What Are Today’s Interest Rates in Arizona?

Today’s interest rates in Arizona are extremely low and smoking hot.  It appears interest rates will remain low for quite sometime.  We do not see any unforeseen interest rate hikes in the near future.

Want To Lower Your Mortgage Payment?

Now is a great time to take advantage of low mortgage interest rates and refinance now.  Over the last 3 months, interest rates have been at an all time low. This hasn’t happen in quite some time.  Last year at this time we saw constant rate increases over and over and over.  This isn’t happening this year.  In fact if you have owned your home or held your mortgage longer than six months, then it’s probably cost beneficial to think about a possible and refinance and your lower your monthly mortgage payment.

Did You Previously Have Bad Credit or Put Very Little Money Down On Your Home:

Interest rates are based on a persons fico score, down payment, and loan amount.  If you previously had lower fico scores or hardly put any money down, now is a good time to refinance because you previously paid a higher interest rate for your fico score or less down payment money.  You see the higher a persons fico scores and the more money you put down on a home the better the interest rates.  The goal is to put at least 20% down if at all possible.  This will avoid monthly mortgage insurance premiums of which the premiums are extremely high.

Did you only put 3% down originally?  If yes, your monthly mortgage insurance premium amount is higher and could possibly be lowered by refinancing.  Why?  Well first off your unpaid balance should be lowered.  Secondly if your fico scores have went up then your interest rates will go down.  Especially if your fico scores are now over 680 when previously you were less than 680 fico score.

Do You Now Have Equity:

For those of you who now have more equity, this means your loan to value ratio is lowered and as a result you could save on mortgage insurance premiums.  If your loan to value ratio is less than 80%, then you can completely avoid monthly mortgage insurance premiums.  Just thinking of the cost savings and what you can do with that extra savings each month.  Go to lunch, dinner, see a new movie, go shopping, golfing, happy hour…etc..  The possibilities are endless.  Furthermore, if your loan to value ratio is less than 80% and you have a high enough fico score and plenty of assets in the bank and have owned your home for one year or longer, it’s very possible the Desktop Originator system might approve your loan without an appraisal.  I said the key word here is it’s possible.  You see a computer program will determine whether or not you will need an appraisal.  It’s not up to us.  It’s up to the computer programmed system.  Therefore, make sure you list plenty of liquid assets on your loan applications.  Listing items like cars, or jewlery will not work.

Don’t delay.  Apply today and start saving money now.  Christmas is just around the corner and I’m sure you could use a little extra money for the holidays.  Call 602-358-8717 or http://azwm.com/refinance-home-loan-step-1/

 

Article One:  Todays Interest Rates Arizona

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