Arizona Mortgage Rates
Check Current Mortgage Rates
ARIZONA CONFORMING 30 YEAR FIXED RATESToday's Average: 5.02% What does this mean?
About Mortgage Rates in Arizona
Arizona not only has one of the greatest tourist attractions: The Grand Canyon; it also offers mortgage packages with the best fixed and adjustable rates. Banks from Phoenix to Tucson are providing borrowing opportunities that greatly benefit buyers searching for an ideal mortgage package featuring: the lowest interest rate, lowest payment, lowest interest expenses, or lowest closing costs.
A market of over 2 million housing units and access to Arizona’s best mortgage deals and tools affords Mortgage 101 the ability to find loan packages for new home buyers, refinancing or a second mortgages. Allow Mortgage 101 to help you today.
Mortgage Refinancing in Arizona
In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.
The 5/5 & 5/1 Adjustable Rate Mortgage
This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.
Fixed Rate Mortgage
Fixed Rate Mortgages
This is your parent's mortgage loan. The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage for the original borrower.
Other Mortgage Terms
Origination Fee - The fee charged by a lender to prepare loan documents make credit checks inspect and sometimes appraise a property; usually computed as a percentage of the face value of the loan.
Mortgage Insurance - Money paid to insure the mortgage when the down payment is less than 20 percent.
Closing Costs - Expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee property taxes charges for title insurance and escrow costs appraisal fees etc. Closing costs will vary according to the area country and the lenders used.