Mortgage Refinancing Arizona

Arizona Mortgage Rates

As a resident of Arizona, you'll have to get organized if you want to find the lowest rate mortgage out there. The fact is, there are many mortgage options available, and finding and comparing all of them can be tedious. You might start by considering what type of cost savings is most important to you. Do you want the lowest possible payment, low overall interest costs, or simply the best interest rate? Keep your objective in mind as you search for the best purchase or refinance mortgage.

The options available in Arizona are fixed-rate mortgages, adjustable-rate mortgages, and second mortgages. MortgageLoan.com has many resources to help you find and evaluate these options. You can:

• Compare rates by loan type
• Calculate what interest rate and loan amount you can afford
• Create amortization tables
• Browse Arizona brokers

Arizona Rate Map

Our Arizona Rate Map shows the mortgage rates borrowers have been getting in different parts of the state. Each “balloon” represents a single mortgage loan where the borrower has chosen to discretely share their loan information. 
Clicking on individual markers lets you see the mortgage rates New York borrowers have been able to get with different credit scores, loan-to-value ratios, loan amounts and other factors. The list of options at left can be used to narrow down your choices. 
Like to join in? If you recently obtained or refinanced a mortgage and would like to share your rate information anonymously, just click on “Share Your Rate” above the map and fill out the boxes indicated. Your fellow borrowers will appreciate it! 

Comparing Mortgage Types

Do you know how the different types of Arizona mortgages compare, rate-wise? Fixed-rate mortgages have a set interest rate, set payment amount, and set maturity date. Most are repaid in 30 years, but lower rate, 15-year programs are also common. 
Adjustable-rate mortgages offer a low rate and low payment in the early months of the loan, but can experience severe rate increases. The rate is structured to track with a variable benchmark index such as LIBOR. 
Existing homeowners have the option of a second mortgage. These come in the form of fixed-rate loans or a variable-rate line of credits. 

Restructuring an Existing Mortgage

When you already have a mortgage, you can raise cash, consolidate debt, or lower your payment by refinancing. Cashing out or consolidating is a possibility when you have equity in the home, either from a decrease in your first mortgage balance, or an increase in the home's value. Refinancing to a lower rate loan or a longer loan maturity will usually result in a lower monthly payment. 

Evaluating Mortgage Options

Comparison shopping will be your best approach to getting the best rate on your Arizona mortgage. Start by reviewing market rates. Then, calculate mortgage payments and amortization tables to gain a better understanding of how different loan structures work. When you feel comfortable with your options, look for Arizona brokers in our broker directory. You can then contact brokers and start submitting loan applications. 
Here are two final points to remember while you're comparison shopping: 

• A lender's lowest advertised rate is reserved for borrowers with above-average credit. If you have bad credit, it might be helpful to review Arizona rates by credit quality and loan type here.
• Review loan structures carefully. You can avoid unpleasant surprises by developing a thorough understanding of all aspects of your prospective mortgage loans.

Whether you're buying a new home in the Valley of the Sun, or refinancing a cabin in Williams, the right mortgage for you is out there. Just be prepared to turn over a few stones to find it.