Arkansas 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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North of Louisiana, Arkansas is bordered by Mississippi, Tennessee, Missouri and Oklahoma, and its largest cities are Little Rock, Fort Smith, North Little Rock, Fayetteville, Jonesboro, Pine Bluff, Springdale, Conway, Rogers and Hot Springs. The story behind the Arkansas flag is quite interesting, as the state is the only one in which diamonds have been mined. As a result, diamonds are used as symbols on their flag. The official bird is the mockingbird, and the state is rich in farming. Arkansas has four distinct seasons with the summer reaching warm temperatures while the winter is a moderate climate.

For any home owner wishing to benefit from an Arkansas mortgage refinance, there are a variety of lenders offering loans from sub-prime Ficos to jumbo refinancing. Sub prime ficos are generally those mortgages with poorer credit scores in the area of 500 on the FICO scale. Traditional lenders generally shy away from these type of refinances, but there are plenty of brokers and other financial institutes who specialize in low credit scores. Likewise, jumbo loans are difficult because they exceed the conforming limits, but there is a market, and some lenders are accommodating.

In addition to conventional loans, government programs exist for qualifying home owners who wish to use Arkansas mortgage refinance by obtaining a VA loan or and FHA loan, both of which may have less difficult lending requirements. Arkansas construction loans are another option for clients that own property and wish to build. As long as there is enough equity, it is possible to refinance to build.

Arkansas is presently considered the cheapest place to get refinancing, as the closing costs are less than other states. Further, this might be the perfect time to find an Arkansas mortgage refinance, as home developers and builders are stagnant and want to unload houses they have already built. For the home owner, this means moving into a new home that has been discounted in price or has added features and upgrades. In a way, the housing market is a buyer's market.

Despite what appears to be a positive outlook for Arkansas, there are problems, nonetheless, just like in other states. Foreclosures abound, and early in the year, the HUD announced funds for home owners affected by severe storms and flooding. Among other relief steps, the US Department of Housing and Urban Development mandated a 90-day moratorium on foreclosures for FHA insured homes.

With tax breaks for retirees, and low housing costs, however, Arkansas may be the place to consider when moving.

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