Refinance Rates in Arizona

Refinance rates AZ are at an all time low.  Mortgage rates have declined significantly over the last six months.  If you haven’t refinanced yet now is a great time to take an advantage of low mortgage rates.

Refinance Without An Appraisal:

There are two loan products that do not require an appraisal.  They are a VA refinance and an FHA streamline refinance without an appraisal.  However, if you choose the loan product without an appraisal, we can not add in closing costs to your loan amount.  You will need to come in to closing with your own funds to close or choose a higher interest rate if available to cover some or all of your closing costs.

Appraisal Waivers:

As mortgage guidelines loose up over the last year we are starting to see some appraisal waivers.  What is the catch?  First off, your loan to value ratio needs to be at 80% or less.  Secondly, one must have a high fico score if your ltv is right at 80%.  Thirdly, you need a low debt to income ratio and plenty of assets in the bank.  The more assets in the bank that you list on your application the better the chance of an appraisal waiver.  However, the appraisal waiver is computer generated.  Therefore, we can’t guarantee that you will obtain one.

How Long Does It Take To Close On A Loan:

If you need an appraisal on your loan, it will take right at 30 days to close your loan. If you don’t need an appraisal we are seeing loans close in less than 30 days.  The sooner you can get us your loan documentation the sooner we can close on your loan.

What Documentation Is Needed On A Refinance:

We need your w-2s for the last two years along with current paystubs for the last 30 days.  If you need to bring in funds for closing we will need either one or two months bank statements.  Once your loan is run through the automated system, then we will know for sure whether your need one or two months bank statements.  However, for now I would plan on two months bank statements.  We will also need a copy of your current home owners insurance policy.

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