Arkansas Mortgage Rates
Check Current Mortgage Rates
ARKANSAS CONFORMING 30 YEAR FIXED RATESToday's Average: 4.93% What does this mean?
About Mortgage Rates in Arkansas
Home owners in Arkansas, from Little Rock to Jacksonville want the best rate on their second mortgage. With over 1 million housing units that are more than 69% owner occupied, Arkansas is good market for second mortgages and refinancings. Banks are offering home owners as well as first time home buyers the low interest rates, low monthly payments as well as cheap closing costs to secure them in a loan.
Mortgage 101 can help you navigate several loan options options easily. We want you to find the best possible mortgage package and the only way to do that is to shop around. Save your valuable time and allow Mortgage 101 do the work for you.
Mortgage Refinancing in Arkansas
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.
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.
Annual Percentage Rate (APR) - The measurement of the full cost of a loan including interest and loan fees expressed as a yearly percentage rate. Because all lenders apply the same rules in calculating the annual percentage rate it provides consumers with a good basis for comparing the cost of different loans.
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.