments

The Fed appears to be planning to keep interest rates low for years. And homeowner's all across Arizona are seizing their opportunity to refinance their home loan to historically low fixed interest rates. Earlier this month, the Federal Reserve changed up its strategy for interest rates, specifying new economic conditions that must be met before it would push rates higher. The central bank said it will keep interest rates at or near zero until at least the end of 2023. In order for the Fed to raise rates, the U.S. labor market will need to return to maximum employment along with inflation increasing to 2%. Our economy appears to be on track to exceed that threshold for some time to come. This has been a boon for mortgage brokers like NEXA Mortgage here in Arizona as well as across the country.

When the coronavirus pandemic began, the Federal Reserve moved quickly to lower rates to zero in the face of an unprecedented surge in unemployment caused by economic shutdowns. This decisive move helped usher in historically-low interest rates — which has been a major benefit to buyers and homeowners looking to lock in low mortgage rates. Now hovering in the 2's for both 15-year and 30-year fixed mortgages.

A mortgage broker is an intermediary who brings home loan borrowers and mortgage lenders together. A mortgage broker, like NEXA Mortgage that is headquartered in Chandler, helps borrowers across Arizona connect with wholesale lenders and seeks out the best fit in terms of the borrower's financial situation and interest-rate needs. A mortgage broker matches borrowers with wholesale lenders in order to obtain the best possible mortgage terms for the borrower. As opposed to a retail lender that only offers borrowers their own products; limiting the consumer's options to only in-house products and pricing. A mortgage broker can save a borrower time and effort during the application process, and potentially a lot of money over the life of their home loan.

Whether a potential home loan borrower is buying a new home or refinancing, a mortgage broker gathers loan options from various lenders for the borrower to consider, while qualifying the borrower for a mortgage with those lenders at the same time. The broker also gathers financial information such as income, assets, and employment documentation; a credit report; and other information for assessing the borrower’s ability to secure financing that is then passed on to lenders.

A mortgage broker often works with several clients at one time and does not get paid unless a loan closes, encouraging mortgage brokers to work with each borrower on a more personal level. If a loan originated through a broker is declined, the broker applies to another lender. A retail lender from a big bank may keep a borrower on hold for an extended period of time because of their heavy workload. If a loan originating through a retail bank is declined, no further action is taken with the bank.

Wholesale lenders work exclusively with mortgage brokers, providing access to home loans that would otherwise not be available to the borrower directly. In addition, mortgage brokers can get lenders to waive application, appraisal, underwriting, and other fees. Big banks do not waive fees and give the consumer more limited loan options along with higher retail pricing.

Charlie Kartchner, Mortgage Loan Officer
NEXA Mortgage
2450 S Gilbert Rd
Chandler, AZ 85286
623-252-3008
ckartchner@nexamortgage.com
https://KartchnerLoans.com

NEXA Mortgage, headquartered in Chandler, Arizona is a full-service mortgage broker specializing in every form of real estate financing. From a traditional home loan to investment properties as well as commercial financing. Whether you are buying a new home, relocating to a new area or refinancing, NEXA Mortgage can help you realize your dream of homeownership or save you money when refinancing your existing home loan.
https://KartchnerLoans.com

This release was published on openPR.