Skip to content
Contact us
ReviewsAboutLoan officersApplyWhere we lendAreas we serveQuestions
Call (480) 297-8855

Loan

Home purchase loans in Gilbert and Queen Creek, AZ

Financing for the home you are buying.

Ask about this loanHow applying works

What it is

How it works

We start with the monthly payment you are comfortable with, then look at the loan types that fit. We show you the costs, including mortgage insurance and fees, before you commit to anything.

Who it fits

  • People buying a home to live in, first or next.
  • Buyers who want to know their budget before they tour homes.
  • Buyers moving from one home to another.
  • Anyone who wants a pre-approval letter to send with an offer.

Key facts

Good to know

  • Within three business days of your application, you get a Loan Estimate that lists the loan's terms and costs.
  • You get a Closing Disclosure at least three business days before closing, so you can compare it with the Loan Estimate.
  • The home has to appraise. If the appraisal comes in under the price, the price, the loan, or your cash may change.

Ways to buy

Your loan options

Each one buys a home. We compare them with you before you choose.

Calculator

Estimate a payment

You choose every number. The weekly average is a starting point, not a quote.

Payment

Move any number. The math runs on this device and nothing is sent.

$

$70,000 down

U.S. average the week of Nov 5. Not a quote.

Term
$
$
$

Monthly payment

$1,896.82/ month

Sample: $350,000 home, 20% down ($70,000), 360 monthly payments of $1,896.82 on a 30-year fixed loan at 7.18% interest (7.18% APR, assuming no points or fees). Taxes and insurance are extra, so your real payment will be higher. Not a quote.

Principal and interest
$1,896.82

Add tax and insurance for the full payment.

Loan amount
$280,000
Down payment
$70,000

Over 30 years

  • Principal$280,000
  • Interest$402,855

First payment: $221.49 principal and $1,675.33 interest.

This is an estimate, not a loan offer. A lender has to confirm it.

This is not a commitment to lend or lock a rate.

Rates change. Call us. (480) 297-8855

Costs and limits

What it costs

The kinds of costs, not amounts. Your Loan Estimate lists the numbers.

Costs to expect

  • Cash to close: your down payment plus closing costs, less any credits from the seller or the lender.
  • Closing costs: lender fees, the appraisal, title insurance, and recording fees.
  • Prepaid items: the first year of home insurance and some property tax, held in an escrow account.
  • Mortgage insurance on some loans, depending on the loan type and how much you put down.

Limits

  • Loan limits depend on the loan type and the county.
  • The lender looks at your income, your debts, your credit, and your savings.
  • Some loans are only for a home you will live in.

Compared

How it compares

Next to Construction loans.

  • A purchase loan buys a home that is already built. A construction loan pays a builder in stages while the home goes up.
  • A purchase loan closes once. Some construction loans close twice: once for the build and once for the loan after.
  • Buying an existing home lets you see what you get before you sign. Building lets you choose the plans, with more steps to manage.

The process

From pre-approval to closing

A pre-approval comes from the lender after it reviews your credit and documents.

  1. Pre-approval

    You share your income, debts, savings, and credit, and we send your file to the lender. You get a letter with a price range to shop in. It is not a loan offer, and it can change if your finances do.

  2. House hunting and your offer

    You tour homes with your agent and stay inside your range. Your pre-approval letter goes with your offer. Talk to us before you raise the price or change your down payment.

  3. Application and Loan Estimate

    Once a seller accepts, you apply for the loan on that home. Within three business days, you get a Loan Estimate with the rate, the payment, and the costs. Read it, ask questions, and tell us when you want to go ahead.

  4. Appraisal and underwriting

    The lender orders an appraisal to confirm the home's value. An underwriter checks your income, savings, credit, and the title. Expect a request or two for more documents. Sending them back soon keeps the file moving.

  5. Closing Disclosure

    At least three business days before closing, you get a Closing Disclosure with the final terms and your cash to close. Compare it with your Loan Estimate and ask about anything that changed.

  6. Closing

    You sign the loan papers with a title or escrow officer. The lender funds the loan, the deed is recorded, and the home is yours.

Questions

Questions about this loan

Not here? Call (480) 297-8855.

What is the difference between pre-qualified and pre-approved?

Pre-qualified is an estimate from what you tell us. Pre-approved means the lender has reviewed your credit and documents. Sellers take a pre-approval more seriously.

What is cash to close?

It is the money you bring to closing: the down payment and closing costs, minus any credits and your earnest money. Your Closing Disclosure shows the exact figure.

Can the seller pay some of my closing costs?

Often, yes. Each loan type caps how much a seller can pay toward your costs. Ask before you write the offer, so your agent can put it in the contract.

How long does a purchase loan take?

It depends on the appraisal, the title work, and how soon you send documents. We give you a timeline in writing once you apply.

Does a pre-approval mean my loan is approved?

Not yet. It means the lender has reviewed your credit and documents. Final approval waits for the home itself: its appraisal, its title, and an updated look at your finances.

Should I avoid new credit while I'm buying?

Yes, until you close. A new car loan, a new card, or a large purchase on credit can change what you qualify for. Ask us before you open or close any account.

What happens if the appraisal comes in low?

You have choices: ask the seller to lower the price, bring more cash, ask for a second look using similar homes that sold nearby, or walk away if your contract allows it. We go through them with you and your agent.

Can family help with my down payment?

Most loan types accept a gift from family toward the down payment and closing costs. The lender asks for a gift letter and a record of the transfer. Ask us before the money moves, so it is easy to document.

Reviews

From a client

Read all reviews

Chance is someone you can trust from the begging to the end of the transaction. I'm grateful to have found him to help me with the purchase of my home. Chance answered all of my questions and concerns, in detail. Couldn't have done it with out him. Buying a home can be challenging in number of things from the seller, realtor, title, etc. Chance made it easy for me, to understand, trust and believe that I was making the right decision . Thank you Chance, from my daughter and I. Sincerely, Edith Peralta, MBA/CCC

Edith Peralta

Contact

Ask about this loan

Send a note and we’ll get back to you soon.

Hours
Monday–Friday: 8 AM – 6 PM
Saturday: By appointment

An email or a phone number is enough.

We use what you send here to reply to you. It goes to this business, not to advertisers. We'll only email you news if you tick the box.

Areas we serve

Where we lend nearby

Loans

Other loans

A short explanation of each. No rates here.