Your Local Mortgage Lender
Located in Arizona
Personalized Mortgage Experience
Nathan Rufty offers personalized service and loan options you'll love. We shop multiple lenders to find the best rate and product for you, getting you into your dream home faster.
With wholesale interest rates and cutting-edge technology, we make the mortgage process seamless. Trust the experts who focus solely on mortgages. Support your local community and experience elite client service.
Let us help you achieve your homeownership dreams!
The Home Loan Process
Mortgage Pre-Approval
Get pre-approved from one of our Loan Officers to see how much you can afford.
House Shopping
Work with a trusted Real Estate Agent to find a home you would like to move into.
Loan Application
Complete your home loan application to get the lending process started.
Don't take my word for it
Mortgage Programs
Experience the best mortgage experience located in Arizona.
Home Loan Options
Our experienced mortgage advisors will walk you through the best mortgage loan program that will fit your specific scenario.
Conventional Home Loans.
FHA Home Loans.
USDA Home Loans.
VA Home Loans.
Frequently Asked Questions
How often can I refinance my mortgage?
There is no limit to the number of times you can refinance. However, you must qualify every time you apply and there will be costs associated with closing the loan each time.
Can I buy a home if I do not have money for a down payment?
Yes! There are a number of bond programs that offer low or no down payment financing options.
How do I know which mortgage is right for me?
The key to choosing the right mortgage is to understand the range of options and features available to you, as well as your budget, circumstances, and goals. Our licensed mortgage professionals are here to help you navigate that process. The more you know, the more comfortable and confident you will be choosing the best option for you and your family.
How long will the loan process take?
The Truth in Lending Act (TILA) does not permit a lender to close a loan until at least seven (7) business days have passed from the date your application was received. A typical home loan takes 30 days, as a number of third-party services such as appraisals, title work, and credit are required in conjunction with the mortgage process. Once you familiarize your Loan Officer with the details of your specific loan scenario, they will be able to provide you with a more specific timeline.
Will I qualify for a home loan?
The only way to find out is to speak with a qualified mortgage professional. Our Loan Officers have helped numerous clients who didn’t know if they could qualify to become home owners. We take the time to understand your financial situation and long-term financial goals, and then match you with the loan program that best fits your needs. Your approval for a loan may also largely depend on the price of the home you are financing. Getting pre-qualified prior to beginning your home search can give you an idea of what you may be able to afford.
Why do people refinance their mortgages?
Homeowners typically refinance to save money, either by obtaining a lower interest rate or by reducing the term of their loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts.
How much money will I have to pay upfront to buy a home?
This question does not have a simple, one-size-fits-all answer. The exact amount will depend on the price of the home you buy as well the type of mortgage financing you choose. Depending on your loan program, your down payment could be as much as 20% of the home’s price or as little as 3%, while some loans require no down payment at all.
Can I get a mortgage after bankruptcy?
You may still qualify for a home loan even if you have experienced a bankruptcy. The best way to find out if you qualify is to talk with a Loan Officer to discuss your options. Be sure to bring all paperwork regarding your bankruptcy so your Loan Officer can find the program that best fits your situation.
Should I lock my interest rate now, or wait until we are closer to our closing?
Interest rates fluctuate all day, every day. If an interest rate is good, it may be in your best interest to lock now. If you wait, you run the risk of an increase in rates later. If you are concerned that rates may go down after you lock, contact your Loan Officer to discuss your options. Some programs allow you to lock for an extended period and choose to lower your rate should a better one become available.
Most Recent Blog Updates
The Pros and Disadvantages of a Reverse Mortgage in Arizona and How to Know If It Is Right for You
The Complete and Honest Picture of How a Reverse Mortgage Actually Works
Nathan Rufty at Canopy Mortgage works with Arizona homeowners 62 and older who are seriously considering a reverse mortgage and want to understand both sides of the conversation before making any decisions. This is that conversation.
The Pros of a Reverse Mortgage
The proceeds from a reverse mortgage are not subject to income taxes. Because the funds are considered loan proceeds rather than income they do not count as taxable income regardless of how you receive them or what you use them for. That distinction matters significantly for seniors who are managing a fixed income and monitoring how additional funds affect their tax situation.
The title stays in your name. One of the most persistent misunderstandings about reverse mortgages is that the bank takes ownership of the home. It does not. Just like a traditional mortgage the lender holds a lien on the property but the title remains in the homeowner's name throughout the life of the loan.
You will never owe more than what the home is worth. The modern Home Equity Conversion Mortgage is a non-recourse loan. The lender cannot demand that you or your heirs pay a single penny more than what the home is worth at the time the loan becomes due. If the loan balance has grown beyond the home's value the FHA insurance that backs the product covers the difference. Neither the borrower nor the heirs are responsible for that gap.
There is no monthly mortgage payment. As long as you live in the home as your primary residence and maintain the basic obligations of homeownership there is no monthly mortgage payment required. Those obligations include paying annual property taxes and homeowners insurance which can be impounded into the loan if preferred, maintaining any HOA dues if applicable, and keeping the home in a livable condition. These are things most homeowners are already doing as a matter of standard ownership.
The Disadvantages Worth Understanding
The cost of a reverse mortgage is slightly higher than traditional financing. Nathan Rufty is direct about this. The upfront costs are real. However over the long term and compared to the total financial benefit the program delivers those costs represent a relatively small portion of the overall picture.
With a reverse mortgage you are trading equity for cash. The loan balance grows over time as interest accrues rather than being paid down through monthly payments. Eventually if you live in the home long enough the loan balance could theoretically exceed the home's value. As Nathan explains that takes a very long time to happen and the non-recourse protection means neither you nor your heirs face personal liability for that difference if it does occur.
When the loan becomes due the heirs have options. They can sell the property and use the proceeds to pay off the loan with any remaining equity going to the estate. They can allow the lender to take the home back. Or they can purchase the property at 95 percent of the appraised value regardless of what the loan balance is. If the home is worth $400,000 and the loan balance is $500,000 the heirs can buy it for $380,000. That protection for heirs is a meaningful and often overlooked benefit of the FHA-backed HECM structure.
Is a Reverse Mortgage Right for You in Arizona
Nathan Rufty walks through the specific situations where a reverse mortgage tends to make the most sense.
If you do not plan to move you can make the most of the program by staying in the home for an extended period. The longer you remain the greater the benefit relative to the cost.
If your retirement income is not covering your basic monthly expenses a reverse mortgage provides a way to supplement that income using equity you have already built rather than taking on a new monthly obligation.
If your health is changing and your home needs modifications to remain safe and accessible a reverse mortgage can fund those changes. Handrails, ramps, wheelchair accessibility, and other home modifications that support aging in place can all be funded through the equity in your home.
Bring Your Family Into the Conversation
Nathan Rufty encourages Arizona homeowners who are exploring a reverse mortgage to bring their family members into the conversation. Questions about what happens to the home when a parent or family member passes are legitimate and deserve clear answers. Nathan is happy to speak with heirs directly to make sure everyone understands how the program works and what their options will be when the time comes.
Reach out to Nathan Rufty at Canopy Mortgage at 909-503-5600 to explore whether a reverse mortgage is the right fit for your situation in Arizona.
Sources
HUD.gov
NRMLA.org
ConsumerFinancialProtectionBureau.gov
FHA.com
Investopedia.com
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State Licenses
CA #CA-DOC292056
AZ #0946912
UT #12395907
NV #77114
