Arizona Mortgage Refinance

Refinance Rates

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Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

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Bordering California, Nevada, and Utah, Arizona is mostly desert and is known for the Grand Canyon, and also mining, hence the dual nicknames "The Grand Canyon State", and "Copper State". The name "Arizona" means "silver-bearing". The state's largest cities are Phoenix, Tucson, Mesa, Glendale, Scottsdale, Chandler, Tempe, Gilbert, Peoria, Yuma and Flagstaff. Due to three distinct topical geographies in Arizona, the weather can get quite cold in the winter, and excruciatingly hot in the summer. But, the heat is very odd, as it can drop quickly and significantly during the night making it very cold.

Interestingly, Arizona mortgage refinance has taken an odd direction in the last year. Having been in the bottom twenty percentile in recent years for closing fees, it seems this year, the state has shot up dramatically to the top thirty percentile. According to various local mortgage brokers and vendors, total costs to close are fixed bank fees, which can range in the neighborhood of one thousand to five thousand dollars, origination fees derived by percentages usually around one percent of the amount borrowed, title search costs, escrow fees, pre-payments on property taxes, pre-payments on house insurance, any mortgage insurance premiums, as well as any lawyer's fees.

Jumbo loans are popular in Arizona due to the high cost of many properties and the conforming limit being set at $417,000 for the state. Interest rates are generally higher than conforming loans (those below the limit amount) and are dictated by how much business a lender wishes to transact. In times when lenders do not want Arizona mortgage refinance jumbo loans, the interest rate will be significantly higher to deter borrowers. When money is available, lower rates indicate that the welcome mat is outside the door.

In today's economy, home owners are looking for an Arizona mortgage refinance in the way of a "interest-only" loan. This means that the monthly payments could be considerably lower because no principal is being affected. There is no money going toward the principal, only interest. For some refinancing this way can mean moving into a bigger home, or a home more suitable to their family size since they could afford interest only payments. Of course, the drawback is they will not accrue any equity, and years down the road, they may wish to have built equity.

All things considered, Arizona is a popular place to live. Even those wanting to get away from the cold of the winter states have summer homes in Arizona. And golfers just love this area.

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