Refinancing in Arizona
There are several reasons to refinance in Arizona. Refinancing your home can provide lower monthly payments, extra cash, and a shortened mortgage. You may be able to save on interest payments, use home equity to pay off or pay for home improvements.
Arizona Loan Options
In Arizona, there are different options such as Fixed Rate Mortgage Loan, Adjustable Rate mortgage Loan, Interest Only Loan, and LIBOR Mortgage Loan.
- Fixed Rate Mortgage Loan - fixed interest rate over life of the loan, beneficial for those staying in a home for a long period of time.
- Adjustable Rate Mortgage Loan - interest rate fluctuates with the marked - good for those not choosing to stay in home for short periods of time.
- Interest Only Loan - allows for larger loans that might not normally fit in a persons budget, but monthly payments will rise after interest period is over.
- LIBOR Mortgage Loans - usually have a lower rate than Adjustable Rate Mortgages and can protect you from interest rate fluctuations.
Arizona has laws regarding Foreclosure and Satisfaction of Mortgage. It is important to research these laws before refinancing your home. Research the types of loans available in order to be prepared when locating a broker. When working with a broker, consider his credentials (ask for references), the speed of responses, and how well they respond to any inquiries you may have.