Arizona’s Mortgage Rates

/Arizona’s Mortgage Rates

According to Freddie Mac’s most recent Primary Mortgage Market Survey, national mortgage rates remain near record lows, giving prospective buyers an excellent opportunity to secure affordable home loans. What’s more, low home prices have combined with these rates to create a veritable buyer’s paradise that offers borrowers the chance to nab properties they might normally be unable to afford.

What it Means for Arizona Buyers

To reach its numbers, Freddie Mac collects good faith estimates from a handful of lenders across the country. While this provides a good idea of what buyers can expect from local lenders in their areas, it doesn’t necessarily mean everyone will enjoy low rates on their home loans. When assessing rates, lenders take several things into account, including local economic conditions, foreclosure rates and the borrower’s individual characteristics. For instance, if you apply for a loan on a property located in a community that’s enduring more unemployment and/or foreclosures, you can expect to get a higher rate, since lenders will view this as a more risky investment. The same goes for borrowers who have credit issues or anything else in their borrowing profile that might make the lender relatively uneasy.

That said, mortgage rates remain low in most parts of Arizona, and Mortgage Brothers can help connect you with a lender who will give you the best possible rate on a new home loan.

Meeting Requirements

Although low mortgage rates and home prices are creating a great opportunity for buyers, not everyone has been able to take advantage. In response to the recent foreclosure crisis, lenders have implemented strict requirements that have made it difficult for some applicants to qualify for loans. These days, to attain a traditional mortgage from a private lender, borrowers usually need to have good credit, a strong employment history, and a down payment that amounts to approximately 20 percent of the home’s value.

What if You Can’t Qualify?

To make it easier for prospective buyers to secure affordable loans, the federal and state governments have created first-time buyer programs that offer more lenient standards for approval. If your credit is too low for private lenders, one of these programs might be right for you. Likewise, many state and city home-buying programs offer low interest secondary loans to local borrowers, who don’t have the money for down payments.

If you aren’t sure whether you will qualify for a traditional home loan, Mortgage Brothers can help. We can connect you with a private lender who will provide you with a great chance at an affordable mortgage. We can also help you learn how to get federal and state assistance if that’s something you require.

Getting Prepared

Before you approach a lender, it’s important to have all your ducks in a row. This means using a mortgage calculator Arizona with taxes and insurance to figure out exactly how big a loan you can afford. It also means acquiring a copy of your credit report to ensure that all of the information is accurate. Even one minor error can lower your overall score enough to result in higher rates or an outright rejection.

Now Is the Time

Today’s low mortgage rates and affordable home prices have made now an ideal time to buy. Unfortunately, most experts agree that rates will ascend in the near future. If you’ve been waiting on the sidelines, it’s time to take advantage of current conditions and go after the home of your dreams. Our team can provide everything you need to help you achieve your dream of homeownership. For a true loan professional that will always work to represent you and your family’s best interests, contact Eddie today.

2017-10-19T18:25:57+00:00 May 8th, 2015|

About the Author:

A native Phoenician serving Arizona Homeowners with over 14 years lending experience and currently the Vice President and Partner of Signature Home Loans LLC. Eddie has been a mortgage broker since 2003.

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